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India’s financial capital is also the most expensive real estate market where billionaires sign deals to buy homes worth hundreds of crores in luxury towers. The year has started with some record-breaking deals. In February, a penthouse in a Worli luxury tower was sold to industrialist B K Goenka, chairman of Welspun Group, for Rs 240 crore. Goenka bought the triplex through a group company in Three Sixty West, a luxury project at Annie Besant Road, Worli.
Within a month, a much larger deal was recorded. A triplex in an under-construction tower at Walkeshwar in south Mumbai was sold for Rs 252 crore. Real estate market sources described it as the most expensive transaction in India. The buyer of the 18,000 sq ft triplex was industrialist NirajBajaj, chairman of Bajaj Auto and promoter-director of Bajaj Group. He booked the top three floors in the upcoming Lodha Malabar located close to Raj Bhavan, the governor’s residence at Walkeshwar. And in the last week of March, an even bigger deal came to light when the industrialist Taparia family booked six luxury apartments in Lodha Malabar for Rs 369 crore.
“Luxury housing in Mumbai witnessed a spike in supply last year. In 2022, we saw a 76% increase in the new launches of units costing Rs 3 crore andabove,” said Pankaj Kapoor, founder and MD of Liases Foras, a real estate research firm, adding that the maximum increase of 147% was seen in units costing Rs 3 crore-5 crore. While there were 19% fewer launches in the Rs 5 crore-10 crore segment, “units costing Rs 10 crore-20 crore and above saw a 142% increase in new supply during 2022”.
Experts say the percentage of luxury projects in Mumbai is still minuscule despite these eyeball-grabbing deals. According to global property consultancy firm Knight Frank India, only 1% of the flats sold in Mumbai in March 2023 were priced above Rs 20 crore, while those priced between Rs 5 crore and Rs 10 crore comprised barely 4% of the sales.
The unsold stock in Mumbai recorded a 57% increase from 2021 to reach 1,32,253 units, of which luxury housing made up 15% or 19,334 units.
Within a month, a much larger deal was recorded. A triplex in an under-construction tower at Walkeshwar in south Mumbai was sold for Rs 252 crore. Real estate market sources described it as the most expensive transaction in India. The buyer of the 18,000 sq ft triplex was industrialist NirajBajaj, chairman of Bajaj Auto and promoter-director of Bajaj Group. He booked the top three floors in the upcoming Lodha Malabar located close to Raj Bhavan, the governor’s residence at Walkeshwar. And in the last week of March, an even bigger deal came to light when the industrialist Taparia family booked six luxury apartments in Lodha Malabar for Rs 369 crore.
“Luxury housing in Mumbai witnessed a spike in supply last year. In 2022, we saw a 76% increase in the new launches of units costing Rs 3 crore andabove,” said Pankaj Kapoor, founder and MD of Liases Foras, a real estate research firm, adding that the maximum increase of 147% was seen in units costing Rs 3 crore-5 crore. While there were 19% fewer launches in the Rs 5 crore-10 crore segment, “units costing Rs 10 crore-20 crore and above saw a 142% increase in new supply during 2022”.
Experts say the percentage of luxury projects in Mumbai is still minuscule despite these eyeball-grabbing deals. According to global property consultancy firm Knight Frank India, only 1% of the flats sold in Mumbai in March 2023 were priced above Rs 20 crore, while those priced between Rs 5 crore and Rs 10 crore comprised barely 4% of the sales.
The unsold stock in Mumbai recorded a 57% increase from 2021 to reach 1,32,253 units, of which luxury housing made up 15% or 19,334 units.
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