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Role of Data Analytics in Real Estate India

Real Estate Data Analytics

Data analysis is the process of cleaning, transforming, and evaluating raw data to produce practical, relevant data that helps businesses make informed decisions. The procedure reduces decision-making risks by providing insightful findings and statistics, which are frequently presented in visuals, diagrams, tables, and infographics.

Data Analysis Techniques

To understand raw data, it must be analyzed. We must employ various strategies depending on the type of data obtained, so it is critical to specify the approach before implementing it.

Qualitative data:

Researchers collect qualitative data by observing underlying sentiments, gestures, and expressions. It is based on understanding the information contained in spoken responses. The most common methods of gathering such information are open-ended interviews, focus groups, and observation groups, where analysts frequently assess trends in sightings during the data-gathering phase. It can be used to gain comprehensive insights into a subject or to generate new ideas for exploration. Qualitative research is widely used in the humanities and social sciences, including anthropology, sociology, education, health sciences, and history.

Quantitative data:

Quantitative data analysis is a technique for analyzing numerical data or data that can be easily converted into statistics. It focuses on statistically and numerically characterizing and evaluating objects in order to assess data gathered using numerical factors and statistics. Quantitative data analysis strategies frequently use algorithms, quantitative analytical tools, and technology to extract insights from data, addressing questions like quantity and frequency. Data for quantitative data research is typically gathered through channels such as surveys, questionnaires, votes, etc. Data sources include sales figures, email click-through rates, the number of website visitors, and percentage revenue increase. 

Data Analytics in real estate

Real estate data analytics enables real estate professionals to make statistically sound decisions about the sale, purchase, leasing, or management of tangible property. The process entails gathering and analyzing all relevant information from various sources in order to provide actionable insights. Brokers, financiers, builders, stakeholders, and other real estate experts use real estate data analysis to predict the financial viability of an investment, determine the best time to buy or sell, identify suitable renters, successfully negotiate, and optimize promotional efforts. Real estate professionals can be held accountable for a growing number of factors, including the number of people who visit an estate on a daily basis and the stores they frequent. The following are some of the ways that data analytics can be proven useful to real estate

Prediction of property prices:

Pricing remains the most important factor in the real estate sector. It is possible to predict whether a property will be a good investment based on its current or projected future price. With the implementation of data analytics, designs can be built using machine learning (ML) algorithms to assess the value of an asset based on past relevant data such as the asset’s age, accessibility, and condition, and may deliver an appraisal in a matter of moments for holistic evaluation.

Improving the consumer decision-making process:

Aside from determining the value of a property, analytics and artificial intelligence can help identify suitable buyers who are likely to be interested in it based on their needs, financial situation, geography, and so on. Buyers’ information can be used to recommend properties that best meet their criteria, and real estate companies can use it to gather information about the customers who best match their services, allowing them to devote adequate time and resources to those who are most likely to buy.

In examining and closely monitoring market trends:

To run a real estate business, you must be well-versed in all of the factors that influence the value of a property. Given the expanding elements, it is critical to track trends and understand what other businesses are doing. A variety of new data factors, such as accessibility to public transportation, population trends, connectivity to shopping centers, and so on, are also having an impact on real estate prices. Data analytics is critical for analyzing and tracking market trends, as well as interpreting the effects of various factors on real estate costs.

Increase profitability and reduce development costs:

Real estate businesses use their funds for two main purposes: land acquisition and development. Data analytics provides knowledge of the property’s value, ensuring that consumers buy it at the best price. Development expenditures can also be controlled by analyzing past statistics to determine the number of unprocessed materials required to build any structure in order to reduce waste and achieve the lowest possible development cost. Furthermore, using data analysis, real estate firms can estimate the asset’s price and sell below that prediction, ensuring increased earnings on each transaction.

The potential for the real estate industry to become completely data-driven is enormous. Data-driven real estate techniques improve day-to-day operations for any mid- to large-scale real estate firm by providing information on property valuation, stock, consumer behavior, growth trends, and expenses, as well as identifying potential clients. The data-driven real estate strategy, which aims to maximize customer satisfaction, provides two benefits: improved business capabilities and transparency into what buyers want.

