Kishore Mishrilal Bang, the promoter of Nirmal Bang Securities, has bought two luxury apartments in an upscale under-construction residential project in south Mumbai’s Mahalaxmi locality for a total of Rs 45.69 crore.
He has purchased the apartment along with his family member Suman Kishore Bang on the 30th floor of tower 1 in the residential complex Raheja Modern Vivaria on Jacob Circle.
The deal was executed with the project’s developer K Raheja Corp Real Estate. The first apartment covers a carpet area of 2,891 sq ft, and has been purchased at Rs 25.95 crore. The second flat, is slightly smaller, with a carpet area of 2,364 sq ft was bought at Rs 19.74 crore, showed documents accessed through Zapkey.com.
With a combined total carpet area of 5,255 square feet, this high-profile acquisition underscores the growing appeal of luxury real estate in Mumbai, particularly among prominent business figures.
ET’s email query to Nirmal Bang Securities and K Raheja Corp remained unanswered until the time of going to press.
Raheja Modern Vivarea is an under-construction project with 1 million sq ft development spread over a 3-acre land parcel. The project is being developed by K Raheja Corp’s residential development arm K Raheja Corp Homes. As part of the deal, Modern India will get a consideration for sale of land as a percentage of the sales revenue.
The land parcel earlier housed a private textile mill and is now being monetised by Modern India. The development of the entire project, for which the design and necessary approvals are already in place, is expected to be completed by 2028.
