Mumbai Luxury Properties Tagged Around INR 7 Cr Sold Like Hot Cakes

Many new Luxury real estate projects in Mumbai achieved sales that easily crossed INR 500 crore due to the frenzy created by the stamp duty reduction combined with some irresistible offers by the Luxury real estate developers in Mumbai.

Most of the luxury homes in Mumbai especially the brand new ones and under construction real estate projects saw a surge in their sales during the fag end of the year 2020. The major factors for the sale of these luxury properties in Mumbai were the stamp duty cut of 3%, the low interest rates offered by banks for home loans and the multiple schemes offered by the Luxury real estate developers in Mumbai.

Of course the sales of the overall real estate inventory increased including that affordable homes in Mumbai and mid-range priced homes in Mumbai. Albeit many real estate experts have observed that the sale of luxury homes in Mumbai got the maximum revenue and earned the most for the property developers.

A study done by leading property analysis teams in Mumbai has actually found out that the maximum selling luxury projects in Mumbai in 2020 as per the value of the homes sold were names like Indiabulls Real Estate for the project Blu that encashed luxury homes costing almost INR 600 Cr approximately; K Raheja’s Artesia that sold apartments of almost INR 592 Cr approximately; Avighna’s One Avighna Park that cleared off luxury real estate inventory worth INR 387 Cr approximately; Runwal’s The Residence managed to sell luxury apartments costing almost INR 325 Cr; and Oberoi Realty that sold luxury apartments worth INR 320 Cr approximately in their luxury project in Worli called Three Sixty West.

All the above luxury homes in Mumbai that sold during this period were priced above INR 10 Cr. Given the fact that luxury real estate in Mumbai and real estate in Mumbai in general were in the doldrums before this period with the situation getting worse due to the Covid pandemic, this has been a phenomenal achievement indeed. Luxury real estate in Mumbai achieving these kind of sales have ensured that the liquidity and the mindset of luxury home buyers in Mumbai as well luxury home sellers in Mumbai both have been super positive.

Sales of homes in Mumbai below the INR 10 Cr ticket size

Many real estate projects that sold briskly also included the mid-priced ones (below INR 10 Cr price) too including Sky City Towers in Borivali by Oberoi Realty that sold homes worth almost INR 518 Cr; Piramal Mahalaxmi that shelved off luxury homes costing almost INR 506 Cr; New Cuffe Parade Wadala by Lodha Group that clocked sales of almost INR 386 Cr; 34 Park Estate in Goregaon West by Chandak Group that sold homes worth almost INR 365 Cr; Auris Serenity at Mald west by Sheth Creators that achieved sales of almost INR 365 Cr and many more.