Pharma Wealth Boosts Mumbai Real Estate: Blue Jet Healthcare Promoter Buys Luxurious Worli Apartments

In a significant move that highlights the increasing investment in Mumbai’s luxury real estate market, the promoter of Blue Jet Healthcare and his family have purchased three high-end apartments in the Worli area for over ₹202 crore. This transaction underscores the rising wealth and investment power of the pharmaceutical sector, particularly in the city’s high-end property market.

Akshay Bansarilal Arora, the promoter of Blue Jet Healthcare, bought two units in the super-luxury skyscraper Palais Royale from Honest Shelters Pvt Ltd. Each apartment measures 7,669 square feet and comes with five car parking spaces. The units were purchased for ₹57.14 crore each, totaling ₹114.28 crore for both properties.

In a separate deal, Shiven Akshay Arora, a family member, acquired a 7,747 square foot apartment in Raheja Artesia, Worli, for ₹88 crore. The residence includes six parking spaces, according to the property registration documents accessed by Zapkey.

Worli, located in central Mumbai, has become a hotspot for luxury real estate projects, following the trend set by other prime locations such as South Mumbai, Lower Parel, Prabhadevi, and Bandra. The area is known for its projects priced above ₹1 lakh per square foot, making it a preferred choice for high-net-worth individuals and corporate leaders.

The pharmaceutical sector has been a significant contributor to the luxury real estate market in Mumbai. Notable transactions include the purchase of two luxury sea-facing duplex apartments in Worli by USV’s chairperson, Leena Gandhi Tewari, for ₹639 crore. The total value of the transaction, including stamp duty and GST, reached approximately ₹703 crore, marking it as the most expensive residential property deal in the country.

The Zydus Family Trust, associated with Zydus Lifesciences Limited, also purchased a ₹200 crore luxury apartment in Mumbai's Worli earlier this year. Last year, Vibha Shanghvi, the wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, bought two apartments in Worli for ₹130 crore.

Real estate experts attribute the surge in luxury housing demand to the post-COVID wealth surge, which has prompted many pharmaceutical 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, highlighting the trend of pharmaceutical tycoons investing in luxury properties in Mumbai’s most coveted areas.

This trend not only reflects the growing economic power of the pharmaceutical sector but also indicates the confidence in Mumbai’s real estate market, particularly in the luxury segment. The acquisition of these high-end properties by the Blue Jet Healthcare promoter family is a clear indication of the ongoing shift in investment patterns and the attraction of Mumbai’s prime real estate locations for high-net-worth individuals.