The properties are located in Mulund West, known for its connectivity to central and western Mumbai. The apartments are part of Oberoi Realty’s residential project, Eternia, which offers 3 BHK and 4 BHK units.

The total carpet area of the purchased apartments is 10,216 sq. ft., consisting of eight units at 1,049 sq. ft. each and two at 912 sq. ft. each. Each purchase included two car parking spaces, with a total stamp duty of ₹1.50 crore. Abhishek Bachchan acquired six apartments for ₹14.77 crore, while Amitabh Bachchan bought four.

This acquisition is part of a broader pattern of property investments by the Bachchan family. Since 2020, they have accounted for a significant portion of celebrity real estate transactions in the Mumbai Metropolitan Region (MMR), totaling approximately 0.19 million sq. ft. and an investment of ₹219 crore. In 2024 alone, they have invested over ₹100 crore in real estate, primarily in Oshiwara and Magathane (Borivali East), including residential and commercial properties.

Also Read: Amitabh Bachchan buys 2 flats next to son Abhishek’s Borivali Homes

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The application process for the lottery closed on September 19, with MHADA receiving a total of 134,000 applications. Out of these, 113,577 applicants successfully made their payments, leading to significant revenue generation for the authority.

MHADA charged an application fee of ₹590 for each submission, which includes ₹90 as Goods and Services Tax (GST). This means that the total collected from the applicants who completed their payments amounts to ₹5,68,88,500, as the ₹500 application fee is non-refundable.

The lottery aims to provide affordable housing options for Mumbai residents, who are often challenged by high real estate prices in the city. The forthcoming draw is expected to attract considerable interest, as potential homeowners eagerly await the results.

As MHADA prepares for the lottery, the authority continues to emphasize its commitment to addressing the housing needs of Mumbai’s population. With the draw set for October 8, applicants are hopeful for a chance to secure a new home in one of the country’s most densely populated urban areas.

Also Read: MHADA Lottery: Over 1.34 Lakh Applications Received

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Mumbai’s real estate sector saw an 8% increase in property registrations in August 2024, reaching 11,735 compared to 10,902 in August 2023. According to the latest data from the Inspector General of Registration and Controller of Stamps, Maharashtra, this rise comes despite a seasonal dip caused by the monsoon, which led to a 5% decrease from July 2024’s total of 12,373 registrations.

Surge in Stamp Duty Collections

Stamp duty collections also experienced a significant increase, rising by over 32% to ₹1,072 crore in August 2024, up from ₹810 crore in the same month last year. This represents a slight increase from July 2024’s collections of ₹1,064 crore. Residential properties made up approximately 80% of the total registrations, as reported by Knight Frank India.

Industry Insights

Prashant Sharma, President of NAREDCO Maharashtra, noted that the growth in property registrations and stamp duty collections indicates a resilient real estate market, driven by buyer confidence and effective policy measures. Sharma emphasized the importance of maintaining a supportive environment for sustained growth in the sector.

Pritam Chivukula, Co-Founder and Director at Tridhaatu Realty and Vice President of CREDAI-MCHI, highlighted the strong market demand and consumer confidence reflected in the surge of property registrations. Chivukula pointed out that larger residential properties are increasingly favored by buyers, and the steady demand in central suburbs reinforces the market’s resilience.

Also Read: Mumbai’s 12 Major Rail Projects

Vedanshu Kedia, Director of Prescon Group, attributed the increase in home sales to robust economic growth, infrastructure improvements, and a preference for luxury living. The demand for larger homes with upscale amenities has notably contributed to the momentum in the housing market.

Rajeev Ranjan, Co-Founder and CEO of The Mentors Real Estate Advisory Pvt Ltd, remarked on the steady rise in property registrations and stamp duty collections. Ranjan observed that the slight dip in registrations from July is attributed to seasonal factors but noted robust overall demand, particularly in mid-sized apartments. He also highlighted a growing interest in emerging areas beyond traditional western and central suburbs, indicating a dynamic and evolving real estate market in Mumbai.

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Unprecedented Sales Growth

The Delhi-NCR real estate market has witnessed record-breaking sales figures this year. According to recent reports, the residential sector in the region has achieved its highest-ever sales volume, surpassing previous records. This surge can be attributed to several factors, including a strong economic recovery, improved consumer confidence, and a resurgence in demand for residential properties post-pandemic. The total residential sales value in the region has significantly increased, reflecting the market’s robust performance.

New Project Launches

In addition to soaring sales, the Delhi-NCR region has seen a remarkable increase in new project launches. Developers have introduced a substantial number of new residential projects across various segments, including affordable housing, mid-range, and luxury segments. This influx of new projects is driven by the growing demand for housing and the favorable market conditions. The introduction of new projects is also a response to the increasing need for diversified housing options in the region.

Key Drivers of Growth

Several key factors have contributed to the Delhi-NCR real estate market’s remarkable performance in 2024:

1. Economic Recovery: The region’s economic rebound post-COVID-19 has fueled both consumer and investor confidence, leading to increased real estate activity.
2. Government Initiatives: Supportive government policies and incentives, including reduced interest rates and tax benefits, have further stimulated the market.
3. Infrastructure Development: Ongoing and planned infrastructure projects, such as new metro lines, road expansions, and connectivity improvements, have enhanced the region’s appeal and accessibility.
4. Increased Affordability: The introduction of affordable housing schemes and more accessible financing options has broadened the market’s reach, attracting a larger pool of buyers.
5. Urbanization Trends: The growing trend of urbanization and the migration of people to metropolitan areas for better opportunities have bolstered demand for residential properties in Delhi-NCR.

Market Outlook

The outlook for the Delhi-NCR real estate market remains positive, with expectations of continued growth in the coming months. The combination of strong sales performance, a robust pipeline of new projects, and favorable economic conditions positions the region as a key player in India’s real estate sector. Industry experts anticipate that the momentum observed in 2024 will sustain, driven by ongoing demand and infrastructural advancements.

Conclusion

The Delhi-NCR real estate market’s record-breaking performance in 2024 highlights its resilience and growth potential. As the region continues to expand and evolve, it remains a focal point for investors, developers, and homebuyers, shaping the future of India’s residential real estate landscape.

Also Read: Mumbai, Delhi NCR, and Bengaluru: Prime cities for Small and Medium (SM) REIT investment prospects

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The scheme includes 38 units designated for the economically weaker section and 175 units for the general category, located in the developed nodes of Kalamboli, Kharghar, and Ghansoli. Additionally, 689 units will be available from CIDCO’s ‘Swapnapurti’ and ‘Vastuvihar-Celebration’ projects at Kharghar.

CIDCO’s housing schemes aim to cater to various income groups, providing residents with the chance to own property in Navi Mumbai, known for its advanced infrastructure. The new complexes will benefit from connectivity via rail, road, and metro, and will be situated near key projects such as the Navi Mumbai International Airport. This scheme is expected to enhance the lifestyle options for residents in the region.

Also Read: CIDCO grants extension till Jan 6, for lottery

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