RBI’s 50 basis point rate hike to buckle inflation is likely to hit real estate sales since home loans and EMIs will become more expensive, as HDFC and SBI have already hikes lending rates. But these factors don’t affect the super-rich in India where the top 10 per cent controls over 75 per cent of the wealth. Which is why the demand for luxury houses in India doubled during the first half of 2022, led by Mumbai where more than 13,000 units were sold for more than Rs 1.5 crore.
Maximum splurging in maximum city
But India’s most expensive city to find a dwelling in has more in store, as the family of air-cooler firm Symphony’s chairman Achal Bakeri has bought a Rs 72.85 crore apartment in Mumbai’s upscale Worli locality. The house spread over an area of more than 7000 square feet, comes with a four car parking in Three Sixty West by Oberoi, which has four and five BHK dwellings. The new Bakeri residence is situated in one of two towers in the complex, where the other tower will be home to the Ritz Carlton Hotel.
Sharing the sea breeze with wealthy neighbours
Apart from the cooler-maker’s sea-view house, IGE India used for investment by the Dabriwala Family, has bought two apartments in the same tower for Rs 151 crore. The purchases come around the same time as other big ticket home deals such as DMart CEO Ignatius Navil Noronha’s Rs 70 crore apartment near the upcoming business hub of Bandra Kurla Complex. Other names include Eris Lifesciences Chairman Amit Bakshi, who bought a Rs 61 crore home to become the Bakeri family’s neighbour at Three Sixty West.
Top execs flocking to Worli?
BP Wealth’s MD Yuraj Thakkar bought himself a Rs 79 crore duplex in Worli, while Karza Tech’s co-founder Gaurav Samdaria has a Rs 70 crore sea-facing dwelling in the same locality. The upscale area may become a hub for top execs, since Vendanta Chairman Anil Agarwal’s family has also purchased a Rs 45 crore house in Worli.