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EBCO Promoter Ashley Biharilal Nagpal Makes Headlines with Rs 115 Crore Luxury Apartment Purchase in Mumbai
2024-09-02 · GeoSquare
Ashley Biharilal Nagpal, the promoter of furniture company EBCO, has made a splash in the real estate market with the purchase of a luxury apartment in Mumbai's upscale Worli locality. The property, located in the prestigious Oberoi 360 West tower, was acquired for a staggering Rs 115.5 crore, making it one of the most expensive residential transactions in India.
The apartment, which spans 7,139 sq ft on the 60th floor (44th habitable floor) of the tower, is valued at nearly Rs 1.62 lakh per sq ft based on the carpet area. Nagpal, along with his wife Bianca A Nagpal, bought the property directly from the developer, Oberoi Realty. In addition to the carpet area, the apartment includes an additional space of 164 sq ft and comes with five exclusive car parking slots.
The transaction, registered on August 28, involved the payment of a differential stamp duty of Rs 4.55 crore, as the same apartment had been transacted within the last three years. This follows an earlier stamp duty payment of Rs 2.86 crore.
The purchase comes amid a surge in residential property sales in Mumbai, the country's largest and most expensive real estate market. The city has consistently broken records in property transactions and stamp duty collections, despite rising mortgage rates and property prices. In 2024, Mumbai saw over 10,000 units registered each month for the first eight months, marking eleven consecutive months of annual growth since August 2023.
The sustained demand across mid-income, premium, and luxury segments continues to drive the market's performance, solidifying Mumbai's position as a leader in India's real estate sector.
About EBCO EBCO is a leading furniture company in India, known for its high-quality products and innovative designs.Oberoi Realty is a prominent real estate developer in India, with a portfolio of luxury residential and commercial projects across the country.