Big-ticket luxury real estate deals are back in India, especially over 2020 and 2021, in spite of the pandemic. Several billionaires or millionaires among other ultra-high net-worth individuals (UHNWIs) and high net-worth individuals (HNWIs), have been investing in prime real estate throughout the country. Here’s taking a closer look at this trend.
The ultra-rich are investing in real estate and how! The pandemic has clearly led to property being prioritized again by the billionaire/millionaire class. 2020 was the year where many invested in second homes as family get-aways and tranquil escapes from locked-down cities. 2021 is when many of these buyers are picking up luxury primary accommodation for end-use. Demand for luxury properties has gone up exponentially by a whopping 11% in the first coronavirus wave to 13% at the time of the second wave as per reports.
More than 60% of such demand emanates from the MMR (Mumbai Metropolitan Region) as per studies. Markets like Mumbai, Goa, Alibaug, and posh Delhi localities like Jor Bagh or Sunder Nagar and Golf Links make up major markets for luxury real estate buyers. Younger high-net-worth buyers are shunning city lifestyles and buying luxury properties in Goa and other destinations like Alibaug or hill stations like Dehradun, Kasauli and others. Mumbai remains a coveted destination with transactions covering ultra-prime areas like Nepean Sea Road, Bandra, Andheri and others. On that note, here are some of the top transactions witnessed over the last 1-2 years in this space.
Big-ticket Transactions by India’s Rich
- Radhakishan Damani- Radhakishan Damani is today one of India’s richest billionaires and now owns South Mumbai’s second-costliest property. In one of the biggest real estate deals in 2021, he snapped up a 5,752 square meter unit for a mind-boggling Rs. 1,001 crore! Damani has rapidly moved up in the billionaire rankings with a surge in share prices of DMart throughout the lockdown. He was also the 8th richest billionaire on the 2021 Hurun Rich List, with an estimated net worth of $14.5 billion or roughly Rs. 1 lakh crore! Try decoding that! Damani already owns a plush home in South Mumbai’s Altamount Road and bought his second home at Malabar Hill. This property was jointly owned by Jayesh Shah, Varsha Mehta, and Saurabh Mehta previously. A whopping Rs. 30 was paid by Damani in stamp duty alone for his purchase on 31st March, 2021. Damani has not stopped there! He has also snapped up a property of 8 acres in Thane that was earlier owned by Mondelez India. He bought this land parcel for a staggering Rs. 250 crore and may develop it in the future.
- HDFC’s Titans- IN 2020, CEO and Vice-Chairman at HDFC, Keki Mistry, purchased three premium apartments in Mumbai for a handsome Rs. 41.23 crore. The property was registered on 18th November, 2020 with a stamp duty payment of Rs. 95.6 lakh. On 25th November, 2020, ex-HDFC Managing Director Aditya Puri’s wife Anita Puri and daughter Amrita Puri invested jointly in a sea-facing luxury property for Rs. 50 crore in Malabar Hill.
- Kolkata’s big-ticket deal- In one of the biggest realty deals ever in Kolkata, a stockbroker bought a sprawling 31,000 square foot bungalow in Alipore’s Judges Court Road at the time of the pandemic. The deal was finalized for a hefty Rs. 100 crore!
- Anil Gupta- KEI Industries promoter Anil Gupta purchased a lavish 2,000 square-yard property in the prime Shanti Niketan locality of New Delhi on 8th October, 2021. He reportedly paid a whopping Rs. 140 crore for the property.
- Lutyens Bungalow Deal- The owner of a well-known contract electronics manufacturer in India purchased a luxury bungalow in the Lutyens bungalow zone in New Delhi for a staggering Rs. 170 crore.
- Ghanshyambhai Dhanjibhai Dholakia- A diamond merchant from Surat, Dholakia purchased a Worli Seaface bungalow for a sum of Rs. 185 crore. The property sprawls over 19,886 square feet and is named Panhar Bungalow. The bungalow encompasses a ground floor, basement, six floors and offers several amenities.
- Siddharth Shah- Founder at PharmEasy, which also acquired Thyrocare sometime earlier, bought a luxury apartment in Khar West in Mumbai for Rs. 40 crore in August last year.
