Luxury Real Estate in Mumbai: High-End Deals Take Center Stage
Mumbai's luxury real estate market sees high-end deals, including a ₹107-crore triplex purchase by Lloyds Group chairman's family in Worli.
Luxury Real EstateMumbaiLloyds GroupSugee GroupHigh End PropertiesReal EstateJul 12, 2024
The apartment has been purchased at a per sq ft rate of ₹81,133, with the buyers paying a stamp duty of ₹6.42 crore and a registration fee of ₹30,000 for the transaction. The Sea Krest building, an under-construction project by Sugee Group, is a prime property in Mumbai's posh Worli area.
This deal is just one of many high-end transactions that have taken place in Mumbai's luxury real estate market in recent times. In another deal, Priyanjali Mariwala, who leads the ASCENT Foundation, a not-for-profit organization of Harsh Mariwala, chairman of Marico, had bought an apartment for ₹65.25 crore in Sunteck Signature Island, Bandra Kurla Complex, in Mumbai.
Furthermore, Rajesh Labhubhai Lakhani, a director at a real estate firm Woodstock Estate LLP and his family members, had bought a sea-view apartment in a super premium residential tower in Mumbai's posh Worli area for about ₹97.40 crore in May 2024.
According to a report by India Sotheby's International Realty and CRE Matrix, Mumbai real estate market saw sales of luxury homes, priced ₹10 crore and above, touch ₹12,300 crore during the January to June period, which was an 8% increase over the first half of the 2023 calendar year.
The report revealed that sales in Mumbai's primary luxury residential segment, where apartments are directly sold to homebuyers or investors by the developer, contributed to a total of ₹8,752 crore in sales, while the secondary (resale) market made its highest-ever half-yearly contribution of over ₹3,500 crore during the period under review, marking a 38% annual growth.
Lloyds Group, the business conglomerate led by Mukesh Gupta, is involved in various businesses, including Lloyds Metals and Energy, Lloyds Luxuries, Lloyds Realty Developers Limited, and Lloyds Engineering Works. The company's business operations include importing, exporting, and dealing in iron and steel, alloy steel scrap, steel tubes, pipes, and wires.
Sugee Group is a prominent real estate developer in Mumbai, known for its luxurious projects in the city. Lloyds Group is a diversified business conglomerate with interests in various sectors, including real estate, metals, and energy.
Frequently Asked Questions
What is the value of the triplex purchased by Lloyds Group chairman's family?
The triplex was purchased for ₹107 crore.
Where is the Sea Krest building located?
The Sea Krest building is located in Worli, Mumbai.
What is the per sq ft rate of the triplex?
The per sq ft rate of the triplex is ₹81,133.
What is the total sales value of luxury homes in Mumbai during the January to June period?
The total sales value of luxury homes in Mumbai during the January to June period was ₹12,300 crore.
What is the annual growth rate of the secondary luxury residential market in Mumbai?
The annual growth rate of the secondary luxury residential market in Mumbai is 38%.
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