Priyanjali Mariwala of the consumer goods company Marico’s promoter family has purchased a luxury apartment in Mumbai’s business district Bandra-Kurla Complex (BKC) for Rs 65.25 crore.
She bought this apartment spread over nearly 8,300 sq ft on the first floor of super-premium residential tower Signature Island from Starlight Systems, a part of the project’s developer Sunteck Realty.
Given that the apartment is situated on the lower floor of the tower, the deal is valued at Rs 78,690 per sq ft. As part of the deal, she will get exclusive access to four car parking slots in the tower.
Mariwala paid stamp duty of Rs 3.26 crore for the registration of the deal that was sealed on July 1, documents accessed through Zapkey.com showed.
In 2021, the government of Maharashtra announced a 1% concession in prevailing stamp duty for women homebuyers. As part of this scheme, a female home buyer needs to pay 5% stamp duty charges for the registration of the deal in Mumbai.
Priyanjali, wife of Rishabh Mariwala, leads the ASCENT Foundation, a not-for-profit organization of Marico Chairman Harsh Mariwala. They identify high-potential, growth-ready entrepreneurs and enable them to grow their enterprises and impact their entrepreneurial journey in scaling up.
Several prominent personalities from the corporate world, Bollywood, and the banking fraternity have already bought apartments in this residential project.
Apart from Uday Kotak, other buyers are Gautam Adani, Vikram Pandit, Gunit Chaddha and Mihir Doshi. Actress Aishwarya Rai Bachchan, Ashok Wadhwa and Sonam Kapoor have also bought an apartment in the project consisting of three towers developed by the same developer.
In 2021, healthcare product maker Abbott Healthcare had inked a transaction to lease a 5,000 sq feet apartment in this tower for a monthly rental of around Rs 10 lakh. The total tenure of the lease was 36 months, which takes the rentals pay-out to over Rs 3.60 crore during the period.
The luxury pad was likely to be occupied by a CXO of the company as the company’s corporate office is just a few meters away from this complex. Lease rentals in this tower are currently hovering around Rs 15 lakh a month for a smaller duplex and Rs 20 lakh for a larger duplex apartment.
The Indian residential real estate market reached an 11-year high in sales in the first half of 2024, driven by stable economic conditions and market confidence despite higher mortgage rates.
Mumbai, the largest and most expensive property market, has led the uptrend breaking records with over 10,000 property registrations each month in the first half of 2024 and year-on-year growth in registrations for 11 consecutive months since August 2023.
