Mumbai: In one of the prime real estate deals, Clear Bridge Ventures LLP has purchased all pieces and parcels of land along with IT Park at Fourth Dimension in Linking Road, Malad West for Rs 335 crore. The company purchased the property from Property Ventures (India) Pvt Ltd, a subsidiary of RK Marbles.
According to the documents accessed by CRE Matrix, a real estate data analytics firm, the total area purchased is 1.95 acres while Clear Bridge Ventures paid a stamp duty of Rs 21.85 crore for the transaction registered on August 23, 2024.
Clear Bridge Ventures, an Indian Limited Liability Partnership (LLP) company, was incorporated on February 10, 2022, and is currently active. It is based in Mumbai, operating under the jurisdiction of ROC Mumbai. The LLP is involved in the business of real estate, renting and business activities, with its registered office in Kandivali.
According to the Housing Price-Tracker Report for the second quarter published by CREDAI, Colliers and Liases Foras, positive homebuyer sentiment and steady demand have kept the momentum strong in the residential market across major Indian cities. Average housing prices across the top eight Indian cities witnessed a 3% quarter-on-quarter (QoQ) growth in Q2 2024. Interestingly, quarterly price movements at India level have been almost similar at about 3% for the last four quarters.
The stability in price growth is reflective of steady underlying demand over the last few quarters. On an annual basis too, average housing prices at the end of Q2 2024 have shown a 12% growth across the eight major cities. While unsold inventory remained stable on an annual basis at a pan India level, it dropped marginally on a quarterly basis amid healthy sales in housing units.
As of Q2 2024, there was an availability of over 10 lakh housing units across the primary market of eight major cities, with Mumbai Metropolitan Region (MMR) alone having about 40% share in unsold inventory levels. As the festive season approaches, developers are likely to closely monitor new launches and overall housing stock in prominent residential catchment areas, the report stated.
