Tata Power CEO Praveer Sinha Acquires Luxury Flat in Raheja Modern Vivarea, Mahalaxmi

Praveer Sinha, the Chief Executive Officer and Managing Director of Tata Power, along with his wife Ritu Ahuja Sinha, has acquired a luxury apartment in Mumbai’s upscale Raheja Modern Vivarea project at Mahalaxmi for ₹17.5 crore, according to property registration documents accessed by Liases Foras, a non-broking real estate research and data analytics firm.

The transaction was registered in October and reflects the continued preference among corporate leaders and high-net-worth individuals (HNIs) for investing in marquee developments located in South and Central Mumbai’s premium residential zones.

According to the registration papers, the Sinha family purchased a 2,181 sq ft apartment with an additional 78 sq ft balcony, totaling 2,259 sq ft of area, located on the 31st floor of the high-rise. The total consideration value was recorded at ₹17.50 crore, with a stamp duty of ₹1.5 crore paid on the transaction.

The sellers of the apartment are K Raheja Corp Real Estate Pvt Ltd and Modern India Ltd, both part of the consortium developing the Raheja Modern Vivarea project. The agreement confirms that the unit is part of the project’s South Tower, which forms a segment of Phase 2 of the development.

Located at Mahalaxmi, Raheja Modern Vivarea is among Mumbai’s most sought-after luxury residential projects, offering panoramic views of the Arabian Sea, Willingdon Golf Course, and Mahalaxmi Race Course. The project combines large-format residences with high-end amenities tailored to discerning homebuyers. The development is RERA-registered, and its current phase is expected to be completed by September 2028. According to K Raheja Corp’s website, the Modern Vivarea project offers a blend of modern architecture, open green spaces, and a range of lifestyle facilities such as clubhouses, swimming pools, and private decks.

The South Tower, where Sinha’s apartment is located, features expansive units designed for privacy and space, a key trend in Mumbai’s post-pandemic luxury housing market. The purchase by Tata Power’s CEO underscores a growing trend of senior corporate executives and business leaders investing in premium residential real estate as a preferred asset class. Over the past year, several big-ticket transactions have been recorded in the Raheja Modern Vivarea project alone. Earlier in 2025, Sanjeev Agarwal, CEO of global pharma company Althera, purchased three luxury apartments worth over ₹72 crore in the same building, according to property data accessed by Zapkey.com.

Similarly, in September 2024, Kishore Bang, promoter of Nirmal Bang Securities, along with his wife Suman Bang, acquired two apartments in the same tower for ₹45.69 crore, as per property registration records.

Real estate experts say Mumbai’s luxury housing market continues to witness strong demand from CXOs, promoters, and senior professionals due to robust capital appreciation prospects, flexible home loan options, and a desire for larger, well-located residences. Projects in the Mahalaxmi–Worli–Lower Parel belt have remained a hub for high-value transactions. Besides Raheja Modern Vivarea, developments such as Lodha Marquise, The World Towers, and Three Sixty West have attracted a steady stream of buyers from the upper corporate and entrepreneurial segment.

Experts note that the luxury housing segment, properties priced above ₹10 crore, has seen a 25–30% year-on-year increase in sales volume in Mumbai over the past two years, driven by both end-users and investors. According to market reports, Mumbai accounted for over 50% of India’s ₹10-crore-plus home deals in 2024–25, reflecting continued faith in the city’s high-end residential market.