Metro Brands have acquired three additional sea-view luxury apartments in Mumbai’s plush Worli locality for over Rs 243 crore, taking their total transaction value in the same tower to over Rs 405 crore.
The new transactions were concluded a week after the first two apartments were purchased for over Rs 162 crore by the family members Zia Malik Lalji and Alisha Rafiq Malik.
The latest three apartments acquired by the family are spread over more than 23,000 sq ft in total and are located on the 61st and 62nd floor of India’s tallest and one of the most expensive residential towers Palais Royale.Of the new transactions, Farah Rafik Bhajni has acquired the apartment 61 South West spread over 7,687 sq ft for Rs 81 crore and Shabina Malik Hadi has purchased 61 North West spread over 7,672 sq ft for the same amount.
The fifth apartment with area of 7,672 sq ft is on the 62nd floor and has been acquired by Zara Rafik Malik for the same amount, showed the documents accessed through IndexTap.com, a realty data analytics platform.
The deals value the apartment at over Rs 1.07 lakh and 1.05 lakh per sq ft, pushing them into the tally of most expensive residential deals anywhere in the country.
In September, five promoters of Metro Brands, including Lalji and Malik, sold shares worth Rs 749.7 crore through open market transactions. The timing of the share sale and the subsequent property purchase highlights notable financial movements within the promoter group. The real estate transaction was registered recently, reflecting a significant investment in one of Mumbai’s well-known residential areas.
The buyers of these three latest apartments have paid stamp duty of total Rs 12.15 crore for registration of the transactions last week. In 2021, the government of Maharashtra had 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.
ET’s email query to Metro Brands, and calls to Honest Shelters’ Director Pawan Mittal remained unanswered until the time of going to press.
Pune-based Honest Shelters, in an e-auction conducted in 2019, had acquired this project for over Rs 700 crores and had undertaken to comply with all responsibilities and obligations related to completion of the project and handing over possession of apartments to the homebuyers.The sale made by the project’s secured lender was upheld by the Supreme Court in 2023 and Honest Shelters has since made requisite changes in the project to be in full compliance with the building codes and complete the project, which is slated to be delivered now.
Residential property sales in India’s top eight cities have reached unprecedented levels in 2024, driven by robust demand across mid-income, premium, and luxury segments and the year is projected to close with record-breaking sales figures.
Mumbai has maintained its position as the country’s largest and most expensive property market, continuing its streak of high-value property transactions. South and central Mumbai, known for hosting India’s priciest apartments, have been pivotal in this growth. These areas have seen numerous high-value deals involving industrialists, senior corporate executives, actors, and sportspersons in recent years.
