Builders are finding few takers for large, luxury apartments, but there is still a sliver of high net worth buyers quietly picking up high-end properties in Mumbai.
Over the past six months, 63 upscale apartments worth roughly Rs 1,800 crore were sold in south and central Mumbai. These ultra-luxury homes, including duplexes and penthouses, fetched prices as high as Rs 50 crore-Rs 78 crore.
Information gleaned from the stamp duty office, where property transactions are registered, shows the costliest was a 9,200 sq ft duplex in Indiabulls Blu at Lower Parel that sold for Rs 78.38 crore last November.
Bishops Gate, a luxury tower opposite the Breach Candy Club, registered the sale of two five-BHK duplexes, each worth over Rs 66 crore. The project is developed by Peninsula Land. At Worli, five apartments, each over Rs 55 crore, were sold at Oberoi Realty’s high-end residential tower, 360 West.
At Breach Candy, a new upscale building, Ashford Palazzo by Ashford Developers, registered the sale of a 2,168 sq ft flat on the 12th floor for Rs 23 crore at more than Rs 1 lakh a sq ft.
In Tardeo, two apartment sales were registered at The Imperial Edge, a luxury skyscraper developed jointly by Shapoorji Pallonji and Dilip Thacker Group (S D Corporation). They fetched the builder Rs 20 crore each at a rate of over Rs 1.30 lakh a sq ft.
A new tower, The Residence, at Malabar Hill got two buyers: one for a 5,684 sq ft apartment that sold for Rs 51 crore, and the other (4,750 sq ft) for Rs 43 crore.
Experts say these sales do not reflect the market because there is an oversupply. Data from Liases Foras, a real estate research firm, shows that in the island city, flats costing over Rs 8 crore sell 350 units annually. However, the unsold stock is 3,300 units valued at Rs 62,000 crore.