Buoyed by reduced stamp duty of 3 percent up to March 31, 2021, prospective home-buyers with deep pockets made a beeline to book luxury homes in ivy league locations like Lower Parel, Bandra and Malabar Hill, to name a few.
In the first six months of 2021, Mumbai sold about Rs 4,000 crore worth of luxury real estate, revealed a study conducted by real estate platform Square Yards. Buoyed by reduced stamp duty of 3 percent up to March 31, 2021, prospective home-buyers with deep pockets made a beeline to book luxury homes in ivy league locations like Lower Parel, Bandra and Malabar Hill, to name a few.
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According to Square Yards’ report, over Rs 3,000 crore worth of homes priced above Rs 15 crore in Mumbai were sold in just three months — in the January-March quarter — thanks to favourable stamp duty prevalent at the time
“Mumbai being one of the most attractive and expensive real estate markets in India boasted of the highest number of transactions above Rs 15 crore (per unit),” said Anand Moorthy, Business Head, Data Intelligence and Asset Management at Square Yards.
According to data from Square Yards, Mumbai’s luxury segment saw 40 percent of its homes sold for a price tag of between Rs 20 and Rs 30 crore, while a small yet significant 7 percent of these luxury transactions wore a price tag of above Rs 50 crore.
More significantly, nearly 60 percent of all luxury real estate transactions in Mumbai were registered at a stamp duty of 2 percent, indicating the kind of impact the Maharashtra Government’s decision to slash stamp duty till March 31 had on real estate transactions in this segment.
“There was a 63 percent hike in high-ticket transactions when compared to 2019 and 2020, which is attributed to lesser stamp duty, price correction of 15 to 30 percent in high-value transactions, and the recent cheer in equity markets,” Moorthy added.
Apartments in Bandra, Malabar Hill and Lower Parel hit the jackpot
While the largest transaction in the January-June period was a block sale of 59,184 square feet at Bandra’s Mount Mary Apartments for Rs 111.27 crore made to real estate firm Avdharna Infrastructure, Satellite Sesen on Malabar Hill saw just 7,833 square feet get off the blocks for a whopping price of Rs 103.8 crore thanks to a purchase from construction firm, Abis Realcon.
While Malabar Hill accounted for big-ticket transactions, the Square Yards report reveals that 60 percent of all luxury transactions in Mumbai between January and June were for apartments in Lower Parel.
The most number of transactions took place in apartment buildings like Raheja Artesia (18 units sold), Indiabulls Blu (17) and Omkar 1973 (10) in Lower Parel, and Raheja Vivarea (10), in Byculla.
(Edited by : Anshul)
First Published: IST