Big-ticket real estate deals are still making their presence felt in the market, especially in metros like Bangalore and Mumbai. They are a testament to the continued resilience of the luxury property segment in the country.
Big-ticket real estate deals took place in hordes last year, with several HNWIs and UHNWIs snapping up luxury real estate at better prices. From leading business tycoons and start-up founders to Bollywood stars, there was a buying spree that propelled the luxury real estate market towards making a speedy recovery. The green shoots in the luxury market continue with big-ticket deals happening swiftly in major metros in India. Some months earlier, there was a flurry of luxury real estate deals seen in Delhi-NCR, with several entrepreneurs and start-up founders upgrading to bigger and better homes. The same trend was seen in Bangalore as well. Mumbai has been steady in terms of clocking the largest realty deals in the country which is natural since it is the costliest housing market too.
Bangalore’s Latest Big-Ticket Property Deal
In latest developments, Sukumar Srinivas, the owner at Shankara Building Products Limited, purchased two homes in the prime Koramangala locality of Bangalore for a whopping Rs. 44.60 crore as per reports. Srinivas had previously sold more than 10 lakh shares of his company for a handsome sum of Rs. 75.50 crore. The first property was valued at Rs. 22.30 crore and was registered on 4th May this year with a plot size standing at 5,400 sq. ft. The built-up area stood at 1800 sq. ft. for this property. He also paid Rs. 1.24 crore in stamp duty on the property in 3rd Block.
His wife, Parwathy Srikanth Mirlay, purchased the second home spanning 5,400 sq. ft. and with built-up area of 2,172 sq. ft. The deal saw a similar stamp duty amount of Rs.1.24 crore being paid. This property was also registered on the same date. These are the latest transactions on Bangalore’s Billionaire Street or 3rd Block in Koramangala with ultra high-net-worth individuals keeping the market alive in spite of limited housing supply. Some of the famous occupants of this stretch include Dr. Devi Prasad Shetty, Binny and Sachin Bansal and more.
Mumbai Continues its Momentum
In another mega real estate deal, JM Financial, the reputed financial services entity, purchased two South Mumbai apartments in a transaction estimated at Rs. 60 crore as per reports. Both deals were a part of debt settlement with the Nitco Group promoter entity. One flat is on the 16th floor, covering 2,500 sq. ft. with a car parking slot. The transaction saw stamp duty of Rs. 1.5 crore being paid. The second apartment lies on the 17th floor of the same residential society, covering 2,500 sq. ft. and coming with one parking slot. The same stamp duty amount was paid by the buyer.
The value of these apartments is approximately Rs. 1.10 lakh per sq. ft. The residential society mainly has 5 BHK apartments facing the sea. Famous residents of the society include billionaire stock market tycoon Rakesh Jhunjhunwala and Harsh Goenka, the Chairman of the RPG Group. Harsh Goenka purchased his house for Rs. 45.2 crore in 2018 from Citibank India. Rana Kapoor (Yes Bank) bought a 5-bedroom unit in the building in 2013 from the Bank of America for Rs. 39 crore. The IL Palazzo building was developed by BREDCO in 1972 and is encircled on three sides by the sea, offering spectacular views of the city. The building comprises four wings with two apartments for each floor.
The founder and managing director at Ideal Cures, the leading pharmaceutical firm, Suresh Pareek, has also bought a sea-view apartment in Worli for Rs. 64.57 crore as per reports. The apartment has been purchased at Rs. 95,000 per sq. ft. Parekh snapped up his apartment on the 12th floor of the under-construction Raheja Artesia project being built by K Raheja Corp Homes. The stamp duty works out to Rs. 3.23 crore as per estimates. Pareek also bought an office space in the same location for Rs. 9.41 crore sometime earlier. This covers a whopping 4,000 sq. ft. as per reports. His swanky Worli apartment will also come with 6 car parking spaces.
Here’s awaiting more such big-ticket deals soon in the luxury real estate space.