Delhi s big-ticket property transactions are affected as the Land and Development Office (L&DO) delays the conversion of leasehold properties into freehold. Around 100 such transactions are on hold, causing distress to industry stakeholders. Elderly, widows, and ailing senior citizens are suffering the most. The government is also facing revenue loss due to halted property transactions and loss of freehold conversion charges and stamp duty payments. The involvement of multiple authorities is affecting Delhi s high-value property market.
Amid rising real estate prices, concerns loom for home buyers fearing builder bankruptcy and legal woes, reminiscent of cases like Jaypee, Amrapali, and others. The insolvency of a single real estate group in Noida, Jaypee, has left nearly 20,000 home buyers awaiting the delivery of their homes. However, the Insolvency and Bankruptcy Board of India plans vital amendments to aid stuck home buyers and reassure new ones.
A luxury apartment in Mumbai has been sold for Rs 130.24 crore, reflecting the recent surge in the city s high-end residential market. The buyer, Asha Mukul Agarwal, also purchased two apartments for over Rs 132.75 crore. Mumbai has been witnessing record-setting transactions in its real estate market, with celebrities and high-net-worth individuals making significant purchases. Sales of luxury homes in Mumbai costing Rs 10 crore and above rose nearly 50% in the first half of 2023. The market is expected to continue to thrive due to the growing wealth in India and the city s rising number of millionaires.