BDR Pharma Chief's family acquires Mumbai Worli flats for Rs 810 mn

29 Nov 2023 CW Team

BDR Pharmaceuticals? Chairman & Managing Director, Dharmesh Shah's family, has reportedly acquired two adjacent sea-view luxury apartments in Mumbai?s Worli locality at a total cost of nearly Rs 810 million. The apartments, situated on the 39th habitable floor of the super-luxury project Artesia, span a total of 6,670 sq ft carpet area with an additional 367 sq ft balcony space. The transaction has valued the apartments at over Rs 1.20 lakh per sq ft, positioning them among the most expensive property transactions in the country.

Both properties were purchased through two trusts, namely RDS Private Family Trust and BRD Square Private Family Trust, directly from the developer K Raheja Corp. Dharmesh Shah's wife, Binita, serves as the trustee for both trusts. According to the agreement, the buyer will also receive exclusive access to a total of seven car parking slots in the tower, as revealed by documents accessed through Zapkey.com. While one of the deals was officially registered on November 1, the registration for the second deal occurred two days later.

The super-premium residential tower, Raheja Artesia, occupies a 5-acre land parcel in Worli and has witnessed transactions at an average price of Rs 1.25 lakh per sq ft.

BDR Group companies, including BDR Pharmaceuticals International and BDR Life Sciences, are actively involved in Active Pharmaceutical Ingredient (APIs) and formulation manufacturing, respectively. Their focus is on development in four specialised therapeutic segments: oncology, critical care, gynaecology, and neurology.

Despite higher interest rates and escalating housing prices, Mumbai's property market, spanning luxury, premium, and mid-income segments, has consistently set new records over the last three years. The heightened activity in premium and mid-income housing segments has contributed to increased stamp duty collections, subsequently boosting the state exchequer?s revenue for several months.

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