New Delhi: Shaila Merchant, mother of Mukesh Ambani’s younger daughter-in-law Radhika Merchant, has made headlines by purchasing a luxurious sea-facing apartment in Mumbai. This news reflects the ongoing boom in Mumbai’s luxury property market. Shaila Merchant has bought a luxurious apartment in Prestige Ocean Tower for Rs 20.76 crore. This property is built in 2,565 square feet. It has 2,482 sq ft of living space and 83 sq ft of balcony. According to property registration documents obtained by Zapkey, the purchase was officially registered on October 14, 2023. This apartment comes with four parking spaces. The apartments not only offer luxurious living arrangements but are also a practical option for families.
Stamp duty of Rs 1.03 crore paid
The financial aspects of this deal reflect the significant investment involved. In this, registration charge of Rs 30,000 along with stamp duty of Rs 1.03 crore was paid. Local brokers estimate the per square foot cost of the apartment to be around Rs 80,936. This reflects the high value associated with prime real estate in the area.
The property has been acquired from Prestige Projects Pvt Ltd, a subsidiary of Bengaluru-based Prestige Group. The purchase of the apartment comes soon after Radhika Merchant’s high-profile wedding with industrialist Mukesh Ambani’s son Anant Ambani in Mumbai in July. Radhika is the daughter of Viren and Shaila Merchant. His father is the CEO of Encore Healthcare.
Boom in luxury real estate market
The purchase also reflects a broader trend in Mumbai’s luxury real estate market. A strong rise has been seen in this. According to a report by India Sotheby’s International Realty and CRE Matrix, sales of luxury homes priced at Rs 10 crore and above during the first half of 2023 totaled Rs 12,300 crore, an impressive growth of 8% compared to the same period in 2022. A record 1,040 luxury apartments in the price range of Rs 10 crore and above have been sold in Mumbai in the last 12 months. This reflects a vibrant market that continues to attract affluent buyers.
What are the key factors driving the luxury property market boom in Mumbai?
Time.news Interview: Exploring the Luxury Property Boom in Mumbai with Real Estate Expert Ananya Sharma
Time.news Editor (TNE): Good morning, everyone. Today, we’re diving into the booming luxury property market in Mumbai, especially in light of recent headlines about Shaila Merchant’s impressive purchase of a sea-facing apartment in the Prestige Ocean Tower. Joining us is Ananya Sharma, a prominent real estate expert with a deep understanding of the market trends. Thank you for being here, Ananya.
Ananya Sharma (AS): Thank you for having me! It’s a pleasure to discuss such an exciting topic.
TNE: Let’s jump right in. Shaila Merchant, the mother of Radhika Merchant, marketing director at Reliance Industries, recently bought a lavish apartment for Rs 20.76 crore. What does this purchase signify in the context of Mumbai’s luxury real estate market?
AS: It’s a notable indicator of the ongoing demand for luxury properties in Mumbai. High-net-worth individuals, including prominent families, are investing in prime locations, and this reflects their confidence in the market’s future. The location, combined with the amenities offered by buildings like Prestige Ocean Tower, makes it attractive for affluent buyers.
TNE: The luxurious apartment spans over 2,500 square feet, with a significant balcony area. How important is space and outdoor access in the current market trends?
AS: Space is increasingly becoming a luxury in itself. As more people opt for work-from-home arrangements and seek comfort in their living environments, the demand for spacious apartments with balconies and outdoor areas has surged. Buyers want a lifestyle that includes amenities and comforts, which this property encapsulates beautifully.
TNE: The registration date of the property was October 14, 2023. Are there any particular seasonal trends we should be aware of when it comes to real estate transactions in Mumbai?
AS: Historically, the festive season in India, which spans from September to December, often sees a spike in property transactions. Many affluent buyers aim to finalize purchases during this period, hoping to celebrate their new acquisitions during the festivities. Shaila Merchant’s timing perfectly aligns with this trend.
TNE: How does the purchase of such high-value properties affect the market as a whole?
AS: High-value transactions often set benchmarks for pricing in the luxury segment. When affluent buyers invest heavily, it attracts more investors and can result in rising property values in the surrounding areas. It creates a ripple effect, encouraging developers to launch new luxury projects, which in turn enhances the overall market appeal.
TNE: Given the impressive nature of the Prestige Ocean Tower and similar developments, what future trends can we expect in Mumbai’s luxury real estate market?
AS: We can expect a continued trend towards sustainability and smart home technologies in new luxury developments. Buyers are becoming increasingly conscious of environmental impact, pushing developers to integrate eco-friendly and technologically advanced features. Additionally, areas that offer a mix of urban conveniences with tranquil, scenic views will likely see a rise in demand.
TNE: This all leads us to envision a vibrant future for luxury living. Before we wrap up, what advice would you give to potential investors eyeing the luxury property market in Mumbai?
AS: It’s essential for investors to conduct thorough research and remain aware of market trends. Look for properties with solid reputations, proven track records, and desirable locations. Also, consider the long-term growth potential rather than just immediate gains. And of course, always ensure that the legal aspects of the property are clear.
TNE: Thank you, Ananya, for your insights on this fascinating subject. It’s clear that luxury real estate in Mumbai is evolving and full of opportunities. We look forward to seeing how these trends develop.
AS: Thank you for having me. It’s a thrilling time for the real estate market, and I’m excited to see where it heads next!
TNE: Thank you to our audience for tuning in. Stay informed with Time.news for more updates on real estate and other trends shaping our world.