by THO
Alisha Rafiq Malik and Zia Malik Lalji, members of the promoters of footwear retailer Metro Brands, have bought two luxury apartments in the Worli area of Mumbai for ₹162 crore, each, according to property registration documents accessed by Indextap.com
According to the documents, the two luxury apartments are located in one of Mumbai’s tallest buildings, Palais Royal, which is being constructed by Honest Shelters Private Limited.
The two apartments are on the 45th level. The first apartment, which measures 7,564 sq ft and was purchased for ₹81 crore, comes with five car parking spaces, for which a stamp duty of ₹4.05 crore was paid, according to the documents.
The second apartment, measuring 7,687 sq ft, was purchased for ₹81 crore and comes with five car parking for which a stamp duty of ₹4.05 crore was paid. Both the apartments were registered on December 20.
According to reports, in September 2024, five promoters of Metro Brands Ltd. offloaded a stake worth ₹749.7 crore through open market transactions.
An email query was sent to Metro Brands did not get any respons . Honest Shelters Private Limited could not be reache a tof
Also Read: Why are up to ₹2 crore properties the most preferred in the Mumbai real estate market?
Mumbai’s Worli is a hotspot for luxury projects
In December alone, at least two high-profile transactions have been registered in the Worli area.
Barnsley Football Club’s chairman, Neerav Parekh, and his mother, Kalpana Parekh, purchased two apartments worth Rs170 crore in the Worli area of Mumbai. According to property registration documents accessed by Indextap, both apartments were registered on December 5 and 7.
According to property registration documents accessed by IndexTap, on December 11, Alkem Laboratories promoter Mritunjay Kumar Singh’s wife, Seema Singh, purchased a luxury apartment for ₹185 crore in the Worli area of Mumbai.
Worli in central Mumbai has become a hotspot for several luxury projects after South Mumbai, Lower Parel, Prabhadevi, and Bandra. The micro market has several projects in the above ₹1 lakh per sq ft price range.
The luxury housing segment that includes units priced at ₹4 crore and above saw sales increasing by almost 37.8% Y-o-Y during the Jan-Sep 2024 period on the back of high demand, CBRE South Asia Pvt Ltd said in its report titled India Market Monitor Q3 2024 – Residential.
Also Read: Alkem Laboratories promoter’s wife purchases luxury apartment for ₹185 crore in Mumbai’s Worli
It noted that the total sales of luxury units during the Jan-Sep 2024 period stood at around 12,625 compared to around 9,160 units during the same period last year.
