Former HDFC Bank Deputy MD Buys Ultra-Luxury Apartment in Mumbai for ₹52.49 Crore
Paresh Sukthankar, former Deputy Managing Director of HDFC Bank, has acquired a luxurious apartment in the prestigious Worli neighborhood of Mumbai. The deal, worth ₹52.49 crore, underscores the sustained demand for high-end real estate in the city.
Luxury Real EstateMumbaiPrestige EstatesHighnetworth IndividualsWorliReal Estate MumbaiSep 12, 2025
According to records accessed by property data platform Zapkey.com, the deal was executed at a per sq ft rate of around ₹1.19 lakh, positioning it among the higher-end residential transactions in Mumbai this year. Sukthankar paid a stamp duty of ₹3.14 crore and a registration fee of ₹30,000 at the time of purchase.
The Worli micromarket continues to dominate Mumbai’s luxury residential segment, consistently attracting ultra-high-net-worth individuals and senior corporate leaders. Known for its high-rise skyline and sea-facing residences, the locality has become a focal point for marquee transactions in recent years.
Prestige Nautilus, the project where Sukthankar’s new home is located, offers sea-facing apartments designed with modern amenities. The development is part of Prestige Estates’ expansion into Mumbai, where the developer has been actively acquiring land parcels and launching high-end projects.
Industry observers note that Worli’s proximity to the Bandra-Kurla Complex (BKC), Nariman Point, and Lower Parel, coupled with its lifestyle offerings and uninterrupted sea views, continues to fuel premium demand despite broader concerns of affordability in the Mumbai housing market.
Sukthankar’s acquisition follows several other big-ticket transactions in Worli over the past year. In May 2025, USV chairperson Leena Gandhi Tewari purchased two ultra-luxury sea-facing duplex apartments for ₹639 crore, with the total transaction value including taxes touching ₹703 crore – the most expensive residential deal recorded in India.
In August 2025, Pradeep Navratna Gupta, co-founder and vice-chairman of Anand Rathi Wealth, along with his wife Preeti Gupta, purchased a luxury apartment in Worli Sea Face for ₹131 crore, as per registration documents accessed by CRE Matrix.
Earlier this year, QiCAP.AI co-founder Amit Rathi acquired an apartment worth ₹89.91 crore in Palais Royale, India’s tallest residential tower located in Worli.
These deals highlight the sustained demand for ultra-luxury housing in Mumbai, where buyers are increasingly gravitating towards properties offering exclusivity, larger layouts, and modern amenities.
Market experts believe that despite overall headwinds in the residential real estate sector, the ultra-luxury segment remains resilient. For high-net-worth buyers, real estate continues to serve as a store of value and a hedge against inflation. The consistent rise in per sq ft rates in Worli and neighboring areas reflects this demand trend.
An industry consultant said that deals such as Sukthankar’s reinforce the view that Mumbai’s prime residential corridors remain attractive to top corporate executives, industrialists, and global investors. Projects by developers such as Lodha, Oberoi Realty, Naman Group, and Prestige Estates are competing in this segment by offering luxury apartments with premium specifications.
Prestige Estates, traditionally strong in Bengaluru, has been expanding its portfolio in Mumbai over the past few years. Apart from Prestige Nautilus, the company has announced projects in Mahalaxmi and Mulund, aiming to strengthen its presence in the financial capital’s residential market.
Frequently Asked Questions
What is the value of the apartment purchased by Paresh Sukthankar?
Paresh Sukthankar purchased the luxury apartment for ₹52.49 crore.
Where is the apartment located?
The apartment is located in the upscale Worli neighborhood of Mumbai, within the Prestige Nautilus project.
What is the per sq ft rate of the apartment?
The deal was executed at a per sq ft rate of around ₹1.19 lakh.
What other notable transactions have taken place in Worli recently?
Notable recent transactions include Leena Gandhi Tewari's purchase of two duplex apartments for ₹639 crore and Pradeep Navratna Gupta's purchase of a luxury apartment for ₹131 crore.
Why is Worli a popular location for luxury real estate?
Worli is popular for its proximity to key business hubs like BKC, Nariman Point, and Lower Parel, its lifestyle offerings, and uninterrupted sea views.
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