by THO
Mumbai real estate market has witnessed some of the costliest luxury apartment deals across the country of which a few properties have been sold for ₹1.50 lakh per sq ft and above.
Though 70-80% of the residential transactions are in the affordable and mid segment categories priced up to ₹5 crore, several deals include sea-facing luxury properties in the range of ₹100 crore and more. Most of the apartments bought for ₹100 crore and more are located in areas like Lower Parel, Worli, Mahalaxmi, Malabar Hill, Bandra’s Pali Hill, according to real estate consultants.
1 Apartments sold for ₹198 crore in Oberoi’s Three Sixty West project in Worli
In a recent transaction, promoter of wires and cables manufacturer RR Kabel Ltd, Shreegopal Kabra and his family members, purchased two apartments worth ₹198 crore in Worli area of Mumbai, according to property registration documents accessed by IndexpTap.com
The two apartments spread across 13,809 sq ft are located on the 62nd floor of Oberoi Three Sixty West, a luxury project by Mumbai-based listed real estate firm Oberoi Realty. These have been sold for over ₹1.43 lakh per sq ft, documents show. The transaction was registered on October 29.
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2. Apartments in Ruparel House, Malabar Hill, sold for ₹180 crore
Nadir Godrej of Godrej Industries had purchased three luxury apartments measuring 13,836 sq ft carpet for ₹180 crore in Ruparel House, Malabar Hill, in south Mumbai, according to documents accessed by Zapkey.com
The seller of the property is R House Realty Pvt Limited (JSW Realty). The three apartments priced at ₹59.95 crore each come with 12 parking spaces, according to the documents. The three apartments were sold for around ₹1.30 lakh per sq ft.
Also Read: Mumbai’s luxury housing sales up by 8% in H1 2024; touch ₹12,300 crore: Report
3. Apartments in Raheja Modern Vivarea, Mahalaxmi, sold for ₹104 crore
Eight members of the Halan family, stock market investors, had purchased four sea-facing twin apartments in K Raheja Corp’s luxury project in south Mumbai for a cumulative deal of ₹104 crore.
The apartments are spread across 16,000 sq ft, are located on floors 23 to 26 in Tower 2 in the Raheja Modern Vivarea project, according to documents accessed by IndexTap.com. The apartments were sold for ₹65,000 per sq ft.
4. ₹252 crore transaction in Lodha Malabar, Malabar Hill
Bajaj Auto Chairman Niraj Bajaj had bought a sea-facing triplex apartment from Macrotech Developers also known as Lodha in posh Malabar Hill area of South Mumbai for ₹252.5 crore, documents shared by IndexTap.com showed.
The agreement to sell was registered last year. The total area of the three apartments is 18,008 sq ft (carpet area is 12624 sq ft) and comes with eight car parking slots, the documents showed.
5. As many as 28 apartments sold for ₹1,238 crore in Oberoi Three Sixty West, Worli
In February 2023, as many as 28 housing units worth ₹1,238 crore were bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai, registration documents accessed by Zapkey.com showed. Even after two years, the transaction is the largest real estate deal to have been transacted in the residential space.
Factors that influence the purchase decision of ultra-rich property buyers
According to experts, several factors such as amenities, location among others influence the purchase decision of ultra-rich property buyers.
“A truly luxury apartment is characterised by spacious layouts with soaring ceiling heights and expansive windows that offer breathtaking city views. Privacy is paramount, often enhanced by exclusive amenities such as private terraces and rooftop decks that flow seamlessly into entertainment spaces,” said Fatima Saidi, Luxury Head Mumbai of ANAROCK, a real estate consultancy firm.
“Residents enjoy world-class amenities, including state-of-the-art fitness centers, concierge services, and secure parking. High-end finishes, smart home technology, and elegant design elements in all common areas contribute to an overall sense of sophistication and comfort, making these homes the symbols of luxury living,” Saidi added.
“A ₹100 crore apartment stands as an ultra-premium property, designed to offer an exceptional lifestyle and meet the highest expectations of elite buyers. Such a property must be located in a prime area, ideally featuring unobstructed views, often of the sea or an iconic city skyline, that offer a unique sense of exclusivity,” said Ashwin Chadha, CEO, India Sotheby’s International Realty, a real estate consultancy.
“High-end amenities are essential. The reputation and track record of both the developer and the architect are critical in adding value to the property. India’s appetite for high-end real estate is growing alongside rising wealth,” Chadha added.
