Bollywood biggies, bankers and top industrialists were some of the high net-worth individuals (HNIs) who invested in Mumbai’s luxury real estate between January and June, this year. A look at the price tags of these transactions is a great indication of who bought what and for how much, in the city’s bustling luxury property market.
According to a study conducted by real estate platform Square Yards, actor and Bollywood icon Amitabh Bachchan splashed Rs 31 crore on 5,700 square feet of prime luxury real estate at The Atlantis in Oshiwara, at Rs 54,348/sq ft.
Incidentally, the Big B’s new neighbour is Sunny Leone, who signed a cheque for Rs 16 crore for a luxury apartment at the same property. She closed her transaction though, at a bargain of Rs 36,655/sq ft for 4,365 square feet, registered in the name of Karenjit Kaur Vohra. On the list of most expensive property buys in Mumbai so far in 2021, Bachchan ranks at #18.
Right atop the list of noticeable names was Smita D Parekh, wife of HDFC Chairman Deepak Parekh, who shelled out Rs 50 crore on 7,450 square feet at Artesia in Lower Parel, again. Parekh made Mumbai’s 9th most expensive home purchase yet, in 2021.
The Square Yards report has Supreme Court attorney Natasha S Dalmia spending Rs 34.87crore per apartment, on two apartments of 4,074 square feet each, at Raheja Artesia in Lower Parel. Dalmia paid a mindboggling Rs 85,604/sq ft for both apartments.
Among other HNIs making big-ticket investments in luxury homes this year were HDFC Securities MD and CEO Dheeraj Relli, (Rs 30.31 crore on 4,074 square feet at Raheja Artesia), and Goldman Sachs Asset Management MD Rajat Sood (Rs 28.67 crore for a similar apartment).
Maharashtra cabinet minister Ashok Chavan was the one noticeable politician on Square Yards’ list — he spent Rs 27 crore on a relatively smaller 3,660-square-foot apartment at Swapn Lok on Malabar Hill.
ICICI Lombard MD and CEO Bhargav Dasgupta and Emaar India CEO Ajay Munot also made the list with home-buys totaling to Rs 23.37 crore and 18.37 crore, respectively.
Incidentally, the two largest residential transactions in Mumbai so far were made by realty/construction companies. Avdharna Infrastructure paid Rs 111.27 crore to buy 59,184 square feet at Bandra’s Mount Mary Apartments.
Construction firm Abis Realcon spent Rs 103.8 crore on 7,833 square feet at Sesen on Malabar Hill for — hold your breath — Rs 1.33 lakh/sq ft.
Mumbai sold Rs 4,000 crore worth of luxury real estate (homes priced above Rs 15 crore per unit) between January and June 2021. Over 75 percent of these sales were executed in the January-March quarter on the back of reduced stamp duty of 3 percent. While Malabar Hill, Bandra and Lower Parel saw the majority of these sales, Lower Parel alone reportedly accounted for 60 percent of all real estate transactions in this period.
(Edited by : Anshul)
First Published: IST