High-end residential sales are shaping and defining Mumbai’s luxury real estate market, and one such hotspot that is attracting high-end property buyers is Prabhadevi. In a recent deal, Ritika Sajdeh, wife of former India Cricket Team captain Rohit Sharma, acquired a high-end apartment there for ₹26.30 crores.
The deal is a part of the many big-ticket sales in the residential space in the last few years in the city of Mumbai, as recorded on the website of the Inspector General of Registration, Maharashtra, accessed by Square Yards .
Property Details and Transaction Costs
Property Details and Transaction CostsThe property is located in the Ahuja Towers complex in Prabhadevi. It is a high rise residential property and the price level has been the focus of the premium interpretation of the accessibility of the locality to the major commercial areas. The registration documents reveal that the property has a carpet area of 2, 760.40 sq ft (or 256.45 square meters) and it is assigned three car parking spaces.
The deal included stamp duty of 1.31 crore along with a registration fee of 30, 000 as per Maharashtra rules. The area and the price of the flat place it in the luxury segment of the realty market in Mumbai where this particular segment has been seen to have a continuous inflow of interest from the top end pockets of buyers.
Family Presence in the Same Building
Rohit Sharma also has a flat in Ahuja Towers, which is another proof of the family's love for the Prabhadevi micro market. GQ India reported that the cricket stars' residence is on the 29th floor and has an incredible 270, degree view of the Arabian Sea.
According to real estate listings on Housing.com, the value of Rohit Sharma's apartment is around 30 crores. The house is purportedly almost 6, 000 sq ft, which implies the grandeur and the very top, tier level of the sea, facing residential apartments, as it is situated in the very center of Mumbai. This is because such layouts are very limited, and therefore, they are always highly valued and kept in the same manner.
Why Prabhadevi Is a Favoured Site for Buying Upmarket Properties?
The main reason behind Prabhadevi's rise as a residential area of prime focus is its location. The area is near the top business districts of Mumbai such as Lower Parel, Worli, and Bandra Kurla Complex (BKC). Being in such close proximity to these business centres inevitably attracts the high, end segment comprising senior corporate executives, business owners, and other professionals, as they get to enjoy a superior lifestyle coupled with a short commute.
Besides that, it has great connectivity. The area connects with other parts of the city through big roads like Senapati Bapat Marg Road, Dr. Annie Besant Road, or through the Western Express Highway. Besides, Prabhadevi Railway Station of Western Line and Bandra, Worli Sea Link Road both facilitate easy access to the area. The latter road allows a direct connection between the two halves of the city i.e., north and south.
Initially, the residential buildings in the area were positioned adjacent to the industrial and mill lands that are currently being developed for the residential buildings. The changing face of the area has thus helped in bringing about improved infrastructure and social amenities to the area in addition to ensuring the residential area is classy.
Such transactions demonstrate how the high-end residential market in Mumbai has been consistently strong even when there have been economic uncertainties in the country. While mid-income housing markets are usually more sensitive to changes in interest rates and affordability issues, premium residential real estate in prime locations generally stays quite stable.
The industry insiders point out that buyers at this price level are mostly end users or long term investors with strong financials who focus on the location, construction quality, privacy and long term value rather than on short term price changes.
Since the central Mumbai area is not expected to have much new supply because of land scarcity, the already developed neighbourhoods such as Prabhadevi will most probably continue to be the core of the high end residential market, thereby maintaining their status as timeless property assets in the city's real estate market.
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