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Adani’s Terravista Developers Acquires Leasehold Rights of 25 Acres From Finolex for Rs 470 Crore

Adani aquire lease hold rights in pune

Adani Group company, Terravista Developers Pvt Ltd, has recently concluded a significant real estate transaction with Finolex Industries. According to documents obtained by CRE Matrix, Terravista Developers has acquired leasehold rights of 25 acres of land near Pune for a substantial sum of Rs 470 crore. 

The land was originally leased to Finolex Industries by the Maharashtra Industrial Development Corporation (MIDC) in the Haveli locality in Pimpri Industrial Area. The lease transfer was officially registered on April 3, 2024, with a significant stamp duty of Rs 23.52 crore paid for the transaction.

Terravista Deve­lopers has ambitious designs for the­ land plot. They plan to build a cutting-edge data ce­nter there – a proje­ct approved by MIDC. This highlights the increasing need for data infrastructure in the area, matching the wider trends of digital growth and technological progress.

An interesting facet of this deal is its le­ngthy lease term. Finole­x Industries held the 95-ye­ar lease and now Te­rravista Developers acquire­ those leaseholde­r rights. They can rene­w the rights for another 95 years, affording immense­ operational flexibility.

This development marks a significant milestone in real estate transactions and reflects the evolving landscape of real estate and industrial development in the Pune region. The establishment of a modern data center by Terravista Developers is poised to contribute to the region’s economic growth and technological advancement, further solidifying Pune’s position as a key hub for innovation and investment in the digital age.

Recent Transactions

In a recent transaction, Titania Industrial Development in Pune purchased a 13.26-acre plot of land and a 1,00,000 square feet structure from Tata Autocomp Systems for Rs 134 crore.


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Bank of America Leases Two Commercial Units in Malad at a Monthly Rent of ₹91.5 Lakh

Bank-of-America

In a significant move, Bank of America through its non-banking subsidiary has secured a lease for two commercial units in the bustling area of Malad. The lease spans a substantial duration of 10 years, with a monthly rental of ₹91.5 lakh according to documents accessed by FloorTap.com. This strategic decision is poised to be pivotal in Bank of America’s operations and presence within the region. 

The two offices are located in Prism Tower, Malad. Both these offices, located on the 11th floor have been leased by BA Continuum India Pvt Ltd, a subsidiary of Bank of America. These spaces are acquired from Hamlet Constructions (India) Pvt Ltd for a monthly rent of ₹112 per square foot. 

The first office space occupies an astounding 53,318 square feet for an initial monthly rent of ₹59.87 lakh. The agreement also includes the provision of an impressive 53 car parking spaces for employees and visitors. A substantial security deposit of ₹3.59 crore has been paid to secure this transaction. The second office space spans 28,154 square feet and the initial monthly rent for this space amounts to ₹31.61 lakh. A security deposit of ₹1.89 crore has been provided to secure this deal. Additionally, the leased space includes 28 designated parking spots as per the documents accessed. The agreement was officially registered on March 19, 2024.

The lease for both office units commenced on February 1, 2024, and the rent is payable from August 1, 2024. A rent-free period of six months has been granted, allowing BA Continuum India Pvt Ltd to set up and establish operations without immediate rental obligations. Additionally, a four-year lock-in period is set to make sure that the occupancy remains stable for that time. Common Area Maintenance (CAM) charges are set at ₹11 per month per square foot of the chargeable area, covering the upkeep and maintenance of shared spaces within the premises. Furthermore, in alignment with market trends, the lease agreement includes an escalation clause, whereby the rent will increase by 15% every three years.

Recent Transactions

Bandhan Bank Ltd purchased 12 commercial flats in INS Tower, Bandra Kurla Complex, Mumbai for ₹135.64 crore. Each unit was registered on January 31, 2024.

Axis Bank Ltd leased 81,000 sq ft of commercial space in Parle Product Factory Compound, Vile Parle, Mumbai for five years at a beginning monthly fee of ₹85.37 lakh. Axis Bank paid a security deposit of 5.12 crore for the January 31, 2024 deal, according to the leave and licence agreement.

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Virat Kohli leases out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore

Virat_Kohli

Kohli leased 12 office spaces totaling 18,430 square feet at the Reach Comercia corporate tower in Gurugram’s sector 68. The rental was set at around Rs 8.85 lakh per month.

