surveys. Property consultancy Anarock Group estimates that 99 ultra-luxury residential deals worth a combined ₹8,069 crore were closed in India's top cities in 2022, 2023 and 2024 (till August).
According to Mehta, while most buyers of such ultra-expensive houses—typically billionaire industrialists, tech CEOs, film celebrities, and non-resident Indians—do so for personal use, a niche group buys such properties to cash in when the value appreciates.
Overall, India's real estate market surged in 2024, with a 16% jump in the overall sales value due to average price appreciation and increasing unit or home sizes. However, in terms of home sales, the sector saw a slight drop.
At Pali Hill, one of the costliest localities in Mumbai adjoining Bandra's hustle-bustle, stands Rustomjee Group's Parishram project amid an array of trees with chirruping birds.
The to-be residents at Parishram, which is under construction and expected to be completed by February, prefer the property for the location's exclusivity. Around it are homes of some of Bollywood's biggest celebrities.
This story is from the January 06, 2025 edition of Mint Chennai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 06, 2025 edition of Mint Chennai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Kick off the new year with fresh games
Despite a typical slow pace, Jan 2025 features several new game releases
A flagship to challenge most top smartphones in 2025
The vivo X200 Pro may emerge as the camera phone to beat in 2025. What else does the flagship have going for it?
CES 2025: What Lies Ahead in Tech This Year
With more powerful computing chips, the idea of PCs compact enough to be carried around in one hand is becoming real
Most favoured interpretations can prove unfavourable
India's stance on Switzerland's MFN status in a Nestle tax dispute has had adverse consequences
Elon Musk and his critics are wrong about free speech on X
Both sides of this divide must read the US First Amendment again
Monetary policy should lead the easing cycle our economy needs
Weak demand in the economy needs a response but budget tightening would mean the central bank must look for easing space
Revision of the inflation gauge: Handle with care
India's consumer price index should be revised on the basis of the latest survey of household consumption expenditure, but with nuances of the country's situation kept well in mind
May 2025 spell climate hope after a super-warm 2024
Let's harness the negativity bias that humans are predisposed to for measures aimed at faster climate action
India Needs a Tad More Ambition and Resolve to Boost GDP Growth
We must focus on long-term fixes rather than near-term uncertainties for fast economic expansion
Insights on When to Step Back From the Stock Market
The stock surge since 2020 has made it harder to convince investors to step back if needed
