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Real estate slump not a dampener for super rich

04 November, 2016

The real estate sector in India has been in a slump for a while now, with markets like Delhi-NCR and Mumbai seeing a correction in prices. Not only has demand dwindled, there is also an inventory overhang.

Yet, none of this seems to be a deterrent when it comes to the super rich buying themselves a swanky abode. In July, it was reported that Flipkart CEO Binny Bansal bought a Rs 32 crore home in Bangalore. The 32-year-old reportedly shelled out the nine figure amount for a 10,000 sq ft property in the city’s Koramangala area.

Just a few days later, it was again reported that Bollywood superstar Salman Khan was buying a 100 acre, 5BHK holiday home at Gorai Beach in Mumbai for an undisclosed amount.

Now, India does not have a public repository of private real estate deals, so comprehensive and authentic information is hard to come by. Having said that, in the last six years, several big-ticket deals have been reported.  

In fact, over the last few years there have been many instances of high net worth individuals (HNIs) and corporate groups shelling out money on prime real-estate properties in Mumbai and Delhi, that have been widely reported.

VCCircle has compiled a list on some of those reported transactions since 2010.

The biggest such deal was in September last year, when billionaire Cyrus Poonawala reportedly bought Lincoln House, situated in Mumbai’s Breach Candy area, from the US government for Rs 750 crore. Other big-ticket deals of a similar order include JSW Group’s Sajjan Jindal buying Maheshwari House in Napean Sea Road in Mumbai for Rs 500 crore in 2011 and industrialists Ajay Piramal and Kumar Mangalam Birla buying homes for Rs 452 crore and Rs 425 crore respectively.

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Real estate slump not a dampener for super rich

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