BDR Pharmaceuticals’ Chairman & Managing Director Dharmesh Shah’s family has purchased two adjacent sea-view luxury apartments in Mumbai’s Worli locality for a total of nearly Rs 81 crore.
The apartments on the 39th habitable floor of the super-luxury project Artesia are spread over a total of 6,670 sq ft carpet area along with over 367 sq ft balcony space. The deal values the apartments at over Rs 1.20 lakh per sq ft, pushing them higher in the tally of most expensive property transactions in the country.
The family has acquired both the properties through two trusts, RDS Private Family Trust and BRD Square Private Family Trust, from the developer K Raheja Corp directly. Dharmesh Shah’s wife Binita is the trustee of both the trusts.
As per the agreement, the buyer will also get exclusive access to a total seven car parking slots in the tower, showed the documents accessed through Zapkey.com. One of the deals was registered on November 1, while registration of the other deal took place two days later.
ET’s email query to BDR Pharmaceuticals remained unanswered until the time of going to press, while K Raheja Corp declined to comment.
The super-premium residential tower Raheja Artesia is spread over a 5-acre land parcel in Worli. The tower has witnessed deals at an average price of Rs 1.25 lakh per sq ft.
BDR Group companies, BDR Pharmaceuticals International and BDR Life Sciences, are engaged in Active Pharmaceutical Ingredient (APIs) and formulation manufacturing, respectively. It focuses on development in four specialized therapeutic segments including oncology, critical care, gynaecology, and Neurology.
Mumbai’s property market across segments including luxury, premium and mid-income has continued to set new records almost every month for over the last three years despite higher interest rates and rising housing prices.
The performance in terms of stamp duty collection led by the heightened activity in premium and mid-income housing segments have also pushed the state exchequer’s revenue higher for several months.
In the first 10 months of the current year, the state government has already fetched over Rs 9,220 crore through stamp duty collection surpassing the all-time high of over Rs 8,893 crore recorded in 2022.
Apart from the activity in premium housing in other key markets of the city, the most expensive apartments in south and central Mumbai have contributed to this performance in a big way.
The micro-market has witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors and sports personalities over the last two years.