Cricketer Virat Kohli has leased 18,430 square feet of office space in Gurugram to business firm Mynd Integrated Solutions for a yearly rental of Rs 1.27 crore, according to documents accessed by CRE Matrix.

According to the documents, Kohli leased up to 12 office spaces totaling 18,430 square feet in the Reach Comercia business skyscraper in Gurugram’s Sector 68 and the sale was locked in at a monthly rate of around Rs 8.85 lakh.

The stamp duty paid in the transaction was Rs 3.83 lakh, with registration costs of Rs 50,010. Mynd Integrated Solutions Pvt Ltd., situated in Delhi, is the deal’s lessee. The purchase was carried out through RCB star player Virat Kohli’s registered General Power of Attorney (GPA) holder, Vikas Kohli, who is also Virat’s brother.

Although the transaction’s stamp-duty registration was completed on June 22, 2023, the deal’s documentation was made public in March 2024. 

The security deposit for the deal was Rs 57.19 lakh, and the starting monthly rent per square foot is Rs 48. 37 parking spaces are included with this workplace space.

There is a nine-year lease and the lease began on March 28, 2023, and the agreement’s rent began on July 1, 2023.

Documents revealed that the agreement called for a five percent annual rent increase and monthly common area maintenance fees of Rs 14 per square foot.

Former Team India captain Virat Kohli and his spouse, actress-producer Anushka Sharma, rented a residence in Mumbai’s Juhu neighbourhood for Rs 2.76 lakh a month in October 2022. Situated close to the Juhu beach region, the apartment boasts a sea view and is housed in the High Tide building.

According to real estate specialists, the high annual rental return that commercial real estate offers in contrast to residential real estate is the main driver of this trend. The amount a property owner makes each year from renting out a property is known as the rental yield.

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7 Ways Data Analytics Powers Real Estate

Real_Estate_Data_Analytics

Data analytics enables real estate companies to identify trends and make more informed decisions. Here are seven ways data can benefit agents, developers, and buyers.

Data collection and analysis affect almost every aspect of the real estate industry. Traditional business models are evolving as more companies use predictive analytics and algorithms to identify trends and make more informed decisions.  

Let’s take a closer look at how data can help real estate companies analyze and understand the industry. 

1: Geographic Information Systems

Real estate managers can collect, store, and visually display location intelligence, making property hunting easier for buyers and investors. They can quickly assess a location’s profitability using data analytics and machine learning algorithms, taking into account ratings, traffic, occupancy, rental income, and ROI. 

2: Competitor Analysis

In any industry, you should be aware of what your competitors are doing. Real estate investors can use data analytics to research their major competitors and identify the factors that contribute to their success. Big data analysis can provide insight into competitors’ products, services, sales, and marketing tactics, allowing them to identify a unique value proposition and differentiate their products. 

3: Predicting Property Potential

When making a real estate investment, it is critical to have reliable information. Real-time analysis of financial and market data, combined with local building regulations, can provide developers with a more complete picture of the land they wish to purchase. Automating preliminary property analysis with AI can assist developers in determining the potential ROI of a plot of land.

Data can also reveal trends that indicate a higher return on investment and areas that have appreciated significantly in value.

4: Building Management

The Internet of Things (IoT) can be a valuable tool in real estate management. Data from sensors in home appliances and heating and cooling systems can be used for preventative maintenance, alerting property managers to failures and scheduled maintenance requirements before they become an issue. This type of prescriptive analytics improves tenant experience while lowering costs. 

5: Advanced Search

Customers must have specific and accurate information when purchasing real estate. When purchasing a property, data analytics enables realtors and customers to conduct advanced searches using criteria such as location, neighborhood, and crime rate. Before making an offer, users can obtain detailed information on nearby grocery stores, shopping malls, restaurants, and schools, as well as the general safety of the area.

6: Predicting Consumer Behavior

Data analytics can also predict customer behavior. Agents can predict when someone is ready to sell by analyzing data such as mortgage payments, home equity, property age, and length of ownership. Such predictive analytics can provide actionable insights into trends indicating property potential and higher-quality leads. 

