What slump? 63 ultra-luxury Mumbai apartments sold for Rs 1,800 crore in 6 months

At least 63 upscale apartments worth around Rs 1,800 crore were sold in south and central Mumbai in the last six months, The Times of India reported. This comes at a time when real estate players are not getting enough buyers for large and luxury apartments.

The prices of these properties, which include duplexes and penthouses, are worth around Rs 50-78 crore.

The report, citing information from the stamp duty office where these transactions were registered, suggests that the costliest property was a 9,200 square feet duplex in Indiabulls Blu at Lower Parel, which was sold for Rs 78.3 crore.

Sale of two five-BHK duplexes was registered in Bishops Gate near Breach Candy Club. Each unit is worth Rs 66 crore.

In Worli, five flats, each with a price tag of over Rs 55 crore were sold at Oberoi Realty’s 360 West — a high-end residential tower.

The newspaper report cites experts as saying that these sales do not reflect the market because there is an oversupply of high-end apartments in south and central Mumbai.

Also read: How Mumbai crumbled and took luxury real estate with it

According to ICRA estimates released in the second half of 2019, Mumbai is the largest market for luxury residential real estate in India and the value of unsold inventory in central areas of the city is around Rs 45,000 crore.

The high value of inventory and its underperformance has severely impacted the real estate sector in the city.

ICRA expects the weakness in the luxury residential real estate in Mumbai to continue in FY20, on the back of liquidity pressure faced by developers and weak consumer demand.