Luxury Property Market

Mumbai-based Oberoi Realty has bought 63 residential units comprising over 5 lakh square feet in a luxury housing project at Worli in Mumbai. In a regulatory filing, Oberoi Realty said its shareholders had in December approved purchase/ acquisition of residential premises in the project 'Three Sixty West' constructed by Oasis Realty for up to Rs 4,000 crore. It was a material related party transaction, it added. On Saturday, Oberoi Realty said the company has concluded the purchase/ acquisition of residential premises in the project. Giving details, Oberoi Realty said the company has purchased 5,23,039 square feet carpet area. The total number of units purchased is 63, while the total amount of consideration paid by the company is Rs 3,403 crore. The stamp duty and other charges for purchase of these units are Rs 204 crore. The share of income tax liability discharged through Oasis Realty is Rs 605 crore. Consequently, Oberoi Realty said the company has recovered its entire fund

The sample size of the survey is more than 500 HNIs and UHNIs

Experts attribute the trend to stamp duty cut by Maharashtra govt, reduction of prices by developers saddled with unsold inventory

If the current uptrend in demand persists, prices could begin to inch up

A latest report, prepared jointly by property consultant Anarock and CII, shows how radically the pandemic has altered buying preference

Early entry in emerging destinations could fetch good returns, say experts

DMart promoter Radhakishan Damani has reasons besides snob value for buying plush Malabar Hill property, say experts

The mansion is one of the largest residences in the neighborhood and measures about 25,000 square feet (2,322 square meters), the equivalent of about 24 average English homes

The demand for luxury housing properties in the national capital has improved in the last six months on low prices and home loan interest rates, but there is a need to reduce stamp duty to give a further boost, according to industry experts. Addressing a webinar on luxury housing market of Delhi-NCR, India Sotheby's International Realty CEO Amit Goyal said the circle rates in Delhi should be rationalised as market prices are 30-40 per lower than the circle rates. Rahul Bhargava, Joint General Manager, HDFC Ltd, Anubhav Jain, CEO, Silverglades Group and Ravinder Singh Ahuja, CA, Founder RS Ahuja & Co also participated in the webinar. In the last 8-9 years, property prices have only come down. So, it's high time that the circle rates are rationalised now. I wish there is a stamp duty cut, just like how it was done in Maharashtra and some other states. Even internationally, countries such as the UK and Malta did the same," he said in a statement. Maharashtra and Karnataka governments

A temporary cut in circle rates by 20 per cent and lower interest rates are also factors

Disruptions following the pandemic impacted its top line too

As per the Icra report, the unsold inventory in most of the markets in Mumbai is high at present and it stands around 52-54 per cent of launched areas across all the micro markets

Experts say that post-demonetisation, property rates have significantly dropped across various cities in India