In Mumbai, Sea-Facing Ultra-Luxury Apartments Go For Rs. 151 Crore.

This year, Mumbai’s residential market has registered a record number of ultra-premium deals. Another transaction that made headlines was the Rs. 151 crore acquisitions of two opulent seafront apartments. The flats are situated in the mixed-use skyscraper development in Worli, Mumbai, which is almost finished. Continue reading to learn the shocking details of the transaction.


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IGE India Pvt Ltd, one of the investment entities owned by the Dabriwala family. Has purchased two flats in the opulent “Three Sixty West” development in Worli, South Mumbai. The 58th and 59th floors of Tower B are home to these two seafront flats, which were recently sold for over Rs 151 crore.

The project, which is on Dr Annie Besant Road, just received its Occupancy Certificate (OC), which led to an increase in costs. The Ritz Carlton Hotel is locate in one of the two towers of the nearly finish mix-use skyscraper complex, which also includes luxury homes operated by the international hotel brand. The transaction was filed on September 8, 2022, according to market reports.

 

What makes the transaction so prominent?

  • Each apartment is worth Rs 75.50 crore.
  • The apartments cover 16,072 square feet.
  • The price per square foot is estimate at Rs 97,000.
  • For the units, the business has already paid roughly Rs 9 crore in stamp duty & registration fees.
  • The project’s residential units are set up as 4 and 5 bedroom flats.

 

What is the Mumbai real estate market like?

In terms of property transactions, the Mumbai real estate market has been breaking records for more than a year. This is especially true now that the State administration has set a September 2020 deadline for a short period of reduced stamp duty. As a result, the demand for luxury residences in Mumbai. The most valuable real estate market in the nation, keeps rising. Especially in upscale areas where there is a dearth of available housing. High real estate transactions have also been recorded for upscale houses in the suburbs of Bandra and Juhu, in addition to South Mumbai places like Worli.

 

Other high-end deals occurred in Mumbai?

Numerous business leaders, entrepreneurs, industrialists, & Bollywood actors have bought opulent apartments in Mumbai during the past few months. The managing director & group president of K Raheja Corp, Ravi and Neel Raheja, paid Rs 265 crore earlier this year for a property in Santacruz-Juhu. Siddharth Jain, Executive Director, Inox Group, purchased a lavish quadruplex flat in South Mumbai’s affluent Worli neighbourhood for Rs 144 crore. Demonstrating the ongoing strong demand for expensive real estate.

 

 

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