VP Nandakumar, CEO of Manappuram Finance Ltd, has made a notable entry into Mumbai's luxury real estate market with the purchase of a sea-facing apartment on Carter Road for INR 41.25 crore. The 4,500 square foot property will serve as a residence for his son, marking the family's first investment in Mumbai's high-end real estate. Facilitated by NoBroker, a proptech company specializing in luxury properties, this transaction underscores the increasing role of technology in the market. It also highlights Mumbai's appeal to diverse buyers, including entrepreneurs and business leaders, beyond the usual Bollywood celebrities.
VP Nandakumar, the CEO of Kerala-based Manappuram Finance Ltd, recently made a significant investment in Mumbai's luxury market. He purchased a sea-facing apartment on Carter Road for a whopping INR 41.25 crore. The sprawling 4,500 square foot property will reportedly serve as a residence for his son, who manages the family business in Mumbai. This marks the Nandakumar family's first foray into Mumbai's real estate market, highlighting the city's appeal to a wider range of successful individuals.
Real estate proptech company NoBroker, a new player in the luxury market segment, facilitated the Nandakumar transaction. The company caters to specific demands for high-end properties, including apartments, villas, and holiday homes priced above INR 10 crore. Their involvement highlights the growing role of technology in connecting buyers and sellers within the luxury real estate space.
While media attention often focuses on Bollywood celebrities purchasing luxury properties, VP Nandakumar's case demonstrates a broader trend. Mumbai's luxury market caters to a diverse clientele, including successful entrepreneurs and business leaders from across India. The city's status as a major financial center, coupled with its cosmopolitan lifestyle, attracts those seeking luxurious living spaces. Mumbai offers a variety of luxury properties, from spacious apartments in iconic buildings to sprawling villas in exclusive enclaves.
The recent surge in activity, including big-ticket purchases exceeding INR 41 crore by out-of-state buyers, suggests that Mumbai's luxury real estate market is poised for further growth. With the city's economy continuing to expand and its allure as a commercial hub increasing, demand for high-end properties is expected to remain strong in the coming years.
Mumbai's luxury market isn't just for out-of-state buyers. In June, a sprawling Juhu Vile Parle bungalow with eight floors (including a top-floor duplex) went up for auction. This star-studded neighborhood is home to many Bollywood actors. Bollywood itself continues to be a source of luxury purchases, with actress Triptii Dimri acquiring a property in Bandra West for INR 14 crore and Abhishek Bachchan investing in six Borivali apartments for INR 15.42 crore (totaling 4,894 sq ft). These transactions highlight the diverse range of activity within Mumbai's high-end real estate market.
Advertisement
Facebook
Whatsapp
