India real estate: In 2023, a number of affluent individuals purchased and sold opulent residences in Mumbai, Delhi-NCR, and Bengaluru, with prices ranging from around Rs 20 crore to over Rs 1,200 crore.
Year-end special 2023: In February 2023, family members and associates of D’Mart founder Radhakrishna Damani purchased up to 28 home units in Mumbai’s Worli district for a total of Rs 1,238 crore, in what is arguably the biggest real estate transaction in the nation this year.
Luxury was the order of the day in the residential market in 2023. High-net-worth people (HNIs) and their families bought opulent residences in Bengaluru, Delhi-NCR, and Mumbai, among other three important cities.
Urbanplus presents to you the top 10 luxury house deals that HNIs made in 2023 as the year comes to an end.
1) Radhakrishna Damani and family
In February 2023, family members and associates of D’Mart founder Radhakrishna Damani purchased up to 28 house units worth a total of Rs 1,238 crore in what is arguably the most talked-about real estate deal in the nation. The Worli district of Mumbai was the location of the transaction. One of the largest retailers in India, his partners, and their businesses have purchased 1,82,084 square feet of carpet, including 101 parking spaces.
The purchasers bought the flats in Tower B of Oberoi Realty’s Three Sixty West, which is now under construction. The majority of these flats average between Rs 40-50 crore and have a carpet space of 5,000 square feet. The agreement was almost immediately preceded by a clause in the Budget 2023 recommendations that was predicted to affect the selling of ultra-luxury real estate starting on April 1. Reinvesting capital gains from the sale of long-term assets, like as real estate, is subject to a maximum of Rs 10 crore. There was never such a cap in place before.
Two developments in the Mumbai real estate market, Oberoi Three Sixty West and Lodha Malabar, generated a lot of discussion and were the subject of reports of high-end luxury apartment sales. One of the transactions involved the acquisition of six seafront homes in Mumbai from Macrotech Developers Ltd. by family members of industrialist J P Taparia, the creator of the contraceptive company Famy Care, for around Rs 369 crore.
The agreement was signed in March 2023, and the units have 20 parking spaces. The residential units have a total space of 27,160.6 sq ft. According to the paperwork, the units are on the 26th, 27th, and 28th levels. The purchase price was Rs 369.55 crore. The units were subject to a stamp fee of Rs 19.07 crore.
The purchase of a sea-facing triplex flat from Macrotech Developers in upscale Malabar Hill in Mumbai by Bajaj Auto Chairman Niraj Bajaj for Rs 252.5 crore in March 2023 was one of the most talked-about residential purchases in Mumbai. Lodha Malabar Palaces by the Sea is a 31-story building.
According to papers, the three apartments have a total size of 18,008 square feet (carpet area 12,624 square feet) and eight parking spaces. The transaction cost Rs 15.15 crore in stamp duty.
Welspun Group chairman BK Goenka paid Rs 230 crore for a penthouse in Worli’s Tower B of Three Sixty West. The penthouse, located on the 63rd floor, has a carpet area of 29,885 square feet and a deck of 4,815 square feet. The transaction was completed in February 2023, with the buyer paying a stamp duty of Rs 13.83 crore. It included 14 parking spots.
Vasudha Rohatgi, the wife of former Attorney General of India Mukul Rohatgi, paid Rs 160 crore in February 2023 for a 2,160-square-yard bungalow in Delhi’s upscale Golf Links neighbourhood.
The bungalow’s plot size is 1806.35 square meters, while the building’s total covered area is 1869.7 square meters. The family paid Rs 6.4 crore in stamp duty for the acquisition, and the property was fully registered in February 2023.
Golf Links is located in the Lutyens’ zone, the nation’s center of power, where influential bureaucrats and businesspeople mingle with prominent politicians. Being a designated heritage zone, the neighborhood has one of the most expensive real estate markets in the nation, with strict regulations on construction.
The founder of RateGain, businessman Bhanu Chopra, paid Rs 127.5 crore in February 2023 for a home at Delhi Golf Links. His admittance into the exclusive group of corporates, businessmen, and bureaucrats with opulent homes in upscale neighborhoods of the nation’s capital was signaled by the multi-crore deal.
According to the deal’s registry paperwork, which Zapkey.com was able to get, the property was registered on February 24 in Bhanu and Megha Chopra’s names. For the deal, the couple paid stamp duty of Rs 6.79 crore.
High net worth individuals continue to favor Lutyens’ Delhi’s Golf Links because of its limited availability and consistent costs.
7) Rs 100 crore flat in Gurugram
A luxurious condominium at The Camellias by DLF on Golf Course Road was sold for about Rs 114 crore in 2023 in a resale that was first for Gurugram. The opulent apartment was 11,000 square feet. The sale was being contrasted with transactions in the upscale neighborhoods of New Delhi, which are home to some of the most expensive residences in the nation.
The agreement reduced the price differential between the relatively new Gurugram market and the more established, older micro-markets in the National Capital Region that are renowned for their good positions. The price was comparable to some high-end seaside residences in Mumbai as well as bungalows in the upscale neighborhoods of the nation’s capital.
Deals on luxury homes continued to rise in the first half of 2023, despite global headwinds and IT layoffs that hurt Bengaluru’s real estate industry.
Dilip Surana, the chairman and managing director of the pharmaceutical company Micro Labs Ltd., paid Rs 66 crore for a mansion in Bengaluru in 2023, one of the largest sales for luxury real estate in the city.
According to the sale deed, the land and bungalow, which together comprise 8,373.99 square feet, are situated in the Fair Field layout along Devaraj Urs Road, formerly known as Racecourse Road. The land is spread across a total area of 12,043 square feet. On March 8, 2023, a stamp duty of Rs 3.36 crore was paid for the deal registration.
In January 2023, TVS Motors paid Rs 20.93 crore for a home in the Koramangala neighborhood of Bengaluru. The house is spread across a 5,000 square foot lot and has two storeys, four bedrooms, a basement, and a covered garage.
A property in Bengaluru’s Billionaire Street Koramangala neighborhood was sold by the NRJN Family Trust, which was established by Infosys chairman and co-founder Nandan M. Nilekani, for Rs 54.70 crore in January 2023.
The 9,488 square foot site was sold to V Seetha, the businessman C Valliappa’s wife and the man who founded the Sona Valliappa Group, which is a branch of The Sona Group. Sreepriya Nellicherry Sivaraman represented NRJN.
(Contributions from Ashish Mishra in Delhi-NCR, Souptik Datta in Bengaluru, and Mehul R. Thakkar in Mumbai)
Source : Moneycontrol
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