In another property deal registered at Oberoi 360 West in Worli, the family of Rajesh Shreegopal Kabra, which owns RR Kabel, one of the country’s largest conglomerates in the electrical sector, has purchased two apartments on the 62^nd floor of the high rise for Rs 198 crore. According to the registration documents accessed by IndexTap.com, the deal was registered on October 30, 2024 for both the apartments.

While one apartment registered in the name of Rajesh Shreegopal Kabra and Monal Rajesh Kabra measures 7,167 sq ft and has an agreement value of Rs 102.76 crore. The other apartment registered in the name of Kirtidevi Shreegopal Kabra and Shreegopal Rameshvar Kabra is having an area of 6,642 sq ft and has agreement value of Rs 95.40 crore.

The family paid stamp duty of Rs 3.76 crore and Rs 3.53 crore respectively towards the deal. Both the apartments come with five car parkings each, the documents revealed.

Mumbai's Property Market Records 22% YoY Increase In Registrations

Mumbai's property market recorded a remarkable 22% year-on-year increase in registrations for October 2024, with 12,960 units registered, as reported by Knight Frank India. This surge, up from 10,607 units in October 2023, is attributed to heightened demand during the festive season, particularly during Dussehra and Diwali.

Experts in the real estate sector highlight that residential properties led this growth, comprising 80% of the total registrations. This underscores strong and consistent demand for housing in the city. Notably, high-value properties saw a significant uptick, with transactions for properties priced above Rs 2 crore reaching 2,876 units. This accounts for 22% of total registrations, up from 18% in October 2023. Industry analysts note this trend as a growing consumer preference for premium properties, showcasing Mumbai's resilient real estate market.

Real estate specialists also observed a contrasting trend in the lower end of the market. Registrations for properties priced below Rs 50 lakh fell from 27% in October 2023 to 20% in October 2024. This shift indicates a move towards mid-to-high-end property investments, reflecting evolving market dynamics and a clear inclination towards higher-value investments.