Monthly Archives: November 2022

India’s 5 most expensive houses

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India’s wealthiest truly have luxurious tastes and live in prestigious residences with unique names, unexpected architecture, elegant interiors, and first-class services. Here, we’re showing billionaire homes. So, if you are eager to know which of these billionaires of India live in the most expensive houses then you are on the right way. Read on propertywala as we take you through the list of India’s 5 most expensive houses.

1. MUKESH AMBANI’S ANTILIA:

Reliance Industries Limited chairman, a business tycoon, Mukesh Ambani is one of the wealthiest men in India. His luxury house comes on the top list of India’s 5 most expensive houses. Therefore, a man who currently holds the title of 11th richest person in the world lives in Antilia, the most expensive private residence in India.

5 facts about Antilia, Mukesh Ambani's $2 billion Mumbai mansion | Architectural Digest India

Let’s know about Antilia’s house:

  1. It is located at Altamount Road, Mumbai, Maharashtra
  2. The area of Antilia (in sq. ft.) is 4 lakh sq. ft.
  3. Total no. of floors 27.
  4. Mukesh Ambani’s house has approx. 600 staff.
  5. Other vital features: 9 high-speed elevators, a Private movie theater, 3 helipads, a hanging garden, an ice-cream parlor, a salon, and a gym. Apart from this, there is a parking space for 168 cars with 6 floors of car parking.
  6. The price of the house is approximately 15,000 crores.

2. GAUTAM VIJYAPAT SINGHANIA‘S JK HOUSE:

The chairman and Managing Director of the Raymond Group, the world’s largest producer of suiting fabric. He has a mansion that is called JK House, which will be a combination of a private residence and a textile showroom.

Most Luxurious House In India - Check Out The Most Expensive Homes
  1. The location of the house is Altamount Road, Mumbai, Maharashtra, located next to Antilia.
  2. The area of the house ( in sq. ft.) is 16,000 square feet.
  3. The total no. of floors is 30.
  4. There are 6 Parking floors.
  5. Some other features: 2 swimming pools, a spa, a gym, and 1 helipad.
  6. The price of the house is 6000 crores.

3. MR. ANIL DHIRUBHAI AMBANI’S LUXURY HOUSE ‘ABODE’:

A top businessman in India and the Chairman of Reliance ADA Group Mr. Anil Dhirubhai Ambani’s property offers luxurious and 7- star hotel amenities. This luxury villa is known as Abode.

Inside Jai Anshul and Jai Anmol Ambani's 14-storey Mumbai home – yes, they still live with parents Anil and Tina, but it's no Antilia ... | South China Morning Post

Let’s have a closer look at this magnificent property:

  1. It is located at Pali Hill, Mumbai
  2. The area of the house ( in sq. ft.) is 16,000 sq. ft.
  3. The total no. of floors is 17.
  4. Other vital features are: a swimming pool, a gym, 1 helipad, parking space, and a lounge area displaying Ambani’s car collections.
  5. The price of the house is 5,000 Crores.

4. MR. KUMAR MANGALAM BIRLA JATIA HOUSE:

Jatia House is also one of the most expensive houses. It is owned by the chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla, a Chartered Accountant.

news mumbai kumar mangalam birla to pay rs crore for bungalow -m.khaskhabar.com
  1. Jatia House is located at Little Gibbs Rd, Malabar Hill, Mumbai.
  2. The area of the house (in sq. ft.) is 30,000 square feet.
  3. There is a total of 3 floors.
  4. Some other features of Jatia House are: a grand garden, a small pond, a central courtyard, and 20 bedrooms.
  5. The price of the house is 425 crores.

5. SHAHRUKH KHAN’S MANNAT:

The King Khan of Bollywood, Shahrukh Khan is one of the most loved stars in the Hindi film industry. His house, Mannat, is a famous landmark in Mumbai city. His house looks very glamorous and has become a tourist place for his fans.

