Metro Brands Promoters Acquire Five Luxe Apartments in Mumbai's Worli for ₹405 Crore
Mumbai luxury real estate: Five apartments are located in one of the city's tallest buildings, Palais Royal, constructed by Honest Shelters Private Limited.
Mumbai Real EstatePalais RoyalLuxury ApartmentsMetro BrandsWorliReal EstateJan 01, 2025
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.
Frequently Asked Questions
Who are the promoters of Metro Brands that bought the luxury apartments in Worli?
The promoters and co-promoters of Metro Brands who purchased the luxury apartments in Worli are Farah Bhajni, Shabina Malik Hadi, Zara Malik, Alisha Rafiq Malik, and Zia Malik Lalji.
How much did the promoters of Metro Brands pay for the five apartments in Worli?
The promoters of Metro Brands paid a total of ₹405 crore for the five luxury apartments in Worli.
What is the name of the building where the five luxury apartments are located?
The five luxury apartments are located in Palais Royal, one of the tallest buildings in Mumbai, constructed by Honest Shelters Private Limited.
When were the apartments purchased, and by whom?
The apartments were purchased on various dates in December 2024. Zia Malik and Alisha Malik Lalji bought two apartments on December 20, Farah Bhajni on December 23, Shabina Malik Hadi on December 24, and Zara Malik on December 26.
Why is Worli becoming a hotspot for luxury real estate projects?
Worli is becoming a hotspot for luxury real estate projects due to its prime location in central Mumbai and the increasing demand for high-end properties. Several luxury projects in this area are priced above ₹1 lakh per square foot, making it an attractive market for high-net-worth individuals and corporate leaders.
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