Godrej Industries Chairman buy 3 flats for Rs 1.80 bn in South Mumbai

18 Jun 2024 CW Team

Nadir Godrej, the Chairman of Godrej Industries, along with his family, has purchased three sea-view luxury apartments in South Mumbai's Malabar Hill. The total cost of these acquisitions from a real estate development subsidiary of the JSW Group amounts to nearly Rs 1.80 billion. The apartments are part of the under-construction Ruparel House project located on Ridge Road, offering a view of Queen's Necklace. R House Realty, a subsidiary of JSW Realty, is developing this super-luxury residential project.

The apartments, situated on the sixth, seventh, and eighth floors of the upcoming tower, cover a total area of 13,836 sq ft, including an exclusive deck and covered balcony spanning 1,029 sq ft. According to documents accessed through Zapkey.com, Nadir Godrej and his sons Burjis and Hormusji paid Rs 100.79 million as stamp duty for the registration of these transactions on June 12.

As part of the agreement, the buyers will have access to 12 car parking slots in the exclusive tower, which consists of 14 residential levels, each featuring a single apartment per floor. The project is scheduled for completion by December 2027. The total property deal, inclusive of stamp duty and GST, is valued at Rs 1.44 lakh per sq ft, marking it as one of the most expensive transactions in the country.

The surge in residential property sales across the top eight cities, driven by strong demand across mid-income, premium, and luxury segments, reached an all-time high in 2023. Mumbai, as the largest and most expensive property market in the country, continued to set records with a particularly strong performance in May, surpassing 10,000 registrations each month in the first five months of 2024. Additionally, the market has seen year-on-year registration growth for ten consecutive months since August 2023.

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