MP man drunk calls Mumbai police, threatens to allegedly blow up Shah Rukh Khan's Mannat, gets arrested | People News | Zee News
  1. The address of the house is Mannat, Land’s End, Bandra (West), Mumbai.
  2. The area of Mannat (in sq. ft.) is 27,000+ square feet.
  3. There are 6 floors.
  4. Other vital features in Mannat are multiple bedrooms, living areas, a gym, pool, library, a private movie theater, Shahrukh’s office, an impressive terrace, and a bar. 
  5. The house price is estimated to be around Rs. 200 crores.

Watch the full video on YouTube by clicking on the link https://youtu.be/ZKCE7uUsSxU

THE FUTURE OF INDIAN REAL ESTATE BY 2040

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Why Real Estate Investment in India is the Most Profitable Option?

A short look at the Real Estate Industry:

The word “Real” is the Latin root rex, which means “royal”. Earlier, kings used to own all the land in their kingdoms. Therefore, the most globally acknowledged sector all over the world is the real sector. If we know real estate in terms of business, it means the game of producing, buying, and selling property. According to the economic sector, the construction of industry ranks third among the 14 major sectors. The future of Indian real estate by 2040, the market will grow to Rs. 65,000 crores (US$ 9.30 billion) from Rs. 12,000 crores (US$ 1.72 billion) in 2019.

After the agriculture sector, the real estate sector is the second-highest employment generator in India. Also, this sector will sustain non-resident Indian (NRI) investment for the short and the long term. Bengaluru is the top city and is the most recommended property investment destination for NRIs, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun. PropertyWala.com evaluates the future of Indian real estate by 2040.

The Market size of the future of the Indian Real Estate Industry by 2040:

This sector is about to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021 in India. It contributes 13% to the country’s GDP (Gross Domestic Product) by 2025. India’s growing infrastructure is much needed to grow as retail, hospitality, and commercial real estate are also growing significantly. Within a year, India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities. In the commercial real estate sector, foreign investment was at US$ 10.3 billion from 2017-21.

Indian firms are estimated to boost >Rs.3.5 trillion (US$ 48 billion), according to the report of ICRA (Investment Information and Credit Rating Agency of India Limited). It is through infrastructure and real estate investment trusts in 2022. The Savills India report said that the real estate demand for data centers is to increase by 15-18 MSF in the year 2025 whereas in 2021 around 40 MSF has been delivered in India. Now, it assumes that the country will have a 40% market share within 2-3 years whereas India is looking to deliver 46 MSF in 2022.

Conclusion:

In India, a total of 55,907 new housing units were sold in the 8 micro markets between July 2021-September 2021, which means there is 59% growth year over year, whereas, in the third quarter of July-September 2021, new housing supply stood at ~65,211 units, an increase by 228% YoY across the top 8 cities when its compared with ~19,865 units which launched in the third quarter of 2020. The commercial space is to record increasing investments in 2021-22 when it comes to commercial space in Gurugram.

 According to the Economic Times Housing Finance Summit report:

Almost, 3 houses are raised per 1,000 people per year as compared to the construction rate of 5 houses per 1,000 people. The current shortage of housing in urban areas is said to be ~10 million units. Hence, 25 million units of housing are vital by 2030. This is to meet the growth in the country’s urban population.

Pradhan Mantri Awas Yojana (PMAY)

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प्रधानमंत्री ग्रामीण आवास योजना 2022 ऑनलाइन आवेदन | PMAY-G Beneficiary लिस्ट | पात्रता | जरुरी दस्तावेज

What is PMAY?

PMAY is Pradhan Mantri Awas Yojana – Urban, which was proposed to serve housing for all in urban areas by the year 2022. This is a flagship Mission of the Government of India being applied by the Ministry of Housing and Urban Affairs (MoHUA). It was launched on 25th June 2015. This is also known as Housing for All. In this mission, the lack of houses in urban areas is among the Economically Weaker Section (EWS) or Low Income Group (LIG) and Middle Income Group (MIG) groups including the slum occupants by ensuring a pucca house to all urban households who are eligible for this scheme when the Nation completes 75 years of its Independence in 2022.

