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
Pune: Yerwada Police Respond to Firecracker Incident at Cerebrum IT Park
The Yerwada Police in Pune have taken swift action following a firecracker incident that occurred at the Cerebrum IT Park in Kalyani Nagar. The incident has raised concerns about safety and security in the area.
Birla Estates Acquires 70.92-Acre Land Parcel in Boisar, Maharashtra for Future Projects
Realty developer Birla Estates, a prominent subsidiary of Aditya Birla Real Estate, has made a strategic move by acquiring a significant 70.92-acre land parcel in Boisar, Maharashtra. This acquisition is expected to bolster the company’s portfolio and pav
Commercial Real Estate Leasing in Pune Surges 19% in 2024
Pune witnessed a 19% growth in office space leasing in 2024, with a total of 80 lakh square feet leased, according to data from Knight Frank India. This growth was primarily driven by robust demand in the first half of the year, with steady demand continu
Pune's Housing Market Surges: Average Prices Reach New Heights, Up 11% in 2024
The average housing price in Pune has hit an all-time high, recording an 11% increase in 2024. Despite the rise, home sales have seen a decline. Read more to understand the dynamics of Pune's real estate market.
The Intersection of AR, VR, and Blockchain: A New Era in Technology
The convergence of Augmented Reality (AR), Virtual Reality (VR), and Blockchain technology is set to transform various sectors, including gaming, entertainment, education, and real estate. This article explores the potential and impact of this groundbreak
Union Budget 2025: Real Estate Sector Welcomes Reforms, Urges Greater Focus On Housing
The removal of tax on two self-occupied properties is expected to drive fresh investments in residential real estate.