Vratika Gupta, founder and CEO of luxury home decor brand Maison Sia, has purchased a sea-view luxury apartment in a super-luxury residential tower on Dr. Annie Besant Road in Mumbai’s plush Worli locality for more than Rs 116.42 crore, making the first single residential transaction with an over Rs 100-crore price tag this year.
The apartment spread over a massive 12,138 sq ft carpet area on the 49th floor of Three Sixty West is valued at around Rs 1 lakh per sq ft, pushing it higher in the tally of most expensive deals on per sq ft basis anywhere in the country.
Gupta, a professional fashion designer, was associated as a designer and co-founder with several other companies prior to Maison Sia. She was recently in the news for being one of the first female owners of Rolls-Royce Cullinan Black Badge SUV priced over Rs 12.25 crore.
She is wife of Nakul Aggarwal, an entrepreneur and co-founder of Indian software unicorn BrowserStack, a $4 billion company.
Maison Sia is a store that provides a luxurious assortment of limited-edition multi-brand home decor products and artefacts curated from across the globe.
The buyer has paid stamp duty of over Rs 5.82 crore for the registration of the deal that took place on January 7, shows the documents accessed through IndexTap(dot)com. As part of the agreement, Gupta will also get exclusive access to 8 car parking slots in the tower.
In Maharashtra, female homebuyers are eligible for a 1% discount on stamp duty for residential properties, reducing the usual 6% to 5%. This concession, introduced in the 2021-2022 budget, is extended to properties purchased independently or jointly with another woman. This concession, however, is not applicable on commercial and industrial properties.
Gupta has purchased the apartment directly from Skylark Buildcon and Moon Rays Realty that are constituents of joint venture Oasis Realty that has developed the project along with Oberoi Realty.
Three Sixty West is a mixed-use development comprising two towers, one of which houses The Ritz-Carlton Hotel and the other will have luxury residences managed by The Ritz-Carlton.
ET’s separate email queries to Vratika Gupta’s team, Skylark Buildcon, Moon Rays Realty, and Oberoi Realty remained unanswered until the time of going to press.
The demand for residential properties and its conversion into sales across the country’s top eight cities scaled an all-time high in 2023, led by heightened activity in the mid-income, premium and luxury segment.
Among the key markets, Mumbai led the performance as the country’s biggest and most expensive property market continued its record-setting spree, scaling a new peak with its best annual performance in terms of both registration of properties and revenue collection through stamp duty charges.
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 couple of years.
