Apco Infratech Acquires Luxury Triplex in Pali Hill, Bandra for Rs 1.55 bn

26 Jul 2024 CW Team

Highways and urban infrastructure developer Apco Infratech has acquired a luxury sea-view triplex apartment in a residential project located on a land parcel that previously housed the bungalow of late Bollywood actor Dilip Kumar in Mumbai's Bandra suburb. The property was purchased for Rs 1.55 billion.

The apartment, which spans 9,527 square feet, is valued at Rs 1.62 lakh per square foot, making it one of the most expensive residential transactions in the country. Apco Infratech bought the triplex situated on the top three floors of the upcoming 11-storey residential tower, The Legend, from the project's developer, Ashar Group.

The company has paid a stamp duty of Rs 9.30 crore for the registration of the transaction, which was finalised.

Apco Infratech, which manages a portfolio of 11 design-build-finance-operate-transfer (DBFOT) projects, is also involved in numerous highway projects across India and has a presence in Nepal. The company was recently awarded work on two packages of the Mumbai Coastal Road North Project. The late actor's family had entered into an agreement with real estate developer Ashar Group to develop a luxury residential project on the nearly half-acre land parcel. Scheduled for completion in 2027, the project, with a total construction area of 1.75 lakh square feet, will also feature a museum dedicated to the actor's life and achievements.

Sales of residential properties across the top eight cities reached an all-time high in 2023, driven by strong demand across mid-income, premium, and luxury segments. Mumbai led the market as the country's most significant and costly property market, continuing its record-setting trend, with a notable performance in June.

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