Shaila Merchant Acquires Luxury Sea-Facing Apartment in South Mumbai for ₹20.76 Crore
Shaila Merchant, mother of Anant Ambani’s wife Radhika Merchant, has made a significant purchase in Mumbai's luxury real estate market. The sea-facing apartment in Prestige Ocean Tower, South Mumbai, spans 2,565 sq ft and comes with a 83 sq ft balcony and
Luxury Real EstateMumbaiPrestige ProjectsShaila MerchantAnant AmbaniReal EstateOct 23, 2024
The apartment was sold by Prestige Projects Private Limited, a subsidiary of the Bengaluru-based Prestige Group. Despite reaching out to both the Prestige Group and Shaila Merchant, no response has been received, and the copy will be updated once a response is provided. According to local brokers, the per sq ft price of the apartment is approximately ₹80,936. The higher floors of the tower offer breathtaking views of the Mumbai Coastal Road and the Arabian Sea, making it a prime location for luxury living.
Anant Ambani, the son of billionaire Mukesh Ambani, married Radhika Merchant in July in Mumbai. Radhika is the daughter of Viren Merchant, CEO of Encore Healthcare, and Shaila Merchant. The wedding, held at the Bandra Kurla Complex, was a grand affair that captured the essence of Bollywood.
Mumbai's luxury real estate market has been on an upward trajectory. According to a report by India Sotheby's International Realty and CRE Matrix, sales of luxury homes priced at ₹10 crore and above touched ₹12,300 crore during the January to June period this year. This represents an 8% increase over the first half of the 2023 calendar year, when sales of luxury homes reached ₹11,400 crore. Over the past 12 months, a total of 1,040 luxury units in the ₹10 crore and above price bracket have been sold in Mumbai, marking the highest number ever recorded in a year-long period.
Prestige Projects Private Limited, a part of the Bengaluru-based Prestige Group, is known for its premium projects in both residential and commercial sectors. The group has a strong presence in major cities across India, including Bengaluru, Chennai, and Mumbai. Prestige Ocean Tower, located in South Mumbai, is one of their flagship residential projects, offering high-end amenities and a prime location with sea views.
The robust growth in the luxury real estate market in Mumbai reflects the increasing demand for premium living spaces among the affluent population. The city, known for its vibrant lifestyle and economic opportunities, continues to attract both domestic and international investors, contributing to the growth of its luxury real estate sector.
Frequently Asked Questions
Who is Shaila Merchant?
Shaila Merchant is the mother of Radhika Merchant, who is married to Anant Ambani, the son of billionaire Mukesh Ambani.
Where is the luxury apartment located?
The luxury apartment is located in the Prestige Ocean Tower in South Mumbai, offering sea views of the Mumbai Coastal Road and the Arabian Sea.
What is the size of the apartment?
The apartment spans 2,565 sq ft and includes an 83 sq ft balcony and four car parking spaces.
How much did Shaila Merchant pay for the apartment?
Shaila Merchant paid ₹20.76 crore for the apartment, including a stamp duty of ₹1.03 crore and registration charges of ₹30,000.
What is the per sq ft price of the apartment?
The per sq ft price of the apartment is approximately ₹80,936, according to local brokers.
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