Raheja's purchase three duplexes at Rs 427 cr from own project in Worli
Real Estate

Raheja's purchase three duplexes at Rs 427 cr from own project in Worli

Family members of real estate developer Raheja have purchased three duplex apartments spread over 66,811 sq ft in Worli area for Rs 427 crore.

K Raheja Corp, the group's development firm, is developing the project. The Rahejas purchased the apartments the previous year on December 31 and filed documents on April 22.

Owing to the decrease in the stamp duty added by the state government to increase the sales, the Rahejas saved Rs 12.75 crore. The group paid Rs 8.55 crore (2%) as stamp duty.

The 45-storeyed Artesia skyscraper is located near the Worli coast and offers a magnificent view of the Arabian Sea.

In the event, the promoters of K Raheja Corp, Ravi, Neel, and Jyoti Raheja purchased the 41st, 43rd, and 44th floors, including a few apartments on the 42nd and 45th floors.

The real estate sector has been suffering a downturn for several years leading towards an economic slowdown, and because of the pandemic, the situation got much worse.

In August 2020, the government reduced the stamp duty to 2% from September to December and further decreased it to 3% from January to March in 2021. According to Sandeep Reddy, co-founder of a real estate research firm, the stamp duty cuts had an enormous effect on the luxury division; they observed several high-value purchases in the South and South-central Mumbai during that time (March).

Other buyers in Artesia include Smita D Parekh, the wife of banker Deepak Parekh who purchased a Rs 50 crore sea-view flat.

Keki Mistry, HDFC Bank's vice-chairman and the chief executive officer, also purchased an apartment worth Rs 41.23 crore.

Image Source


Also read: Birla Estates will launch premium Worli project by October

Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

Family members of real estate developer Raheja have purchased three duplex apartments spread over 66,811 sq ft in Worli area for Rs 427 crore. K Raheja Corp, the group's development firm, is developing the project. The Rahejas purchased the apartments the previous year on December 31 and filed documents on April 22. Owing to the decrease in the stamp duty added by the state government to increase the sales, the Rahejas saved Rs 12.75 crore. The group paid Rs 8.55 crore (2%) as stamp duty. The 45-storeyed Artesia skyscraper is located near the Worli coast and offers a magnificent view of the Arabian Sea. In the event, the promoters of K Raheja Corp, Ravi, Neel, and Jyoti Raheja purchased the 41st, 43rd, and 44th floors, including a few apartments on the 42nd and 45th floors. The real estate sector has been suffering a downturn for several years leading towards an economic slowdown, and because of the pandemic, the situation got much worse. In August 2020, the government reduced the stamp duty to 2% from September to December and further decreased it to 3% from January to March in 2021. According to Sandeep Reddy, co-founder of a real estate research firm, the stamp duty cuts had an enormous effect on the luxury division; they observed several high-value purchases in the South and South-central Mumbai during that time (March). Other buyers in Artesia include Smita D Parekh, the wife of banker Deepak Parekh who purchased a Rs 50 crore sea-view flat. Keki Mistry, HDFC Bank's vice-chairman and the chief executive officer, also purchased an apartment worth Rs 41.23 crore. Image SourceAlso read: Birla Estates will launch premium Worli project by October Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement