In a record transaction, Arkade Group has closed a transaction for the sale of four flats at Darshan Apartments in Vile Parle (East) in Mumbai at a record price in the suburban area. The total area of all four flats is 5,844 sqft and the total sale consideration amounts to Rs 32.14 crore.
Each flat measuring 1,461 sqft has been sold at a record price of Rs 55,000 per sqft, indicating that the demand for luxurious flats continues in Mumbai. The total area of all four flats is 5,844 sqft and the total sale consideration amounts to Rs 32.14 crore.
The transaction has taken place at Darshan by Arkade at Hanuman Road, situated opposite Chintamani Parshwanath Jain Temple on the Western Suburb. This is one of the highest transactions in this area, according to available data.
“The registration of documents took place on December 12, 2022, at Andheri-4 Sub Registrar’s Office. The transacted price is for the ready procession with OC apartments and wherein the buyer has chosen to furnish his own apartment. The cultural heritage of Maharashtrians, Marwadi and Gujarati communities in the area led to high premiums for the locality,” Arkade Group said in a statement.
Mumbai-based Arkade Group specialises in open space redevelopment and is currently developing two million sqft spread across five projects in the city. The group is a well-established developer with 25 years of legacy.
Luxury Realty Market In India
The Indian real estate (RE) market is expected to experience significant and favourable growth in the financial year 2023 (FY23), fueled by a solid structural foundation and rising demand.
Kamal Khetan, chairman & managing director of Sunteck Realty, said, “In India, the demand for luxury housing continues to grow exponentially. The new normal promoting work-from-home and hybrid work has made people realised the importance of comfortable and hassle-free lifestyle. As a result, an increasing number of purchasers are gravitating toward luxury properties as a lucrative investment choice.”
He added that data from ANAROCK Research shows that in the top-seven cities, 1.84 lakh units were sold in the first half of the year, of which 14 per cent, or 25,700 units, were in the luxury housing class. Given the favourable sentiment, it is clear that the market for luxury real estate has advanced up the growth ladder. Real estate’s luxury sector appears to have a promising future. “As their consumer markets grow, plotted development, luxury, and uber luxury apartments will further solidify their market positions.”
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