Real estate sector shines in 2022: A Juhu property in Mumbai bought for Rs 333 crore the most expensive deal
In December alone, Mumbai city earned revenue of Rs 823.05 crore from 9,206 properties conveyance (sale) deeds; whereas entire Maharashtra made revenue of Rs 2,526 crore through stamp duty fees.
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Although no one sustained any injuries in the incident, the police said that the vehicle was being recklessly driven, endangering the lives of others (Archives) The year 2022 made the real estate sector in Mumbai stand on firm ground. With robust inflows through transactions and property registrations the year heralded sunshine days for the industry. In December the city earned revenue of Rs 823.05 crore from 9,206 properties conveyance (sale) deeds; whereas entire Maharashtra made a revenue of Rs 2,526 crore through stamp duty fees and recorded 12,5645 conveyance as per the Department of Registration and Stamps Government of Maharashtra data for December 2022.
According to the data accessed by Zapkey — a platform that aggregates publicly available property registration data primarily for residential properties — the largest transaction of the year was a Rs 333-crore property in Mumbai’s Juhu bought by Agarwal Holdings Private Limited (owned by promoters of pharmaceutical manufacturing company Macleods Pharmaceuticals). Agarwal Holdings Private Limited also purchased a property in Juhu for 87.75 crore in the year 2021. This however pales in comparison to the Rs 1,001 crore landmark transaction in 2021 where RK Damani (founder and CEO of DMart) purchased an independent house in the posh Malabar Hill.
The year 2022 saw 11 transactions of above Rs 100 crore — nine in Mumbai and two in Delhi. These include Agarwal Holdings Private Limited (Macleods Pharmaceuticals) — Rs 332.8 crore in Juhu, Mumbai; Ravi and Neel Raheja (K Raheja promoters) — Rs 265 crore in Juhu; Manoj Modi and family of Reliance Jio & Reliance Retail — Rs. 261.35 crore in Malabar Hill, Mumbai; Feat Properties Private Limited (K Raheja company) — Rs 182.7 crore in Juhu; Madhav Prasad Agarwal of Sajjan India Limited — Rs 153 crore in Oberoi 360 West, Worli, Mumbai; I G E (India) Pvt. Ltd (Investment and Holding Company) — Rs. 151 crore in Oberoi 360 West, Worli; Siddharth Jain of Inox Group — Rs 144 crore in Raheja Legend, Worli; Aakash Chaudhry of Aakash Education (part of BYJU’s) — Rs 137 crore in Chanakyapuri, Delhi NCR; Varun Jaipuria of Devyani International/Varun Beverages — Rs 120 crore in Westend Green, Delhi; Ranveer Singh’s father Jugjeet Singh Bhavnani through O5O Media Works LLP — Rs 118.9 crore in Sagar Resham CHS, Bandra West, and Devvrat Developers — Rs 113 crore in 25 South, Prabhadevi, Mumbai.
The data further showed that 63 deals were in the ticket size of Rs 50-100 crore of which 27 were in Mumbai, 16 in Delhi, two in Bangalore, and one in Pune. Most of the properties sold were independent houses (bungalows with land), except for Mumbai where most of the expensive houses were apartments.
Interestingly, the top localities of transactions in Mumbai were Juhu, Bandra, and Worli, those in Bangalore were Koramangala, Sadashivnagar and Indiranagar, those in Delhi were Vasant Vihar, West End, Sunder Nagar. The prime locality in Hyderabad was Jubilee Hills while that in Pune was Koregaon Park.
According to Sandeep Reddy (co-founder of Zapkey), the year 2022 has seen a robust demand in the ultra-luxury properties space. “The demand for such properties is in niche/key locations like Worli in Mumbai, Vasant Vihar in Delhi, Koramangala in Bangalore, Jubilee Hills in Hyderabad, and Koregaon Park in Pune. These locations along with other similar locations happen to house some of the wealthiest and biggest Indian business tycoons, actors & actresses, and startup entrepreneurs. We expect the trend to continue in 2023 as India continues to see a rise in the number of Indian billionaires,” he said.
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