Big-Ticket Homes

Big-Ticket Home Sales Pick Up In Mumbai

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Big-Ticket Home Sales Pick Up In Mumbai
In Mumbai, the purchase of properties by billionaires and the rich class has spiralled in the last few months. (Wikimedia)
As residential property prices stay muted in the country, it’s India's financial capital Mumbai that is showing the way. The Maximum City in the recent past has seen some jaw-dropping deals by its uber-rich segment.
Lodha Developers, for example, raked in moolah, as they sold their triplex apartment in Altamount Road in south Bombay for a whopping Rs 150 crore. Incidentally, the tony Altamount Road houses the world’s most expensive residential property, Antilla, owned by Reliance Industries Chairman and Managing Director Mukesh Ambani.
Lodha’s apartment, which spans across three floors over 15,000 square foot, adds a new definition to luxury in a city known for Rs-100-crore flats. The sale, however, is not mere an aberration in the city which has until now only been reporting of a large piling up of unsold inventory. Mumbai, Thane and Navi Mumbai between themselves share an unsold inventory of 150,000 homes, says the second quarterly report by Proptiger.com.
Recently, the Godrej Industries sold 300 apartments worth Rs 700 crore for its The Trees project launched at Vikhroli in Mumbai. The Godrej’s sale could be the most successful property launch in Mumbai in the last one year. The property is almost sold out, as the five-star luxury project spread over nine acres, launched 374 apartments in the first phase.
The average price of the homes sold is over Rs 2.3 crore each, indicating that there is no dearth of demand for luxury homes in Mumbai. But the flip side is that the new home launches in Mumbai have been hit by slowdown, as sales went down by 60 per cent as compared to last year. It is one of the worst-hit cities in the country where upcoming projects took a hit, a close second to Noida.

Rich invest more:
It’s the rich in Mumbai who still consider property as a safe investment. Purchase of properties by billionaires and the rich class has spiralled in the past few months. A triplex apartment at Napean Sea Road, spread across 17,000 square feet, built by The Runwal Group was sold for Rs 202 crore. Aditya Birla Group Chairman Kumar Mangalam Birla bought a bungalow at Malabar Hill for Rs 425 crore. Cyrus Poonawala, the chairman of Serum Institute of India, purchased the iconic Lincoln House for a whopping Rs 750 crore.
These deals indicate that the rich are not shying away from purchasing homes even during the slowdown, as they choose the best of locations in and around the iconic South Mumbai for investment.
Mumbai’s rich buy pricey homes
  • K M Birla buys Malabar Home bungalow for Rs 425 crore
  • A triplex apartment on Napean Sea Road sold for Rs 202 crore
  • Cyrus Poonawala buys Lincoln House for Rs 750 crore

- by Katya Naidu
Source:- PropTiger

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