Metro Brands Promoters Acquire Five Luxury Apartments in Mumbai's Worli for ₹405 Crore
The promoters of footwear retailer Metro Brands have made a significant investment in Mumbai's luxury real estate market by purchasing five apartments in the Worli area for ₹405 crore. These apartments are located in one of the city's tallest buildings, P
Mumbai Real EstateLuxury ApartmentsPalais RoyalMetro BrandsWorliReal Estate MumbaiJan 01, 2025
They recently acquired five luxury apartments in the Worli area for a total of ₹405 crore, as per documents accessed by Indextap.com.
The apartments are located in Palais Royal, one of the tallest buildings in Mumbai, constructed by Honest Shelters Private Limited.
The acquisition includes 38,390 sq ft of space and 20 parking spaces, with a stamp duty of over ₹20 crore.
Alisha Malik and Zia Malik Lalji purchased two of the five apartments on December 20 for ₹162 crore.
Each apartment measures 7,687 sq ft and includes five car parking spaces.
The first apartment was bought by Zia Malik on December for ₹81 crore.
The second apartment, also measuring 7,672 sq ft, was purchased by Alisha Malik on December 20 for ₹81 crore and comes with five car parking spaces.
Farah Bhajni purchased the third apartment, which measures 7,687 sq ft, on December 23 for ₹81 crore.
This apartment also includes five car parking spaces.
Shabina Malik Hadi bought the fourth and fifth apartments, each measuring 7,672 sq ft, on December 24 for ₹81 crore and Zara Malik bought the last apartment on December 26 for ₹81 crore, which includes 10 car parking spaces.
In September 2024, five promoters of Metro Brands Ltd.
offloaded a stake worth ₹749.7 crore through open market transactions.
An email query to Metro Brands and Honest Shelters Private Limited did not elicit a response.
Worli, located in central Mumbai, has become a hotspot for luxury real estate projects.
Several high-profile transactions have been registered in this area in recent months.
For instance, Barnsley Football Club's chairman, Neerav Parekh, and his mother, Kalpana Parekh, purchased two apartments worth ₹170 crore in the Worli area.
Jagdish Master, director of Deep Financial Consultants, also bought a ₹105 crore apartment in the same area.
Seema Singh, the wife of Alkem Laboratories promoter Mritunjay Kumar Singh, purchased a luxury apartment for ₹185 crore in Worli on December 11.
Additionally, Vibha Shangvi, the wife of Sun Pharma CMD, bought two apartments in Worli for ₹135 crore.
The luxury housing segment in Mumbai, which includes units priced at ₹4 crore and above, has seen a significant increase in sales.
According to CBRE South Asia Pvt Ltd's report titled 'India Market Monitor Q3 2024 – Residential', the segment saw sales increase by almost 37.8% year-over-year during the Jan-Sep 2024 period, driven by high demand.
Worli is now a preferred location for high-net-worth individuals looking for luxury properties, following the trend set by South Mumbai, Lower Parel, Prabhadevi, and Bandra.
The micro-market has several projects priced at over ₹1 lakh per sq ft, making it a key area in the luxury real estate landscape.
Frequently Asked Questions
Who are the promoters of Metro Brands that purchased the apartments in Worli?
The promoters and co-promoters of Metro Brands who purchased the apartments in Worli are Farah Bhajni, Shabina Malik Hadi, Zara Malik, Alisha Rafiq Malik, and Zia Malik Lalji.
Where are the five luxury apartments located?
The five luxury apartments are located in Palais Royal, one of the tallest buildings in Mumbai, constructed by Honest Shelters Private Limited in the Worli area.
What is the total area and number of parking spaces purchased?
The total area purchased is 38,390 sq ft, and the purchase includes 20 parking spaces.
How much did the promoters spend on the apartments and what was the stamp duty?
The promoters spent a total of ₹405 crore on the apartments, and the stamp duty was over ₹20 crore.
What is the significance of Worli in the luxury real estate market of Mumbai?
Worli has become a hotspot for luxury real estate projects in Mumbai, following the trend set by South Mumbai, Lower Parel, Prabhadevi, and Bandra. It is now a preferred location for high-net-worth individuals looking for luxury properties.
Related News Articles
Kolte-Patil Developers Sees Moderate Growth in Q1 Sales Bookings Amidst Strong Housing Demand
Pune-based Kolte-Patil Developers reports 1% growth in Q1 sales bookings, driven by strong housing demand in Pune, Mumbai, and Bengaluru.
Mumbai's Pali Hill Witnesses Luxury Real Estate Deal of the Year
Ashar Group sells triplex unit for Rs 172 cr at Rs 1.81 lakh per sq ft, setting a new benchmark in Mumbai's real estate market
TREVOC Wins Emerging Real Estate Brand Award at Prestigious Big Impact 2024 Awards
Gurugram-based real estate developer TREVOC bags award for its commitment to luxury and sustainability at Big FM's Big Impact 2024 Awards
Institutional Real Estate Investments in India Expected to Surge by 2025
According to Colliers India, institutional investments in real estate have already reached USD 4.7 billion in the first three quarters of 2024, accounting for 87% of the total inflows. The report suggests a further growth in 2025.
Mumbai Property Rates Soar as Maharashtra Government Hikes Ready Reckoner Prices
The Maharashtra government's decision to increase ready reckoner rates by 5-10% will significantly impact property buyers in Mumbai and other parts of the state, leading to higher property costs and affecting the real estate sector.
Nitin Gupta Launches NewAgeCapital, Aims to Transform Real Estate and Data Center Investments
Nitin Gupta, the former India head of Gaw Capital, has established NewAgeCapital, a new firm focused on advising global investors on real estate and data center opportunities.