Tony properties sell like hotcakes: What's driving the uber luxury real estate?
This under-construction project from Lodha Group’s listed company Macrotech Developers had recently witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369 crore.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions. Several large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities have been taking place in the country's commercial capital since the last few quarters.
Among Bollywood personalities, luxury residential deals including that of Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Kartik Aryan, Alia Bhat and Disha Patani have created the buzz in the property market, ET has reported.
In July, Bollywood film producer and director Dinesh Vijan bought a luxury duplex apartment spread over nearly 7,800 sq ft in a super-premium residential tower Rustomjee Parishram in Mumbai’s plush Pali Hill area in Bandra suburb for nearly Rs 103 crore. A few months before him, Siddharth Jain, part of INOX Group’s promoter family, had bought a sea-view luxury quadruplex apartment in a super-premium residential tower on Dr.
Annie Besant Road in Mumbai’s tony locality of Worli for Rs 144 crore.
Sales of luxury homes costing Rs 10 crore and above in Mumbai rose nearly 50% to Rs 11,400 crore during January-June period of 2023, coinciding with a boom in residential property sales overall, as per a joint report by India Sotheby’s International Realty and CRE Matrix.
«This signifies that real estate has made a meaningful come-back into the ultra-high-net-worth individuals portfolios.
