DMart founder Radhakishan Damani‘s family members and associates have bought as many as 28 housing units worth Rs 1,238 crore in Mumbai. It is perhaps the biggest property deal in India. Here are key things to know:
* The property purchase comes after the Budget 2023 announcement. A Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including housing property. Currently, no such cap is applicable.
* Some properties have been purchased in the name of companies.
* The total carpet area is about 1,82,084 square feet, including 101 car parks.
* All transaction were registered on February 3, 2023. The apartments are in Tower B of 360 West located on Annie Besant Road in Worli, Mumbai.
* The seller is realty developer Sudhakar Shetty, who redeveloped the project in partnership with builder Vikas Oberoi.
* Most apartments have a carpet area of 5,000 sqft, and cost Rs 40-50 crore on average.
“We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in,” Sandeep Reddy, founder of Zapkey.com, said, according to a moneycontrol report.
On February 4, Mumbai-based Oberoi Realty said in a regulatory filing that in December 2022, its shareholders had approved the purchase or 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.
Oberoi Realty said the company had concluded the purchase or acquisition of residential premises in the project. The company said it had purchased a total carpet area of 5,23,039 sq ft.
The Indian real estate (RE) market is expected to experience significant and favourable growth in 2023, fueled by a solid structural foundation and rising demand.
Data from ANAROCK Research shows that in the top-seven cities, 1.84 lakh units were sold in the first half of the year, of which 14 per cent, or 25,700 units, were in the luxury housing class. Given the favourable sentiment, it is clear that the market for luxury real estate has advanced up the growth ladder. Real estate’s luxury sector appears to have a promising future. “As their consumer markets grow, plotted development, luxury, and uber luxury apartments will further solidify their market positions,” Suntech Realty CMD Kamal Khetan said.
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