In 2023, the luxury real estate market witnessed a surge with high-net-worth individuals making big acquisitions in Mumbai, Delhi-NCR, and Bengaluru. Radhakrishna Damani and associates acquired 28 housing units in Mumbai's Worli valued at Rs 1,238 crore. The Taparia family secured sea-facing properties, while Niraj Bajaj purchased a triplex apartment for Rs 252.5 crore. BK Goenka acquired a penthouse in Worli for Rs 230 crore. In Delhi, Vasudha Rohatgi and Bhanu Chopra made significant purchases, while Gurugram saw a groundbreaking sale at The Camellias. Bengaluru's deals included Dilip Surana, TVS Motors, and Nandan Nilekani's NRJN Family Trust. These high-profile transactions underscored the allure of luxury properties, setting a benchmark for 2024.
In the realm of residential real estate, 2023 emerged as a year of luxury. High-net-worth individuals (HNIs) and their family members indulged in the acquisition of luxurious residences in three prominent cities—Mumbai, Delhi-NCR, and Bengaluru.
In the Mumbai real estate market, there were many prominent investments. The founder of D’Mart, Radhakrishna Damani, and his associates made a significant property transaction in February 2023. They secured 28 housing units in Mumbai's Worli area, valued at Rs 1,238 crore. These residences, averaging 5,000 sq ft, were priced between Rs 40-50 crore each, totaling a carpet area of 1,82,084 square feet with 101 car parks. The Taparia family, linked to Famy Care, bought apartments in two projects— Oberoi Three Sixty West and Lodha Malabar. Taparia acquired six sea-facing properties from Macrotech Developers Ltd. The deal, recorded in March 2023, amounted to around Rs 369 crore, covering 27,160.6 sq ft with 20 car parking slots.
Niraj Bajaj, Chairman of Bajaj Auto made waves in March 2023 with the purchase of a sea-facing triplex apartment in Malabar Hill for Rs 252.5 crore. The total area of the three apartments was 18,008 sq ft, accompanied by eight car parking slots. BK Goenka, Chairman of Welspun Group, acquired a penthouse in Worli's Tower B of Three Sixty West for Rs 230 crore in February 2023. This luxury penthouse on the 63rd floor covered 29,885 sq ft with a terrace of 4,815 sq ft, including 14 car parking spaces.
The national capital Delhi was not much behind in these deals. Vasudha Rohatgi, wife of former Attorney General Mukul Rohatgi, secured a 2,160-square-yard bungalow in Delhi's Golf Links for Rs 160 crore in February 2023. The property, located in a designated heritage zone, involved a stamp duty payment of Rs 6.4 crore. In the same month, businessman Bhanu Chopra, founder of RateGain, entered the elite club of property owners in Delhi's Golf Links by purchasing a bungalow for Rs 127.5 crore. The deal included a stamp duty payment of Rs 6.79 crore.
Gurugram witnessed a groundbreaking sale of a luxury apartment for approximately Rs 114 crore at The Camellias by DLF on Golf Course Road in 2023. This resale marked a first for Gurugram, with the 11,000 sq ft flat drawing comparisons to properties in New Delhi's upscale neighborhoods.
India’s technology capital, Bengaluru witnessed similar deals although lesser in monetary terms. Dilip Surana, Chairman and Managing Director of Micro Labs Ltd, engaged in one of Bengaluru's highest luxury home deals in 2023. He acquired a bungalow for Rs 66 crore in the Fair Field layout along Devaraj Urs Road, paying a stamp duty of Rs 3.36 crore. In January 2023, TVS Motors secured a bungalow in Bengaluru's Koramangala area for Rs 20.93 crore, encompassing a 5,000 sq ft land parcel with two floors, four bedrooms, a basement, and a covered garage.
Nandan M Nilekani, the co-founder and chairman of Infosys, through his NRJN Family Trust, completed the sale of a property in Bengaluru's Billionaire Street Koramangala area for Rs 54.70 crore in January 2023. The plot area was 9,488 sq ft and was sold to V Seetha, wife of industrialist C Valliappa, with representation by Sreepriya Nellicherry Sivaraman.
As 2023 ended, the real estate sector saw high-net-worth individuals making headline-grabbing acquisitions in Mumbai, Delhi-NCR, and Bengaluru. From Radhakrishna Damani's monumental purchase in Mumbai to the Rohatgi family's acquisition in Delhi's heritage zone, and the landmark Gurugram sale, the year underscored the allure of luxury properties. Transactions of these high-end properties have left an indelible mark on the overall real estate narrative and have set the benchmark high for the year 2024.
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