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Business tycoons, Bollywood stars, and startup entrepreneurs fire up luxury homes worth over Rs 7500 crore in 2022

Experts see the trend continuing in 2023 as India continues to see a rise in the number of billionaires 

Representational image.

Representational image.

A dozen homes worth more than Rs 100 crore were sold in Mumbai and Delhi in 2022. The largest transaction in the year was of a Rs 333-crore property sold in Juhu that was bought by Agarwal Holdings Private Limited, owned by the promoters of pharmaceutical manufacturing company Macleods Pharmaceuticals, data collated by showed.

More than 150 high-end properties worth around Rs 7,500 crore were sold in 2022, Zapkey’s Billion Homes Club 2022 listing showed.

Agarwal Holdings Private Limited also purchased a property in Juhu, Mumbai, for Rs 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) bought an independent house in Malabar Hill.

The year 2022 saw almost a dozen transactions (nine in Mumbai and two in Delhi) that cost more than Rs 100 crore.

Agarwal Holdings Private Limited, a group entity of Macleods Pharmaceuticals, bought a 2-acre plot in Juhu for Rs 332.8 crore this year.

Ravi and Neel Raheja, promoters of K Raheja Group, bought properties in Juhu for Rs 265 crore. They purchased the freehold property in Santa Cruz from businessman Bharat Hari Singhania and brother Raghupati Singhania as well as other family members.  The plot area of the property is 2,869.40 square metres (sq m) and the structure spreads across 737 sq m (carpet). The buyers paid a stamp duty of Rs 15.90 crore and the property was registered on 29 April, 2022.

Feat Properties Private Limited, a subsidiary of K Raheja Corp, bought a property worth Rs 182.7 crore in Juhu, Mumbai, on May 27, 2022. It purchased a 3,278-sq-m bungalow in Mumbai’s Juhu area from Bollywood director and producer BR Chopra’s family. The property was sold by his daughter-in-law Renu Ravi Chopra.

Madhav Prasad Agarwal of Sajjan India Limited, bought a luxury duplex for Rs 153 crore in Oberoi 360 West in Worli area. This is one of the most expensive apartment deals in 2022.

I G E (India) Pvt Ltd (Investment and Holding Company) bought an apartment worth Rs 151 crore in Oberoi 360 West in Worli area in 2022. The buyer bought the two flats located on the 58th and 59th floors in the project, situated on Annie Besant Road in Worli, from Oasis Realty, a subsidiary of Oberoi Realty. The agreement value of each apartment is Rs 75.50 crore and the area is 8,036 sq ft.

Siddharth Jain, Director of INOX Leisure, bought a quadruplex flat in Worli, one of Mumbai’s upscale areas, for Rs 144 crore. The unit is an amalgamation of flats on the 42nd, 43rd, 44th and 46th floors in Raheja Legend on Dr Annie Besant Road.

Aakash Chaudhry of Aakash Educational Services Limited bought a property worth Rs 137 crore in Delhi's Chanakyapuri area. Chaudhry bought the bungalow in Kautilya Marg, Diplomatic Enclave, Chankyapuri. The property is 1,293.47 sq m and was registered on August 1, 2022.

Varun Jaipuria of Devyani International bought a bungalow in Delhi’s post Westend Green area for Rs 120 crore. Jaipuria, a whole-time director at Varun Beverages, one of the largest franchisees of PepsiCo in the world outside the US, had bought a sprawling 2.5-acre farmhouse, making it one of the biggest transactions in terms of value in Delhi.

Bollywood actor Ranveer Singh and his father Jugjeet Singh Bhavnani through O5O Media Works LLP bought a quadruplex flat in Bandra West in Mumbai for Rs 118.9 crore.

In December 2022,  Devvrat Developers bought five luxury apartments for Rs 113 crore in Mumbai’s Prabhadevi area. The name of the project is 25 South and the apartments are spread across a built-up area of 19,922 sq ft.

There were at least 63 deals in the ticket size of Rs 50-100 crore, of which 27 were in Mumbai, 16 in Delhi, two in Bengaluru, and one in Pune. Most of the properties sold were independent houses (bungalows with land) except for Mumbai where most of the expensive homes were apartments.

Largest deals in Mumbai, Delhi and Bengaluru

In Mumbai, the largest deal identified was that of Agarwal Holdings Private Limited. In Delhi, the largest deal was by Aakash Chaudhry of Aakash Education (part of BYJU’s) buying the Rs 137-crore bungalow in Chanakyapuri.

In Bengaluru, NRJN Family Trust (Nandan Nilekani) bought a Rs 59-crore bungalow in Koramangala, which is known as the Billionaire’s Street. In Hyderabad, Bhagwati Devi Baldwa of SKP Labs and Director of Federation of Telangana Chambers of Commerce and Industry bought a house worth Rs 38 crore in Jubilee Hills. In Pune, Rajan Ramesh Navani of JetSynthesys bought a bungalow worth Rs 62.2 crore in Koregaon Park.

According to the listing, the  top localities of transactions in each of these cities include:

Mumbai - Juhu, Bandra, Worli

Bengaluru - Koramangala, Sadashivnagar, Indiranagar

Delhi - Vasant Vihar, West End, Sunder Nagar

Hyderabad - Jubilee Hills

Pune - Koregaon Park

The buyer profiles for each of these luxury homes range from business tycoons, to actors and actresses, and start-up entrepreneurs.

Top deals in these segments included Aakash Chaudhary of Aakash Education (sold to BYJU’s); Ranveer Singh’s father Jugjeet Singh Bhavnani; Chandrasekaran Natarajan (Chairman of Tata Group); Kushi Kapoor and Jhanvi Kapoor (actresses); Nandan Nilekani (Infosys) through NRJN Trust; Jagdish Chand Chaudhry of Aakash Education (sold to BYJU’s); Madhuri Dixit (actress); Rajkumar Rao (actor); Gaurav Samdadiya (Karza Technologies sold to Perfios); Zishaan Hayath (Toppr sold to BYJU’s); Prashant Tandon (1mg sold to Tata); Sunder Genomal (Page Industries); Sanjiv Bajaj Family (Bajaj) and Neha Bansal (Wife of Piyush Bansal of Lenskart), the listing showed.

“The year 2022 has seen robust demand in the ultra-luxury properties space. 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 and actresses, and start-up entrepreneurs. We expect the trend to continue in 2023 as India continues to see a rise in the number of Indian billionaires,” said Sandeep Reddy, Co-founder of Zapkey.

Vandana Ramnani
Vandana Ramnani
first published: Dec 29, 2022 05:56 pm