Pharma Wealth Boosts Mumbai’s Luxury Real Estate: Blue Jet Healthcare Promoter’s ₹202 Crore Purchase

In a significant move that underscores the growing influence of pharmaceutical wealth in Mumbai’s luxury real estate market, the promoter of Blue Jet Healthcare and his family have acquired three high-end apartments in Worli for over ₹202 crore. According to property registration documents accessed by Zapkey, this purchase is just one of several deals that have marked a surge in pharma investments in Mumbai’s posh neighborhoods.

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 sq ft and comes with five car parking spaces, purchased for ₹57.14 crore. Despite the significant transaction, neither Akshay Bansarilal Arora nor Honest Shelters Pvt Ltd could be reached for 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 per the documents. Shiven Akshay Arora and Raheja could not be reached for comment.

Worli, a central Mumbai locality, has emerged as a hotspot for luxury real estate projects, following the lead of other prime areas like South Mumbai, Lower Parel, Prabhadevi, and Bandra. The micro-market boasts several projects priced above ₹1 lakh per sq ft, making it a prime destination for high-net-worth individuals.

This trend is not unique to the Blue Jet Healthcare family. Other prominent pharmaceutical figures have also made significant investments in Mumbai’s luxury real estate. For instance, USV’s chairperson, Leena Gandhi Tewari, recently bought two luxury sea-facing duplex apartments in Mumbai’s Worli area for ₹639 crore. The transaction, which included ₹63.9 crore in stamp duty and GST, brought the total value to about ₹703 crore, making it the most expensive residential property deal recorded in the country.

The Zydus Family Trust, associated with Zydus Lifesciences 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, the wife of Dilip Shanghvi, chairman and managing director of Sun Pharma, bought two apartments worth ₹130 crore in the same area.

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.

This influx of wealth into the luxury real estate market is expected to continue, driven by the robust performance of the pharmaceutical sector and the increasing preference for premium living spaces among high-net-worth individuals. As more such deals come to light, Mumbai’s luxury real estate market is poised to see further growth and development.