Metro Brands Promoters Acquire Three More Luxury Apartments in Mumbai’s Worli for Rs 243 Cr
The recent acquisitions highlight significant financial movements and underscore Mumbai's luxury real estate market's continued prominence.
MumbaiLuxury ApartmentsReal EstateMetro BrandsPalais RoyaleReal Estate MumbaiJan 01, 2025
They have acquired three additional sea-view luxury apartments in the affluent Worli locality for over Rs 243 crore.
This brings their total transaction value in the same tower to over Rs 405 crore, following earlier purchases worth over Rs 162 crore.
The new transactions were completed just a week after the first two apartments were purchased by family members Zia Malik Lalji and Alisha Rafiq Malik for Rs 162 crore.
The latest three apartments, spread over more than 23,000 sq ft in total, are located on the 61st and 62nd floors of Palais Royale, one of India’s tallest and most expensive residential towers.
Of the new purchases, Farah Rafik Bhajni has acquired the 61 South West apartment, spanning 7,687 sq ft, for Rs 81 crore.
Shabina Malik Hadi has purchased the 61 North West apartment, which is 7,672 sq ft, for the same amount.
The fifth apartment, also 7,672 sq ft, is on the 62nd floor and has been acquired by Zara Rafik Malik for Rs 81 crore.
According to documents accessed through IndexTap.com, a realty data analytics platform, these deals value the apartments at over Rs 1.07 lakh and 1.05 lakh per sq ft, making them among the most expensive residential deals in the country.
This significant investment in one of Mumbai's well-known residential areas reflects substantial financial movements within the promoter group.
In September, five promoters of Metro Brands, including Lalji and Malik, sold shares worth Rs 749.7 crore through open market transactions.
The timing of the share sale and subsequent property purchases highlights notable financial activities within the group.
The buyers of these three latest apartments have paid a total stamp duty of Rs 12.15 crore for the registration of the transactions last week.
In 2021, the government of Maharashtra announced a 1% concession in prevailing stamp duty for women homebuyers.
Under this scheme, a female home buyer needs to pay 5% stamp duty charges for the registration of the deal in Mumbai.
Pune-based Honest Shelters, through an e-auction in 2019, acquired the project for over Rs 700 crore and committed to fulfilling all responsibilities and obligations related to the completion of the project and handing over possession of the apartments to the homebuyers.
The sale, made by the project’s secured lender, was upheld by the Supreme Court in 2023.
Honest Shelters has since made the necessary changes to comply with building codes and is on track to complete the project.
Residential property sales in India’s top eight cities have reached unprecedented levels in 2024, driven by robust demand across mid-income, premium, and luxury segments.
The year is projected to close with record-breaking sales figures.
Mumbai, in particular, has maintained its position as the country's largest and most expensive property market, continuing its streak of high-value property transactions.
South and central Mumbai, known for hosting India’s priciest apartments, have been pivotal in this growth, witnessing numerous high-value deals involving industrialists, senior corporate executives, actors, and sportspersons in recent years.
Frequently Asked Questions
Who are the buyers of the new apartments in Palais Royale?
The buyers of the new apartments in Palais Royale are Farah Rafik Bhajni, Shabina Malik Hadi, and Zara Rafik Malik, all part of the promoter group of Metro Brands.
What is the total value of the recent transactions by Metro Brands promoters in Palais Royale?
The total value of the recent transactions by Metro Brands promoters in Palais Royale is over Rs 243 crore, bringing the total transaction value in the same tower to over Rs 405 crore.
What is the current status of the Palais Royale project?
The Palais Royale project, acquired by Honest Shelters in 2019, is on track to be completed and is slated to be delivered soon. Necessary changes have been made to comply with building codes and fulfill all obligations.
What is the stamp duty paid for the recent apartment acquisitions?
The total stamp duty paid for the recent apartment acquisitions is Rs 12.15 crore. Women homebuyers benefit from a 1% concession in stamp duty, paying 5% of the total value.
How is the luxury real estate market in Mumbai performing in 2024?
The luxury real estate market in Mumbai is performing exceptionally well in 2024, driven by robust demand across various segments. It has maintained its position as the country's largest and most expensive property market, with numerous high-value transactions in South and Central Mumbai.
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