Living within the lap of luxury
Following the sale of a Mumbai flat at a record R 1.2 lakh per sq. feet, we glance at the country’s costliest flats, the people that live there and therefore the facilities they relish n A 28th floor flat in Tahnee Heights in Mumbai with a limitless view of the Arabian Ocean recently sold for a whopping Rs. 39 crore. This can be the second costliest apartment deal to own been brokered within the town this year.
In January, a flat at Cuffe Parade’s Jolly Maker housing society was sold for Rs. 22 crore. A big-ticket deal within the comparatively slow-moving residential realty market? Historically, landmark deals like these are insulated from the vagaries of economic cycles. The increasing interest rate and decreasing sales or level of buyer confidence doesn't impact them in any means.
These deals are driven primarily by the exclusivity issue. A premium is connected to the scale and therefore the location of the unit, even to who is that the high-networth neighbors. The value of such deals is dictated by personality, location, wealth and snob price instead of factors of supply and demand. The brief is given to property consultants hired to seem for such deals is -What are the highest 5 properties that I can acquire? Show me where I will get them and that i can obtain one if i favor it. Moreover, there are not any budgets. In line with Mr. KJ Singh, who runs a property consultancy dealing in high-end flats in Delhi, the value of those properties depends on factors like location and therefore the restricted availability of such housing stock. These are primarily bought by extraordinarily made families who need their nuclear family to live within the same locality as they are doing, or by industrialists from UP, Punjab and Rajasthan who need to own a base in Delhi or Mumbai. In Bengaluru, these are procured by high IT honchos. Also, virtually 80 percent of those property in Mumbai are bought by consumers who shall use these homes themselves.
The market so far
The Mumbai market, however, is witnessing a slowdown because it is directly linked to the stock market. Still, there has been a minimum of one such deal within the last 2 months in Mumbai. Business watchers have conjointly been excited by the recently reported sale of Washington House, a 3-storeyed tower previously owned by the US Consulate. The residential building has been sold to the Lodha Group for over Rs. 375 crores. A luxury residential tower is anticipated to return up in its place. Realty consultants conjointly say that south Mumbai is witnessing a covert exodus with residents who are within the space for quite forty years selling their residential property in Mumbai to the nouveau riche, particularly people that have created cash within the last fifteen years. New cash is replacing previous cash in most deals in south Mumbai.
The factors that verify the premium connected to such properties have conjointly seen a shift. A decade ago, an expensive property in Mumbai meant an expensive location. Within the last 3 to 5 years, however, its product style that dictates worth. A branded apartment with bespoke options by international designer Jade Jagger or maybe celebrity Bollywood wife Gauri Khan determines the premium connected to the property. Another differentiating issue is that the pedigree. The most effective people within the town live in these complexes -- bureaucrats, actors, politicians, diamond merchants, industrialists and high company heads. The concept of shared public amenities is passé too. Personal options dictate the value of the property. These may embody personal elevators, swimming pool, parking, tennis court, gymnasium and exclusive clubs.
Influencing property costs
These plush homes do set a benchmark where property costs are involved. Most high price deals within the realty space have the power to excite buyer interest and build artificial worth things. The values of upcoming property within the area conjointly shoot up. One faculty of thought believes these deals are a lot of the exception than the rule. These consultants suppose such transactions are one-off sales. Though it’s true that high-end flats can still fetch high values, a small-sized apartment within the same space (where an enormous price ticket deal could have taken place) might not fetch an equivalent costs. This can be as a result of pedigree buildings are few and not all flats are of an equivalent size. Therefore, these are best thought-about as one-off deals.
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