7: Modeling Building Performance

To make sound purchasing decisions, investors require detailed information on rental rates, vacancy rates, energy consumption, and maintenance costs. They also need trend data on employment rates and consumer behavior to make commercial investment decisions. Using this information, developers and investors can create 3D models that help them maximize and use space more efficiently.

Powerful Unstructured real estate data analytics

Investing in the right storage solutions is critical for real estate, a dynamic industry that relies on quick analysis of unstructured data like images, videos, and social media content. Traditional storage solutions cannot efficiently categorize and manage this type of data in real estate data analytics Systems must be more powerful to leverage complex housing market data, particularly on a national scale and at the speeds that consumers expect.

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Zomato CEO Deepinder Goyal Purchases 2 Land Parcels in Delhi

Deepinder_Goyal

Zomato CEO Deepinder Goyal has made headlines with his recent purchase of two land parcels totaling around 5 acres in Mehrauli Tehsil, New Delhi, for a sum of Rs 79 crore. The transactions took place in two separate deals, each involving the acquisition of land from different owners and subsequent stamp duty payments.

Details of the Transactions

  • First Transaction (March 28, 2023):
    • Goyal acquired 2.5 acres of land from Luxalon Building Pvt Ltd for Rs 29 crore and paid a stamp duty of Rs 1.74 crore.
  • Second Transaction (September 01, 2023):
    • Goyal purchased 2.53 acres of land from Ravi Kapur for Rs 50 crore, paying a stamp duty of Rs 3.50 crore.

Location and Registration

  • The two plots are situated in the village Dera Mandi of Chhatarpur area, with both transactions being registered at Hauz Khas.

Other Notable Real Estate Deals in Delhi-NCR

  • MakeMyTrip Group CEO, Rajesh Magow, recently acquired a 6,428 square feet apartment in DLF Magnolias, Gurugram, for Rs 33 crore.
  • Genpact CHRO (Chief Human Resources Officer), Piyush Mehta, also made a separate deal for a 6,462 sq ft flat in the same property for Rs 32.60 crore.
  • Additionally, Countrywide Promoters, a subsidiary of developer BPTP Group, bought a 5.24-acre plot near the Dwarka Expressway in Gurugram for Rs 87.27 crore, paying a stamp duty of Rs 6.11 crore for the transaction.

With high-profile individuals and companies making significant real estate investments in the Delhi-NCR region, the market continues to attract attention for noteworthy transactions.

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Green Office Leasing Trends in India

Green Leasing

The green office leasing sector in India has witnessed significant growth and adoption in recent years, with a notable increase in the share of green office leases and the emergence of key market leaders in sustainable practices.

Increase in Green Office Leasing

  • Share of Green Office Leasing: The share of green office leasing in India has surged to 16% in the 2022-2023 period, marking a significant increase from the pre-COVID years.
  • Growth Predictions: The JLL – CRE Matrix report anticipates that the share of green office leasing is expected to reach 20% within the next year, highlighting the growing momentum towards sustainable leasing practices.

Market Leaders and Location Trends

  • Global Capability Centers (GCC): Global Capability Centers and institutional landlords have been at the forefront of driving sustainable practices, accounting for 76% of overall leases.
  • Leading Markets: Hyderabad and Bengaluru have emerged as the leading markets for green office leasing, constituting 64% of the total green lease market in India.

Analysis of Leases

  • The data revealed a substantial increase in leased area, with a 132% rise from 3.7 million square feet to 8.6 million square feet during the 2022-2023 period compared to the pre-COVID years.

Driving Factors and Challenges

  • Sustainable Practices: The joint efforts of asset owners and occupiers have been instrumental in promoting responsible leasing practices in the industry.
  • Challenges: The lack of industry-wide guidance, transparency, legal complexities, and split incentives have been identified as barriers to the widespread adoption of green leasing practices.

Key Aspects of Green Leasing

  • Focus Areas: Green leasing clauses primarily focus on waste management, energy efficiency, and data sharing, with a strong emphasis on reducing carbon footprint and promoting sustainable practices.
  • Energy Efficiency: Multiple clauses are centered around energy efficiency as an important instrument for reducing a building’s carbon footprint.

