“Surge in Mumbai’s Ultra-Luxury Real Estate: 53 Homes Sold Above ₹40 Crore”
Mumbai takes the lead in ultra-luxury real estate, witnessing a surge in the sale of opulent properties priced above ₹40 crore. The Anarock report reveals a substantial rise, attributed to capital gains regulations, prompting high-net-worth individuals’ strategic investments and indicating a sustained upward trend in demand.
Mumbai emerges as the epicenter of ultra-luxury real estate in India, witnessing a remarkable surge in the sale of opulent properties priced above ₹40 crore. According to a recent Anarock report, a total of 58 ultra-luxury homes were sold across seven major cities in 2023, accumulating a sales value of ₹4,063 crore. Mumbai dominated this market, accounting for an impressive 53 out of the 58 properties sold, marking a staggering 247% surge compared to the previous year.
The surge in ultra-luxury property investments is attributed to the recent capping of capital gains benefits at ₹10 crore, prompting high-net-worth individuals to strategically invest in these high-value properties before the regulation took effect on April 1. The demand for such properties has seen a significant upswing since the pandemic, with affluent individuals seeking these homes for both investment and personal use.
Anuj Puri, Chairman of Anarock Group, highlighted the surge in demand, mentioning that both luxury and ultra-luxury properties have witnessed heightened interest among high-net-worth individuals and ultra-high-net-worth individuals (HNIs) reshuffling their investment portfolios amidst anticipated stock market volatility due to geopolitical tensions.
The report further delineated the distribution of these ultra-luxury transactions, revealing that Mumbai’s luxury hubs like Worli and Malabar Hill witnessed the highest number of transactions. Notably, Mumbai recorded several deals exceeding ₹100 crore, with a few surpassing the ₹200 crore mark, including penthouses acquired by prominent industrialists like JP Taparia, Niraj Bajaj, and Asha Mukul Agarwal from Param Capital.
While Mumbai led the charge, Delhi-NCR saw a smaller share of these transactions, with two apartments in Gurgaon and two bungalows in New Delhi falling into the ultra-luxe category.
Ashwin Chadha, CEO of India Sotheby’s International Realty, attributed the surge in ultra-luxury investments to India’s burgeoning global economic impact, bolstered manufacturing, rising exports, and a thriving startup ecosystem. He projected a sustained demand for ultra-luxury properties, foreseeing a continuous upward trajectory in the market.
Sources By Agencies
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