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

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

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.

Image Source

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

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

Related Stories

Gold Stories

Next Story
Equipment

Seven Propel 470 HEV electric tippers go to work on coal haulage in Chhattisgarh

Propel EV, the electric mobility division of Propel Industries and India's No. 1 electric tipper brand, has deployed seven 470 HEV electric trucks with a leading coal-haulage contractor at one of India's largest opencast coal mines in Chhattisgarh. The trucks are in daily operation, moving coal on continuous haul cycles in one of the most demanding applications in Indian mining.Why Electric - and Why CoalCoal haulage runs round the clock: heavy loads, long haul cycles, steep ramps and abrasive dust. It is also where diesel hurts most. Engines run continuously, fuel is the largest single operat..

Next Story
Infrastructure Transport

UP Cabinet Approves Renaming Jewar Airport After PM Modi

The Uttar Pradesh Cabinet has approved a proposal to rename Noida International Airport at Jewar as Narendra Modi International Airport, Noida-Jewar. Chief Minister Yogi Adityanath announced the decision after a Cabinet meeting, saying the airport represented a major contribution to the state and would become Uttar Pradesh’s largest airport and a significant aviation hub. The greenfield airport’s foundation stone was laid by Prime Minister Narendra Modi on November 25, 2021. He inaugurated Phase 1 on March 28, 2026, and commercial flights began on June 15. The facility is being developed a..

Next Story
Infrastructure Energy

Rolls-Royce Seeks Deeper Strategic Role in India

Rolls-Royce has described India as central to its long-term ambitions and said it wants to deepen its role as a strategic partner supporting the country’s energy security, infrastructure growth, national security and connectivity. The British aero-engine maker said its future expansion would build on decades of operations, industrial partnerships, engineering capabilities and a growing manufacturing and supply-chain ecosystem. The company held a board meeting in India for the first time this week. During a three-day visit, Rolls-Royce chief executive Tufan Erginbilgic met Prime Minister Nare..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code