Real Estate
Metro Brands Promoters Acquire Five Luxe Apartments in Mumbai's Worli for ₹405 Crore
By GeoSquare News Desk · Published 2025-01-01
Farah Bhajni, Shabina Malik Hadi, Zara Malik, Alisha Rafiq Malik, and Zia Malik Lalji, the promoters and co-promoters of footwear retailer Metro Brands, have recently acquired five luxury apartments in Mumbai's Worli area for a staggering ₹405 crore.
This significant real estate move has been recorded in documents accessed by Indextap.com.
According to the documents, these five luxury apartments are situated in one of Mumbai's tallest buildings, Palais Royal, constructed by Honest Shelters Private Limited in Worli.
The apartments are spread across a total of 38,390 square feet and come with an additional 20 parking spaces.
Alisha Malik and Zia Malik Lalji purchased two of these apartments on December 20 for ₹162 crore.
The details of their purchase show that they have acquired 38,390 square feet of space, along with a substantial stamp duty of over ₹20 crore.
The first apartment, measuring 7,687 square feet, was purchased by Zia Malik on December for ₹81 crore and comes with five car parking spaces.
The second apartment, also measuring 7,672 square feet, was purchased by Alisha Malik on December 20 for ₹81 crore and includes five car parking spaces.
Farah Bhajni acquired the third apartment, measuring 7,687 square feet, on December 23 for ₹81 crore, complete with car parking spaces.
Shabina Malik Hadi bought the fourth and fifth apartments, each measuring 7,672 square feet, on December 24 for ₹81 crore, and Zara Malik purchased another apartment on December 26 for ₹81 crore, along with 10 car parking spaces.
In a separate development, in September 2024, five promoters of Metro Brands Ltd.
offloaded a stake worth ₹749.7 crore through open market transactions.
An email query sent to Metro Brands did not elicit a response, and Honest Shelters Private Limited could not be reached for comment.
Mumbai's Worli has become a hotspot for luxury projects, following in the footsteps of South Mumbai, Lower Parel, Prabhadevi, and Bandra.
The micro-market now boasts several projects priced above ₹1 lakh per square foot.
According to a report by CBRE South Asia Pvt Ltd titled India Market Monitor Q3 2024 – Residential, the luxury housing segment, which includes units priced at ₹4 crore and above, saw sales increase by almost 37.8% year-over-year during the January to September 2024 period, driven by high demand.
Several high-profile transactions were registered in the Worli area in December.
For instance, Neerav Parekh, chairman of Barnsley Football Club, and his mother, Kalpana Parekh, purchased two apartments worth ₹170 crore.
These transactions were registered on December 5 and 7.
Additionally, Jagdish Master, director of Deep Financial Consultants, bought a ₹105 crore apartment in Worli, as reported by property registration documents accessed by Zapkey.com.
On December 11, Seema Singh, the wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a luxury apartment for ₹185 crore in the Worli area.
Another notable purchase was made by Vibha Shangvi, the wife of Sun Pharma CMD, who bought two apartments for ₹135 crore.
These transactions highlight the growing interest in luxury real estate in Mumbai, particularly in the Worli area, which continues to attract high-net-worth individuals and corporate leaders.