Pharma Wealth Booms: Blue Jet Healthcare Promoter Family Buys Luxury Worli Apartments for Over ₹202 Crore
In a significant move that underscores the growing trend of pharma wealth flowing into Mumbai’s luxury real estate market, the promoter of Blue Jet Healthcare and his family have purchased three high-end apartments in Worli for over ₹202 crore. According to property registration documents accessed by Zapkey, this acquisition is another clear indicator of the rising interest in premium real estate among pharmaceutical tycoons.
Akshay Bansarilal Arora, the promoter of the pharma company, bought two units in the super-luxury skyscraper Palais Royale from Honest Shelters Pvt Ltd. Each apartment measures 7,669 sq ft and comes with five car parking spaces, and was purchased for ₹57.14 crore. Despite attempts to reach out, neither Akshay Bansarilal Arora nor Honest Shelters Pvt Ltd could be reached for a comment.
In a separate deal, Shiven Akshay Arora, a family member, acquired a 7,747 sq ft apartment in Raheja Artesia, Worli, for ₹88 crore. The residence includes six parking spaces, as shown in the documents. Shiven Akshay Arora and Raheja could also not be reached for a comment.
Worli in central Mumbai has emerged as a hotspot for several luxury projects, following the trend set by South Mumbai, Lower Parel, Prabhadevi, and Bandra. The micro-market boasts several projects priced above ₹1 lakh per sq ft, making it a prime location for high-net-worth individuals and corporate leaders.
This trend is not limited to Blue Jet Healthcare. Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, has bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for ₹639 crore. She spent almost ₹63.9 crore in stamp duty and GST, bringing the total value of the transaction to about ₹703 crore, making it the most expensive residential property deal recorded in the country. This transaction highlights a significant uptick in luxury housing demand, particularly from the pharmaceutical sector.
Real estate experts attribute this trend to the post-COVID wealth surge, which has prompted many pharma promoters and executives to view high-end properties as both a secure investment and a status symbol. “Pharma wealth is increasingly flowing into real estate,” said industry experts.
The Zydus Family Trust, associated with Zydus Lifesciences Limited (formerly Cadila Healthcare Limited), a leading Indian pharmaceutical company, has also purchased a ₹200 crore luxury apartment in Mumbai's Worli earlier this year. Last year, Vibha Shanghvi, wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, purchased two apartments worth ₹130 crore in Mumbai's Worli area, according to documents accessed by Zapkey.
These acquisitions highlight the growing trend of pharma wealth being invested in luxury real estate, particularly in Mumbai, where the real estate market continues to attract significant interest from high-net-worth individuals and corporate leaders.
