28 September 2012

Despite talks about global recession, IndiaÂ’s realty rates are continuously trying to reach the sky, especially in high end areas. Of course the financial capital will take the cake when it comes to pricing real estate in India. According to a TNN survey report dated June 8, 2012 “It was only four months ago that a flat in Cuffe Parade's Jolly Maker 1, India's richest housing society and a four-decade-old symbol of Mumbai's affluence, was sold at Rs 1.11 lakh per sq ft. It was hailed as a record then. The 21st floor flat with a carpet area of 2,590 sq ft fetched Rs 29 crore on January 27. It was sold by the Jagwani family, which runs a jewellery business, to Ashok Patni, one of the three brothers who own Patni Computers. Prior to that, the highest rate was Rs 37.25 crore for a 3,600 sq ft flat in Worli's Samudra Mahal in 2010” 

India's most expensive properties


Maybe it was influenced by Antilia –the first ever residence built for Mukesh Ambani, covering 400,000sq feet of living space at a world record price of US$ 2 billion, and setting a trend for others to follow. Or maybe, globalization combined with the banking sector which makes it easy to get home loans is responsible for pushing prices up as seven figure salaries are no longer a dream for the upwardly mobile youth for buying properties in India.     

Yet a conflicting theory arises, BNP Paribas Real Estate states that “Rental values of office space in Mumbai, the country's commercial capital, have witnessed a sequential decline in the range of 3 per cent to 11 per cent during the quarter ended June 30”, this year. In the end, it will always be market forces that determine the price of property in India.  My Money Mantra brings you some fantastic trivia related to the most expensive homes owned by Indian CEOs. Read on and enjoy or simply look at the infographic.

Back in Mumbai, Rattan TataÂ’s House in Colaba, Mumbai, is an immense three storied house measuring 13,350 square feet, separated at seven levels with the Infinity Pool on the top floor being the main USP.

Down south in Bangalore, Vijay MallyaÂ’s White House, the pent house in the sky, spread across one acre of land, has distinctive features like a Wine Cellar, an indoor heated swimming pool, a Gym, an Infinity Pool, a Spa and a Helipad. All this is located on Kingfisher Towers at UB city.

Lakhsmi MittalÂ’s house, located at 18-19 Kensington Palace Garden, London, purchased at whopping US$ 128 million was considered the most expensive deal at that time as it encompassed 12 Bedrooms, an indoor pool and parking space for 28 cars.

Once again in London the Hinduja BrothersÂ’ Home called Carlton Terrace, spread over 70,000 square feet, has 6 floors and 50 rooms. The approximate cost of this property was 100 million pounds.

We hope you enjoyed the above, My Money Mantra will Endeavour to bring you more such trivia from time to time.

In the meantime if you have been inspired by the above and want to build your own dream home why don't you look at a Home Loan for yourself. We offer home loans from various banks, and we make it easy for you to compare the best home loan option that suits your needs.

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