Just four Mumbai housing projects rake in over ₹4,079 crore

While the mid-segment homes in the ₹50 lakh-to- ₹1 crore price range generated the maximum volumes, it was luxury apartments that generated the maximum financial value.

Mumbai: In the January-March quarter of 2023, Mumbai remained the biggest real estate market, selling 21,685 units, six times higher than Kolkata, among the top eight Tier 1 cities. While the mid-segment homes in the ₹50 lakh-to- ₹1 crore price range generated the maximum volumes, it was luxury apartments that generated the maximum financial value.

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Just four housing projects by Mumbai’s top developers generated revenues worth a staggering ₹4,079 crore in the first quarter that could perhaps be higher than many Tier 2 cities, according to a report by a real estate analytics firm that tabulates the top 10 best-selling projects based on data from the department of stamps and registration.

According to the IndexTap Premier League quarterly report, Oberoi Realty’s ultra-luxury project, Three Sixty West, in Worli, generated a staggering ₹1,885 crore from the sale of just 36 units, out of which 28 were bought in a discounted bulk deal worth ₹1,238 crore by D Mart founder Radhakishan Damani’s family, including his three daughters and his close associates in February this year. The deal collectively spanned a carpet area of 1,82,684 sq ft and included 101 car parks.

One of the two penthouses in the project was purchased by Welspun Group chairman B K Goenka for ₹230 crore in March. The 63rd-floor apartment is spread across a carpet area of 29,885 sq ft and includes 14 car parking spaces. A stamp duty of ₹13.83 crore was paid for the transaction.

The Lodha Group’s Lodha Malabar project, which has commenced construction and has pushed its 2026 completion date to June 2027, also generated a whopping ₹1,202 crore from the sale of just 10 units. Among these, Bajaj Auto chairman Niraj Bajaj has bought the top three floors—a net area of 18,008 sq ft—for ₹252.50 crore. Industrialist J P Taparia topped that in terms of carpet area and price, and booked 27,000 sq ft for ₹369 crore.

The Aggrawal family, promoters of Kandoi Fabrics Pvt Ltd, a packaging fabrics manufacturer, picked up six apartments spanning 27,858 sq ft across six floors for more than ₹325 crore. This includes the latest transaction by Rajesh Vijaykumar Aggrawal and Rahulkumar Aggrawal, directors of Kandoi Fabrics Pvt Ltd, who purchased 4,643-sq-ft apartments on the 11th and 12th floors for ₹112.52 crore. Earlier, the family had purchased four apartments of the same size for ₹217 crore.

Similarly, Madhav Goel and his brother Saurabh Goel, directors of Tufropes, a leading maker of synthetic fibre ropes and netting solutions, bought two 9,546-sq-ft apartments each on the 19th and 20th floors for ₹121 crore each. Neha Bagaria, the Bengaluru-based daughter of Anand Jain, chairman of Jai Corp Ltd, also purchased a 9,546-sq-ft apartment on the 22nd floor of Lodha Malabar for a sum of ₹121 crore.

While these properties fetched a rate ranging from ₹1.16 lakh per sq foot to ₹1.26 lakh per sq foot, the Raheja group’s newest offering in the Vivarea series, Modern Vivarea at Mahalaxmi, generated estimated revenues of ₹530 crore in the first quarter, according to data collated by IndexTap data. The Raheja Group claimed the project touched ₹1,100 crore in the first quarter, fetching a rate of ₹90,000 per sq foot.

The fourth project, which generated more than ₹400 crore in revenues, was another Oberoi Realty project, Oberoi SkyCity on Datta Pada Road in Borivali East. The project with seven towers of 64 storeys clocked ₹462 crore from the sale of 132 units in the first quarter as per IndexTap data.