Expert Insights

  • Samantak Das: Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, highlighted the incorporation of sustainability into the boardroom agenda and the significant progress towards sustainability in the Indian market.
  • Abhishek Kiran Gupta: Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix, emphasized the potential for green leasing to reach around 20% penetration within the next 1-2 years, with anticipated benefits for both landlords and occupiers.

Future Outlook and Mission

  • Environmental Sustainability: The realty sector is expected to play a key role in achieving environmental sustainability goals, with a shift towards green leasing being a crucial focus for the next two decades.
  • Emission Reduction Targets: India aims to reduce GDP emissions by 45% by 2030 and achieve net zero emissions by 2070, with the realty sector expected to contribute significantly to this mission.

The surge in green office leasing in India reflects a growing commitment to sustainable practices within the real estate sector. While challenges exist, the collaborative efforts of stakeholders and the potential for significant rental arbitrage demonstrate the promising trajectory of green leasing in the country.

As the industry continues to evolve, the adoption of green leasing practices is expected to play a pivotal role in driving environmental sustainability and operational efficiency within the commercial real estate market.

Download the full Report – Green Leasing Office Report

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Commercial Real Estate Predictions for 2024

Future of commercial real estate

Explore the future of commercial real estate in India through our blog, where we delve into the surge of green leasing, the dynamic world of flex spaces, and key market insights for 2024.

The Rise of Green Leasing

What is Green Leasing: Green leasing involves renting or leasing commercial spaces in buildings that adhere to environmentally friendly and sustainable practices. These buildings are designed to minimize their impact on the environment through energy efficiency, waste reduction, and the use of eco-friendly materials.

In 2024, we foresee a remarkable surge in green leasing, a well-established preference among market clients. Historically, green leases accounted for approximately 15% of total leasing, but this figure is set to soar beyond 25%.

The allure of green buildings is undeniable, prompting landlords to position them as a key differentiator.

Premium Rentals: Green buildings will command a premium rental, with the gap between green and non-green leases widening to 15% in 2024. This underlines the growing emphasis on sustainable practices in the commercial real estate sector.

Flex Leasing

What is Flex Leasing: Flex leasing is a dynamic approach to office spaces that allows businesses to rent flexible and customizable workspaces. These spaces are designed to provide a versatile and adaptive environment, allowing companies to scale their office space based on their needs.

The contribution of flex leasing to total leasing in India is poised to rise from 11% in 2023 to an impressive 15% in 2024.

Major occupiers are expected to explore flex spaces, driven by the need for enhanced flexibility, a better work experience for employees, and increased convenience.

Supply and Demand Insights

Looking at the supply and demand game, Pune and Hyderabad are set to supply 60% of new offices in the next three years.

Why Does This Matter?: It opens the door for cities like Pune, Noida, and Navi Mumbai to offer more affordable options for businesses who aren’t fixed on being in the South.

Hotspots: The Macro Markets of 2024

The pulse of office leasing in India will resonate in five macro markets:

  1. Gachibowli & High-tech City (Hyderabad)
  2. Noida (NCR)
  3. Navi Mumbai (Mumbai Region)
  4. Nagar Road Kharadi (Pune)
  5. Outer Ring Road (Bangalore)

These markets are destined to play a pivotal role in defining the trajectory of office leasing in the country in 2024. Subscribe to CRE Matrix for more in-depth Real Estate Data Analytics.

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Chintels India gives rights to Sobha Group for two land parcels for Rs 121.82 crore near Dwarka Expressway

Chintels buy land parcel

The transaction is the most recent in a series of important land deals in the NCR. The sale transaction was executed on December 22, 2023, and the company paid stamp duty of Rs 6.07 crore for the 5.78-acre plot and Rs 2.45 crore for the 2.06-acre property piece, according to documents.

Chintels India, a Gurugram-based real estate developer, has transferred ownership of two land parcels valued at Rs 121.82 crore and covering a total area of 7.85 acres to listed real estate developer Sobha Ltd in Gurugram, according to documents accessed by CRE Matrix.

Both developers stated that the land parcels were part of their joint venture project, ‘International City’.

