Mumbai's Prime Property: Bandra Penthouse Sells for ₹1.37 Lakh per Sq Ft

In one of Mumbai’s most high-profile luxury residential transactions, Satish Kumar Singh and Premlata Singh, parents of Alkem Laboratories Founder Sandeep Singh, have acquired a premium penthouse in the upscale Khar–Bandra belt for ₹63 crore. The deal sets a new benchmark as the costliest non-sea-facing apartment transaction in Bandra to date.

The penthouse, often described as a “villa in the sky,” is located in S Raheja’s Evergreen tower on Perry Road, Bandra West—one of the city’s most sought-after residential neighborhoods. The purchase underscores the sustained demand for large, single-unit luxury homes in Mumbai’s prime micro-markets, even as prices continue to scale new heights.

Spanning over an area measuring 4,583 sq ft, as per the carpet area as defined by RERA, this penthouse was purchased at an average price of around ₹1.37 lakh per sq ft. This was done on December 15, as per property documents. The stamp duty of ₹3.76 crore, along with the registration fee of ₹30,000, was paid by the purchasing party.

Though it does not lie immediately over the sea, it is located at an average distance of 900 meters from the shoreline and enjoys sloping views of the Arabian Sea. This particular property has its private balcony as well as the double-height living room, which gives the essence of living in a separate villa, in spite of the skyscraper in which it is located. This particular property has been acquired in its unaltered format as an apartment, with no interior customization work done in it. The project has also obtained the occupation certificate.

Evergreen is a redevelopment project by S Raheja, wherein the lower floors have been allocated to existing society members, while the premium upper floors were released into the open market. This redevelopment-led supply model has become increasingly popular in Mumbai, allowing developers to introduce ultra-luxury residences in well-established neighborhoods with limited new land availability.

Industry sources noted that the transaction marks one of the highest per square foot rates for a RERA carpet area in the Bandra–Khar belt. For a non-sea-touch apartment, it is currently the highest-priced penthouse in the locality, reinforcing Bandra West’s status as one of Mumbai’s most expensive residential markets.

Confirming the transaction, Ram Raheja, Managing Director of S Raheja, said, “Yes, they purchased it for ₹62.81 crore a couple of weeks ago.”

The purchase takes place in the background of growing demand for custom-designed, luxury villas of larger dimensions in the ultra-rich class of people who are searching for privacy and investment value. However, despite market vagaries, the luxury housing market in Mumbai, particularly in established non-coastal or near-coastal localities, is absorbing sales at record-breaking prices.

Where there is limited stock and a steady desire from buyers, sales such as these illustrate that prime property in Mumbai is a popular choice for wealth creation for India’s business families and legacy investors.