- JC Chaudhary- The founder of Aakash Educational Services, JC Chaudhary purchased a South Delhi property of 2,000 square yards for more than Rs. 100 crore, after his company was acquired by Byju’s. He also spent a handsome Rs. 96 crore for buying a farmhouse in South Bijwasan.
- Disha Patani & Rani Mukerji- Both stars bought apartments in Khar with Patani picking up a Rs. 5.95 crore property at Paramount Khar West by Rustomjee. The apartment lies on the 16th floor, covering 1,118.59 square feet and offering two car parking spaces as well. Disha Patani paid stamp duty of Rs. 17.85 lakh for her purchase. Rani Mukerji also purchased an apartment in Rustomjee Paramount Khar West for Rs. 7.12 crore. She purchased her property from the Rustomjee subsidiary Keystone Realtors, paying stamp duty of Rs. 21.37 lakh. Interestingly cricketers Hardik and Krunal Pandya have also rented sprawling apartments on the 16th floor, each paying Rs.3 lakh per month in rent.
- Ajay Devgan- Ajay Devgan purchased another bungalow in Mumbai, this one sprawling over 474.4 square metres in Juhu. He purchased this bungalow for Rs. 47.5 crore, out of which he took a Rs. 18.75 crore loan.
- Amitabh Bachchan- Amitabh Bachchan purchased a property of 5,184 square feet in Mumbai worth roughly Rs. 31 crore. The project is named Atlantis and has been developed by Crystal Group.
- Sunny Leone- Sunny Leone purchased a 12th floor apartment in the same Atlantis project, paying Rs. 16 crore and registering the same in March, 2021.
- Deepika Padukone and Ranveer Singh- The star couple splurged Rs. 22 crore on a lavish bungalow in Alibaug that was earlier under the ownership of Everstone Group’s Rajesh Jaggi. The buyers are RS Worldwide Entertainment Private Limited (Ranveer Singh is a Director) and KA Enterprises LLP (Deepika Padukone is a Partner). The 5 BHK G+1 bungalow lies on a 2.25 acre plot with 18,000 square feet in built-up area. Deepika Padukone and Prakash Padukone, her father, also registered the sale deed for a serviced apartment on 7th August, 2021, in Bangalore, paying stamp duty of Rs. 34.64 lakh.
- Juhi Chawla- Leading Bollywood actress Juhi Chawla purchased a plot for Rs. 1.89 crore in Alibaug recently. This property covers 0.75 crores in Mapgaun in Alibaug. She has paid Rs. 11.34 lakh in stamp duty on her purchase, registering all documents on 22nd October, 2021.
- Shrikantadevi Damani- The Damani family has another real estate asset in its kitty now at Alibaug’s Awas Village. Shrikantadevi Damani, wife of Radhakishan Damani, purchased a six-acre home on the beachfront here for a staggering Rs. 80 crore.
- Hrithik Roshan- Hrithik Roshan made news in 2020, when he spent an unimaginable Rs. 100 crore on three floors near the Juhu-Versova Link Road in Mumbai. The homes cover a single-storied apartment and a duplex penthouse with 38,000 square feet in total, a private elevator and 10+ car parking slots.
- Alia Bhatt- Alia Bhatt is a seasoned realty investor, having purchased a home in Juhu where she stays with her sister and another home in Covent Garden, London. She has now forked out Rs. 32 crore for buying a stunning home in Pali Hill, Mumbai. This property measures 2,460 square feet in the Vastu Pali Hill project where her beau Ranbir Kapoor also resides.
- Aanand L Rai- The well-known Bollywood director has spent a handsome Rs. 25.3 crore on a Mumbai duplex from Lotus Developers. The property covers the 27th and 28th floors while offering 5,761 square feet in total area. He also got five slots for car parking along with various amenities.
- Ayushmann Khurrana- Ayushmann Khurrana recently purchased a family house for Rs. 9 crore in Panchkula, close to Chandigarh. The whole Khurrana clan will now spend time here at the sprawling property with its amenities, greenery and badminton court.
These deals are only the tip of the iceberg. There are several other transactions that are making waves in the Indian real estate market, especially as far as Indian billionaires and millionaires are concerned! Here’s to more growth in the industry ahead!
