Luxury Living in Mumbai: Priyanjali Mariwala Invests in BKC's Signature Island
Priyanjali Mariwala, part of Marico's promoter family, invests in a luxury apartment in Mumbai's Bandra-Kurla Complex, underscoring the growing appeal of premium properties in strategic locations.
Luxury Real EstateMumbaiBandra Kurla ComplexMaricoHigh Net Worth IndividualsReal Estate MumbaiJul 24, 2024
The deal, valued at approximately INR 78,690 per square foot, includes exclusive access to four car parking slots within the complex. The transaction, completed on July 1, attracted stamp duty charges amounting to INR 3.26 crore, benefiting from Maharashtra's 1% stamp duty concession for women homebuyers introduced in 2021.
Mariwala's investment is a testament to the growing appeal of BKC among corporate leaders, celebrities, and high-net-worth individuals seeking luxurious and centrally located residences in Mumbai. The Signature Island project has already attracted a notable roster of buyers, including business tycoons like Uday Kotak, Gautam Adani, and Vikram Pandit, as well as personalities from Bollywood and the banking sector.
The area's commercial potential is also evident, with corporate leases fetching substantial rental incomes. For instance, Abbott Healthcare leased a 5,000 square feet apartment in the tower for INR 10 lakh per month, reflecting the area's high rental yields and proximity to corporate offices.
Mumbai's luxury real estate market mirrors broader trends in the Indian residential sector, which saw record-breaking sales in the first half of 2024 despite higher mortgage rates. Mumbai continues to lead the market with consistently high property registrations, demonstrating sustained investor confidence and economic stability.
Mariwala's investment not only reinforces her family's commitment to Mumbai's real estate but also underscores the enduring appeal of premium properties in strategic locations like BKC. As the market evolves, such transactions contribute to Mumbai's reputation as a global hub for luxury living and prime real estate investment.
information Marico Limited is an Indian consumer goods company that operates in the beauty and wellness space. The company was founded in 1990 and is headquartered in Mumbai. Marico is known for its portfolio of brands, including Parachute, Saffola, and Livon, among others.
ASCENT Foundation is a not-for-profit organization that focuses on supporting and nurturing high-potential entrepreneurs. The foundation is led by Priyanjali Mariwala, who is part of Marico's promoter family.
Frequently Asked Questions
Who is Priyanjali Mariwala?
Priyanjali Mariwala is part of Marico's promoter family and leads the ASCENT Foundation.
Where is the luxury apartment located?
The luxury apartment is located in the Bandra-Kurla Complex (BKC), Mumbai.
What is the value of the deal?
The deal is valued at approximately INR 78,690 per square foot.
What is the benefit of Maharashtra's stamp duty concession for women homebuyers?
The concession provides a 1% reduction in stamp duty charges for women homebuyers.
What is the current trend in Mumbai's luxury real estate market?
Mumbai's luxury real estate market is thriving, with high-profile buyers investing in premium properties and record-breaking sales in the first half of 2024 despite higher mortgage rates.
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