Mumbai's Pali Hill Sees Record-Breaking Luxury Property Deal
Real estate developer Ashar Group sells a triplex in Pali Hill for INR 172 crore, setting a new benchmark in Mumbai's luxury property market.
Mumbai Real EstateLuxury PropertyPali HillAshkar GroupApco InfratechReal Estate MumbaiAug 06, 2024
Located in the upscale neighbourhood of Pali Hill, Bandra, the triplex occupies the top three floors of the 11-storey building. This project is a redevelopment of the late actor Dilip Kumar's residence, adding a historical touch to the already prestigious address.
The sale price translates to a per square foot rate of INR 1,81,000, a record-breaking figure that highlights the skyrocketing property values in the city. The buyers paid a substantial stamp duty of INR 9.30 crore for the transaction, which was registered on July 23. The Legend by Ashar is expected to be completed by the end of 2027. The project has obtained necessary approvals from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Pali Hill has emerged as a hotspot for luxury real estate in recent times. The neighbourhood has witnessed several high-profile property transactions, including the recent purchase of a INR 20 crore apartment by cricketer-actor couple KL Rahul and Athiya Shetty. Bollywood icon Aamir Khan has made a substantial addition to his Mumbai real estate portfolio by acquiring a new apartment for INR 9.75 crore.
In April last year, actor Alia Bhatt bought a INR 37.8 crore apartment in Pali Hill. Actor Sonakshi Sinha also bought an apartment in a premium residential tower in Bandra for INR 11 crore. Bollywood's power couple Ranveer Singh and Deepika Padukone also made a luxury real estate purchase in 2022 in the Bandra area for about INR 200 crore.
This latest deal by Ashar Group further solidifies Pali Hill's position as one of the most coveted addresses in Mumbai. Real estate experts believe that the demand for luxury properties in Pali Hill is likely to continue growing, driven by factors such as increasing wealth, limited supply of prime residential land, and a preference for standalone bungalows and high-rise apartments with world-class amenities.
As the city's skyline changes and new luxury developments emerge, Pali Hill remains a timeless address that epitomizes the pinnacle of Mumbai's opulent lifestyle. The recent record-breaking deal is a clear indication that the neighbourhood's allure is only growing stronger, making it a hotbed for India's wealthiest individuals.
About Ashar Group Ashar Group is a leading real estate developer in Mumbai, known for its luxury residential projects. With a strong focus on quality, design, and customer satisfaction, the company has established itself as a trusted name in the industry.
About Apco Infratech Apco Infratech is an infrastructure firm with interests in real estate development, construction, and engineering. The company has a strong presence in India and has worked on several high-profile projects in the past.
Frequently Asked Questions
What is the price of the triplex apartment sold by Ashar Group?
INR 172 crore
Where is the triplex apartment located?
Pali Hill, Bandra, Mumbai
Who bought the triplex apartment?
Apco Infratech
What is the per square foot rate of the triplex apartment?
INR 1,81,000
When is The Legend by Ashar expected to be completed?
End of 2027
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