Luxury Real Estate Boom in Mumbai: Marico Promoter Buys Rs 65 Crore Apartment
Priyanjali Mariwala, part of the promoter family of Marico, has purchased a luxury apartment in Mumbai's Bandra-Kurla Complex for Rs 65.25 crore, with a high per sq ft rate of Rs 78,690.
Real EstateLuxury ApartmentMumbaiMaricoSignature IslandReal Estate MaharashtraJul 06, 2024
The apartment, located on the first floor of the high-end residential tower, Signature Island, spans nearly 8,300 sq ft. The deal, valued at Rs 78,690 per sq ft, includes exclusive access to four car parking slots. Mariwala paid a stamp duty of Rs 3.26 crore for the registration of the deal on July 1.
The Maharashtra government's 1% concession on prevailing stamp duty rates for women homebuyers, introduced in 2021, has encouraged female buyers to invest in property. This concession reduces the stamp duty charge to 5% for women purchasing property in Mumbai.
Priyanjali Mariwala is also the founder of the ASCENT Foundation, a non-profit organization initiated by Marico Chairman Harsh Mariwala. The foundation focuses on identifying and nurturing high-potential, growth-ready entrepreneurs, aiding them in scaling their businesses and enhancing their entrepreneurial journeys.
Signature Island has attracted several notable figures from the corporate sector, Bollywood, and banking. Noteworthy buyers include Uday Kotak, Gautam Adani, Vikram Pandit, Gunit Chaddha, Mihir Doshi, Aishwarya Rai Bachchan, Ashok Wadhwa, and Sonam Kapoor. The residential project, consisting of three towers, has been a magnet for high-profile personalities seeking luxury living in Mumbai.
In 2021, Abbott Healthcare leased a 5,000 sq ft apartment in the tower for a monthly rental of approximately Rs 10 lakh, amounting to over Rs 3.60 crore over the lease's 36-month duration. The luxurious apartment is speculated to be occupied by a senior executive of the company, given its proximity to Abbott's corporate office.
Currently, lease rentals in Signature Island hover around Rs 15 lakh per month for smaller duplexes and Rs 20 lakh for larger ones. Mumbai, the largest and most expensive property market in India, has led the uptrend with over 10,000 property registrations each month in the first half of 2024, marking year-on-year growth in registrations for 11 consecutive months since August 2023.
Frequently Asked Questions
What is the price of the luxury apartment bought by Priyanjali Mariwala?
Rs 65.25 crore
What is the per sq ft rate of the apartment?
Rs 78,690
What is the purpose of the 1% concession on prevailing stamp duty rates for women homebuyers in Maharashtra?
To encourage female homebuyers to invest in property
What is the name of the non-profit organization founded by Priyanjali Mariwala?
ASCENT Foundation
What is the average lease rental for smaller duplexes in Signature Island?
Rs 15 lakh per month
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