According to the documents, one land piece, totaling 5.788 acres, is in sector 108, and the second plot, measuring 2.06 acres, is in sector 109. Both properties are in Babupur village, close the Dwarka Expressway, which is expected to be operational soon.

According to the records, the 5.7-acre land costs Rs 86.82 crore, while the 2.06-acre plot is worth Rs 35 crore. The total worth of both plots was Rs 121.82 crore.

The conveyance deed was executed on December 22, with Sobha Ltd paying a total stamp duty of Rs 8.53 crore for both plots, according to the documents. The company paid stamp duty of Rs 6.07 crore for the 5.78-acre property and Rs 2.45 crore for the 2.06-acre land parcel.

Chintels India was embroiled in controversy after six floors of Tower D in the Chintels Paradiso housing complex in Sector 109, Gurugram, collapsed in February 2022, killing two ladies. Following the incident, a structural safety audit of the housing complex determined that five of Chintels Paradiso society’s nine buildings were “unsafe to live” in.

According to a representative for Chintels India, the 5.7-acre site is the commercial portion of the leased land known as ‘International City’, and it is entirely allocated to Sobha under our existing JD Agreement. Ownership was transferred to Sobha in December 2023, and we received no consideration because it was always part of Sobha’s allocation. The 2.06 acres are the clubhouse of International City, which was originally assigned to Chintels but has since been transferred to Sobha.”

“These transactions are both old and part of our existing JDA for International City and the conveyance has taken place recently post fulfillment of mutual obligations,” stated a representative for the company.

Similarly, a spokeswoman for Sobha Ltd stated that the transaction is part of an old payment of a continuing partnership account, which culminated in the registration of specific land in ‘International City’.

According to experts, the anticipated opening of the 26.7 km Dwarka Expressway, which connects Dwarka in New Delhi to the Kherki Dhaula toll plaza on NH-48 in Gurugram, has made this area one of the most sought-after micro markets in the National Capital Region, with several new projects emerging in recent years.

The land transaction is the latest in a string of major deals in the NCR. Countrywide Promoters, a subsidiary of developer BPTP Group paid Rs 87.27 crore in November for a 5.24-acre land in Gurugram’s Sector 113, near the Dwarka Expressway.
Last September, Aamor Inox, a stainless steel bar maker, paid Rs 87.5 crore for 12 bighas of farmland and a farmhouse from Mastcraft Properties in Rangpuri, South Delhi.

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Bhuvan Bam bought a bungalow for Rs 11 crore

Bhuvan Bam

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction.

According to documents accessed by CRE Matrix, Bhuvan Bam, a YouTuber, comedian and actor purchased a property in South Delhi’s Greater Kailash Part 3 region for Rs 11 crore.

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction. The documents have only recently become available.

According to the documents, Bam purchased a Bungalow that measures 207.41 square meters (2,233 square feet). The home is situated on a 180 square meter plot in Greater Kailash 3, a premium suburb in South Delhi.

According to the records, the property is worth around Rs 4.78 crore based on the circle rate.

Big-ticket deals.

This is the most recent in a series of high-value real estate deals in the Delhi-NCR region. In October 2023, an 11,000 sq ft flat at The Camellias by DLF on Gurgaon’s Golf Course Road was resold for more than Rs 100 crore.

In the same month, MakeMyTrip group CEO Rajesh Magow paid Rs 33 crore for a 6,428 sq ft apartment at DLF Magnolias in Gurugram, while Genpact chief human resources officer Piyush Mehta paid Rs 32.60 crore for a 6,462 sq ft unit in the same complex.

Similarly, Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi, paid Rs 160 crore in February 2023 for a 2,100 square yard (18,900 square foot) villa in Delhi’s posh Golf Links.

Peyush Bansal, the co-founder of Lenskart, paid Rs 18 crore for a house in Neeti Bagh, an affluent neighbourhood in May 2023.

In February 2023, Bhanu Chopra, the creator of RateGain, paid Rs 127.5 crore for a bungalow in Golf Links.

If you are a developer or broker, you can empower your decision-making with data-driven insights through CRE Matrix. You can get details such as the entire tenure, tenant names, expiry dates, lock-in expiry dates, CAM charges, deposits, and more for any real estate asset in India. Book a demo at CRE Matrix to unlock the full potential of real estate data.