Mumbai's Luxury Real Estate Market Sees New High with Rs 172 Cr Triplex Sale
Real estate developer Ashar Group sells a 9,527 sq ft triplex unit in Pali Hill, Bandra, for a record-breaking Rs 1.81 lakh per sq ft, setting a new benchmark in Mumbai's luxury real estate market.
Mumbai Real EstateLuxury PropertiesAshar GroupApco InfratechPali HillReal Estate MaharashtraJul 25, 2024
The triplex unit, which is part of the redevelopment project of the late actor Dilip Kumar's residence, is located on the top three floors of the 11-storey building. The project, known as The Legend by Ashar, has been registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) and is scheduled to hand over possession of the apartments by the end of 2027.
The buyers, Apco Infratech, paid a stamp duty of Rs 9.30 crore on the transaction, which was registered on July 23. This deal comes close on the heels of another high-profile transaction in Pali Hill, where cricketer-actor couple KL Rahul and Athiya Shetty purchased a Rs 20 crore-apartment earlier this month.
Pali Hill has been a sought-after location for luxury properties, and this deal reinforces its status as a prime destination for high-net-worth individuals. The area has seen several large deals and redevelopment projects in recent years, and this transaction is expected to set a new trend in Mumbai's luxury real estate market.
Ashar Group, a leading real estate developer, has established itself as a major player in the Mumbai market with its focus on luxury and high-end properties. The company's ability to deliver high-quality projects has earned it a reputation among discerning buyers.
Apco Infratech, the buyer of the triplex unit, is a prominent infrastructure developer with interests in real estate, construction, and other sectors. The company's foray into luxury real estate is seen as a strategic move to diversify its portfolio.
Information
Ashar Group is a Mumbai-based real estate developer known for its luxury and high-end properties. The company has several projects in different stages of development, including residential, commercial, and redevelopment projects.
Apco Infratech is an infrastructure developer with interests in real estate, construction, and other sectors. The company has a presence in several cities across India and is known for its ability to deliver large-scale projects.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established to ensure transparency and accountability in the real estate sector. The authority oversees the registration of projects, ensures compliance with regulations, and provides a platform for redressal of grievances.
Ashar Group is a leading real estate developer with a focus on luxury and high-end properties. The company has established itself as a major player in the Mumbai market with its commitment to delivering high-quality projects.
Apco Infratech is a prominent infrastructure developer with interests in real estate, construction, and other sectors. The company is known for its ability to deliver large-scale projects and has a presence in several cities across India.
Frequently Asked Questions
What is the size of the triplex unit sold in Pali Hill?
The triplex unit is 9,527 sq ft in size.
Who is the buyer of the triplex unit?
The buyer is Apco Infratech, an infrastructure developer.
What is the per-square-foot rate of the transaction?
The per-square-foot rate of the transaction is Rs 1,81,000.
What is the expected completion date of the project?
The project is expected to be completed by the end of 2027.
What is the significance of this deal in Mumbai's real estate market?
This deal sets a new benchmark in Mumbai's luxury real estate market, highlighting the growing demand for high-end properties in the city.
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