In the execution and success of PMAY(U), State Level Nodal Agencies (SLAs), Urban Local Bodies (ULBs)/ Implementing Agencies (IAs), Central Nodal Agencies (CNAs), and Primary Lending Institutions (PLIs) are the main contributors and plays an important role in it. According to the guidelines of PMAY(U), the size of a house for EWS could be up to 30 sq. meters carpet area, however, States/UTs have the flexibility to increase the size of houses in approval and consultation of the Ministry.

PMAY(U) EXTENDED TILL 31, DECEMBER, 2024:

According to the government statement, everyone knows that this scheme was launched in 2015 with the target of constructing over 1.12 crore homes in urban areas by August 15, 2022, but the Cabinet approved an extension till December 31, 2024. So, the houses already approved are completed. This is because while the initial order for houses was 1.12 crore, the Housing and Urban Affairs Ministry has so far approved 122.69 lakh houses, of which 102.59 lakh have been grounded and 61.77 lakh have been delivered as on August 1.

As per the statement of the Lok Sabha on July 21, Housing and Urban Affairs Minister of State Kaushal Kishore had said: “A proposal seeking extension of the mission up to March 2024, to complete all houses authorized under the scheme up to 31 March 2022 without changing the funding pattern and implementation methodology, is under consideration. Meanwhile, an interim extension of 6 months for all verticals except Credit Linked Subsidy Scheme has been granted.”

MISSIONS AND FACILITIES UNDER PRADHAN MANTRI AWAS YOJANA PMAY(U):

The Mission covers the whole urban area including Statutory Towns, Notified Planning Areas, Industrial Development Authorities, Development Authorities, Special Area Development Authorities, or any such authority under State legislation that is authorized by the functions of urban planning & regulations. Under PMAY(U), all houses have amenities like toilets, electricity, a water supply, and a kitchen.

ELIGIBILITY CRITERIA FOR PMAY(U)?

This mission provides the ownership of houses in the name of the female members or in a joint name to promote women’s empowerment. Although, preference is also given to differently-abled persons, senior citizens, STs, SCs, OBCs, minorities, transgender, single women, and other liable and weaker sections of the society. 

The eligibility criteria for the Pradhan Mantri Awas Yojana are as follows-

  1. The Applicant’s Family must not own a house in any part of the country.
  2. PMAY is accessible for an economically weaker section (EWS), LIG (Low Income Group), MIG-I (Middle Income Group I), and MIG-II (Middle Income Group-II) sections of the society.
  3. The family should not have a pucca house in their name or any family members.
  4. The subsidy is notifying both banks and housing finance organizations.

HOUSING FOR ALL (HFA):

The scheme with a vision of ‘Housing For All’ being executed through four verticals: Beneficiary Led Construction/Enhancement (BLC), In-situ Slum Redevelopment (ISSR), Affordable Housing in Partnership (AHP), and Credit Linked Subsidy Scheme (CLSS).

Hon’ble Prime Minister proposed Housing for All by 2022 when the Nation completes 75 years of its Independence. In order to fulfill this objective, Central Government has launched a comprehensive mission “Housing for All by 2022”.

ELIGIBILITY CRITERIA OF PMAY(U) FOR DIFFERENT INCOME GROUPS:

ECONOMIC SECTIONANNUAL FAMILY  INCOMEMAXIMUM CARPET AREAINTEREST SUBSIDY      (%)MAX. INTEREST SUBSIDY OF 
EWSUp to Rs. 3 lakh30 square meters6.50%2.67 lakh
LIGRs. 3 lakh to Rs. 6 lakh60 square meters6.50%2.67 lakh
MIG – 1Rs. 6 lakh to Rs. 12 lakh160 square meters4.00%2.35 lakh
MIG – 2Rs. 12 lakh to Rs. 18 lakh200 square meters3.00%2.30 lakh

WEBSITE FOR MORE DETAILS ON PMAY(U):

For further details on PMAY(U), like, who can claim this subsidy, amenities under Housing for All, and how to apply for Housing for All, you can visit the given websites and get the opportunity for this subsidy “Housing for All”.

  1. https://pmayuclap.gov.in/
  2. https://pmaymis.gov.in/