Mumbai’s luxury market enjoyed a pleasant run-in mid-2021, despite consumer feelings of frustration during the success of the COVID market. According to the new Square Yards report, circulating in the “List of affordable homes for sale in Mumbai – January-June 2021”, the majority of transactions worth Rs 15 to 100 crore were registered in the city in the period of half-year.
The approximate value of those transactions was pegged at around Rs 4000 crore plus. It was strong that the surge in home sales within the city was driven by the stamp tax waiver which was valid till 31st March 2021. Almost 60% of the entire transactions taken for the homes priced above Rs 15 crore during this era were registered at a 2% stamp tax.
The list of high school students who have purchased these luxury homes includes such well-known names as Amitabh Bachchan, Sunny Leone, Cabinet Minister Ashok Chavan, Smita Parekh, wife of the HDFC president, and Deepak Parekh, among others.
Talking about the posh market in Mumbai, Anand Moorthy, Business Head, Data Intelligence & Asset Management, Square Yards, said, Mumbai is undoubtedly the foremost attractive and luxurious land market in India boasts of a maximum number of transactions over Rs 15 crore. It formed approximately 0.13% of the entire residential sale transaction base of about 1.26 lakh units in 2021 (Jan-May). These higher sales grew 63% compared to 2019 and 2020, due to low ratios, 15-30% higher trade-offs, and recent interest on price/earnings.
Key Highlights of the Report
# Quite 45% of the homes purchased within the above Rs 15 crore category were priced between Rs 15 and Rs 20 crore while 40% were priced at Rs 20-30 crore. but 10% of the transactions fell within the Rs 30-50 crore budget bracket while homes priced above Rs 50 crore formed 7% of the whole share.
# Almost 60% of the whole transactions captured came from residential projects in Lower Parel.
# 60% of total transactions were made with the 2% tax stamp, indicating that the excise stamp attracted an uptrend in the pricing segment in the first quarter of 2021.
# High floors were the most sought-after by luxury home buyers, as 34% of transactions register for units on the 40th floor and higher floors.
# The highest volume of transactions was observed for freehold properties between 4,000 and 6,000 Km2. Ft. And 43% share of total sales.
# Nearly 67% of listed buyers were over 40, while 35% of customers were in the real estate category.