LuxuryhomesworthRs9,492croreweresoldinMumbai.Salesvolumesincreasedto 1,214unitsfrom548unitstheyearbefore,accordingtothestudy.Accordingtoajoint reportbyIndiaSotheby'sInternationalRealty(SIR)andCREMatrix,salesofluxury residentialpropertiespricedatoverRs10croreeachinMumbaiincreasedbymorethan twotimesin2021toRs20,255crore,drivenbyrisingdemandforbiggerhomeswith betteramenities&lowmortgagerates. Are you looking flat for rent in grant road? RecentstrategicinvestmentinCREMatrix,adeepanalyticsplatformforresidential &commercialrealestate,hasallowedIndiaSotheby'sInternationalRealtytofurther developitsPropTech drivenoffering.LuxuryhomesworthRs9,492croreweresoldin Mumbai.Salesvolumesincreasedto1,214unitsfrom548unitstheyearbefore,according tothestudy. Worli,LowerParel,Bandra,Tardeo,Prabhadevi,andAndheriaresomeofMumbai'sbest upscalemicromarkets.Accordingtothereport,Worlialoneaccountsfor20%ofMumbai's luxurymarket. Two thirdsofsalesinMumbaiwereprimary(newsales),andtheremainingone thirdwas secondary(re sale).Datashowsthatin2021,848unitsweresoldintheprimarymarket
Mumbai, The Sale Of Luxury Properties Has Increased Significantly.
propertyisjusttwokilometresfromKharandcoversabout4,000squarefeet.On the13thfloorofRustomjeeLaFontaineonTurnerRoadinBandra,itisasea-facing apartmentbuiltbyRustomjeeConstructionsPrivateLimited.Theluxurioushomeis expectedtocostRs41crore.Withatotalbuilt upareaofmorethan50,000squarefeet,the opulentprojectincludesabasement,agroundfloor,andsixpodiumparkingplaces.There are15levelsintheproject,ofwhicheightareforlivingspace. What is the anticipated course of the real estate market in 2022?
GandhiboughtthepropertyfromSRahejaRealty,areputabledeveloper.Theapartmentis locatedontheproject'stopfloor,newlight.Thishigh endbuildinghastwo12 story residentialtowersbuiltontopoffourlevelsofpodiumparking&ultra lifestylefacilities.It isa16 storydevelopment.Theapartmentis5,555squarefeetinsize,whiletheoverall projectis2,00,000squarefeet.ThepricepaidfortheduplexexceedsRs90,000persquare Hayath'sfoot.
Theresidentialrealestatemarketappearspositivein2022asthepandemiccircumstances havelargelyleftthenation.Accordingtoindustrystatistics,Mumbaihasalreadyseenthe saleof306luxuryhomestotalingRs4,877croreduringthefirstquarterof2022.Several high endapartmenttransactionsinvolvingrenownedfigureslikeRadhakishanDamani, MotilalOswal,&JitenDoshiwerenotedinMumbaiin2021.
forRs13,549croreasopposedto349unitsforRs6,275crore.Inthepreviousyear,366 unitsinMumbai'ssecondarymarketweresoldforRs6,706crore,asopposedto199units forRs3,217crorein2020. Why are these properties so expensive?
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ThemajorityofthosewhopurchaseluxuryresidencesinIndiaareextremelywealthy people.Theyspendheavilyinrealestateinordertomaximizecapitalgains.Ifonereinvests theearningsfromthisearninginproperties,Section54FoftheIncomeTaxpermitssaving oncapitalgains.
What are the main factors influencing the demand for luxury housing in India?
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Theincreasedcustomerdemandforsuperiorfacilitiesandcheapmortgagerateshavealso beenmajorfactorsinthesalesofhigh-endbuildings.Theinterestratesonhomeloansin IndiaarestilllowerthantheywerepriortoCOVID,whichisakeyfactordrivingthetrend despitethetwostraightincreasesinreporatesthisyear. Kharghar