Godrej industries’ Chairman Nadir Godrej and his family have acquired three sea-view luxury apartments in South Mumbai’s Malabar Hill for a total of nearly Rs 180 crore from a real estate development subsidiary of the JSW Group.
The under-construction super-luxury residential project, Ruparel House, on Ridge Road at the top of Malabar Hill with the view of Queen’s Necklace, is being developed by R House Realty, part of JSW Realty.
These apartments on the sixth, seventh, and eighth floor of the upcoming tower are spread over a total 13,836 sq ft including 1,029 sq ft area of just exclusive deck and covered balcony.
Godrej, part of the Godrej Group promoter family, and his two sons Burjis and Hormusji have together paid Rs 10.79 crore as stamp duty alone for the registration of the deals that took place on June 12, shows the documents accessed through Zapkey.com.
As part of the deal, the buyers will also get exclusive access to 12 car parking slots in the exclusive tower that comprises 14 residential levels each with a single apartment per floor. The project is expected to be delivered by December 2027.
The property deal, including stamp duty and GST, is valued at Rs 1.44 lakh per sq ft making it one of the most expensive transactions in the country.
ET’s email query to Godrej Industries and JSW remained unanswered until the time of going to press.
Sales of residential properties across the top eight cities scaled an all-time high in 2023 due to robust demand across mid-income, premium and luxury segments.
Mumbai led the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals with best performance for May with registrations surpassing the 10,000-mark in each of the first five months of 2024. Also, the market has seen year-on-year growth in registrations for ten successive months, starting August 2023.
South and central Mumbai–home to India’s most expensive apartments–has been playing a key role in driving this performance. The micro-market witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors and sports personalities in the last few years.
