Angel One founder buys ₹711-crore Mumbai property:While affordable housing struggles, India’s ultra-rich are spending hundreds of crores

Dinesh Thakkar, Founder, Chairman, and Managing Director of stockbroking firm Angel One, recently signed an agreement to buy an entire residential tower in Mumbai’s Juhu for ₹711 crore. The deal is the largest known single residential property transaction recorded in India. India’s real estate industry undergoing concerning pattern On one hand, demand for luxury apartments soars, but on the other, sale of apartments worth less than Rs 1 crore is on the fall. There is a 10% drop in Tier-II sales volumes to 1.56 lakh units in 2025. While premium homes priced above ₹1 crore have grown by 9%. Tier-II Housing Demand Trend Middle-class home buyers in India are increasingly shifting toward Tier-II cities, driven by infrastructure development and demand for larger living spaces. Housing demand in Tier-II cities has grown consistently in recent years. Ratings agency CRISIL forecasts a 14% compound annual growth rate (CAGR) in residential demand across monitored Tier-II cities between FY2021 and FY2026. Data shows a clear trend of premiumisation in the market. In 2025, residential sales volume across 15 major Tier-II cities fell 10% to 1.56 lakh units. However, the total sales value remained steady at approximately ₹1.48 lakh crore. Sales of affordable and mid-segment homes priced below ₹1 crore recorded a 15% decline. In contrast, homes priced above ₹1 crore saw a 9% growth. According to Ankit Aggarwal, Director at Devika Group, buying a house is one of the most critical financial decisions for middle-income families. He notes that when buyers choose between established localities and upcoming corridors in Tier-II cities, their decision must go beyond the base price. Ashok Nehlia, Founder CEO of Nehlia Developers, states that the dream of homeownership is shifting toward Tier-II towns. Buyers can secure larger homes and community living at lower entry prices compared to major urban metros. He emphasizes that buyers should evaluate the economic strength of the city, industrial growth, job creation, and infrastructure projects before finalizing a property. City Apartment Price Benchmarks in Tier-II Towns Property prices in Tier-II cities vary depending on the location, apartment size, and available amenities. As per benchmarks shared by Ankit Aggarwal, Director at Devika Group, typical apartment prices in Tier-II towns range as follows: 1 BHK (450–650 sq. ft.): ₹25 lakh to ₹40 lakh 2 BHK (900–1,100 sq. ft.): ₹45 lakh to ₹70 lakh 3 BHK (1,150–1,500 sq. ft.): ₹60 lakh to ₹1 crore As per market estimates provided by Ashok Nehlia, Founder CEO of Nehlia Developers, apartment pricing across developing Tier-II locations reflects the following spectrum: 2 BHK (900–1,200 sq. ft.): ₹45 lakh to ₹75 lakh in strategically placed corridors 3 BHK (1,300–1,800 sq. ft.): ₹75 lakh to ₹1.25 crore for larger layouts Financial Planning and Total Cost of Ownership Financial viability is a key factor when purchasing a home. Ankit Aggarwal advises that a family’s monthly home loan EMI should ideally remain within 30% to 35% of their net monthly take-home income. Buyers must calculate the total cost of ownership rather than focusing solely on the base selling price. The final outlay includes several additional expenses: Ankit Aggarwal points out that selecting an apartment located far on the outskirts to save ₹5 lakh to ₹10 lakh can prove financially unviable over time. Higher daily commuting expenses, combined with elevated education and healthcare access costs, can offset initial savings. Documents to Check Before Booking an Apartment Before paying a booking amount, buyers must verify all essential legal and regulatory documents: RERA Registration Certificate: Confirms the project is registered with the state Real Estate Regulatory Authority. Title Deed: Proves the developer holds clear ownership of the land without legal disputes. Approved Building Plan: Issued by the local municipal body or urban development authority. Commencement Certificate: Authorizes the developer to begin construction work. NOCs from Authorities: Clearances from environmental, fire, water, and electricity departments. Encumbrance Certificate: Verifies the land is free from active mortgages or legal liabilities. How to Verify RERA Compliance and Construction Quality Checking RERA compliance and building standards helps mitigate project delays and structural risks. Evaluating Construction Quality: Key Factors for Long-Term Value Experts highlight that middle-class buyers should look for long-term utility rather than just immediate size. Ashok Nehlia emphasizes that a property must remain well-connected, affordable to maintain, and future-ready over a 10-year period. Access to commercial centers, schools, hospitals, highways, and public transit links determines both livability and future resale value. An ideal home achieves a balance between carpet area, location quality, developer track record, future market appreciation, and financial capacity.