Essar Steel buys Rs 42 cr luxury apartment in Mumbai’s Samudra Mahal

29 Dec 2021 CW Team

Essar Steel Metal Trading Limited of the Essar Group has bought a sea-facing luxury duplex apartment at Samudra Mahal in Mumbai for Rs 42 crore.

The deal values the luxury apartment at over Rs 1.44 lakh per sq ft, which is the most expensive apartment transaction in India. It covers a 3,638 sq ft carpet area on the 21st and 22nd floors of the sea-facing building on Dr Annie Besant Road. The transaction for this property was registered on 8 December.

The luxury duplex apartment is the most expensive residential property in India. It is home to the Scindia family, Chairman of Vedanta, Anil Agarwal, Co-founder of Infosys, NR Narayana Murthy and Nandan Nilekani, Founder of Xander Group and many other leaders.

The stamp duty reduction in Mumbai ended on 31 March this year, which was a catalyst for Mumbai's residential market. With the most expensive real estate sector, Mumbai witnessed new benchmarks with property transactions since 2020.

Property registrations in India's commercial sector have witnessed a 10-year high in September, followed by low home loan rates and incentives offered by the real estate developers. The realty market has scaled a new 10-year high as it crossed its mark of 1 lakh registrations in one year.

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Also read: SKA Group will invest Rs 400 cr in luxury housing project in Noida

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