Infraprojects MD J Kumar Buys Two Bungalow’s Worth Rs 50 crore Mumbai

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Last Updated: January 25, 2023, 15:52 IST

MD of J. Kumar Infra Projects, Nalin Gupta and his wife, Shalini, have bought two plush bungalows on a single plot in Mumbai’s Vile Parle for Rs 50 crore. According to a report by real estate advisory firm, Nalin and his wife, Shalini, purchased these two bungalows totalling over 5,600 sqft in Ashok Nagar Cooperative Housing Society. The seller of the bungalows is a certain Akshay Mehta.

Premium residential values in the city have been on a rise since 2022 despite RBI increasing the benchmark lending rates by 225 bps last year. According to a recent survey by real estate firm India Sotheby’s International Realty, 33 per cent of High-Net-worth Individuals (HNIs) and Ultra High-Net-worth Individuals (UHNIs) are willing to pay more than Rs10 crore to purchase a luxury property in Mumbai

Last year, filmmaker B R Chopra’s family sold their Juhu bungalow, B R House, for Rs 183 crore to K Raheja Corp. Author Siddharth Dhanvant Sanghavi sold his Juhu bungalow to Agarwal Holding for Rs 84.75 crore in 2021.

Bollywood actress Sonam Kapoor grabbed the headlines a few weeks ago over the sale of her luxury apartment in Mumbai’s Bandra-Kurla Complex for Rs 32.5 crore. She purchased the plush property for Rs 31.5 crore in 2015.

India’s financial capital saw an increase of 1 per cent y-o-y in average capital values for completed properties and an increase of 3 per cent y-o-y in average capital values for under-construction properties, revealed another report by real estate consulting firm Savills India.

“Navi Mumbai and Thane micro markets witnessed a significant increase of 3 per cent-8 per cent Y-o-Y on account of consistent demand for completed as well as under-construction properties,” read the statement of Savills India.

Mumbai’s red-hot housing market can also be attributed to the fact that the pandemic has largely receded. As professionals have returned to their work locations, a hybrid work model has been adopted by most companies. Therefore, demand in the rental market has also gained momentum as end-users are considering renting larger homes in residential complexes offering all the creature comforts.

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