Mumbai: Real Estate Firm Director Buys Sea-Facing Luxury Apartment In Worli For ₹97.40 Crore

Mumbai: In a major property deal, the director of a real estate firm and his family members have purchased a sea-view apartment in a residential tower in Worli area for Rs 97.40 Crore. The apartment, having a carpet area of 14,911 sq ft, is situated on 44th floor of the Oberoi 360 West project.

According to the documents accessed by real estate platform Zapkey.com, the property was registered on May 29, 2024 in the name of Rajesh Labhubhai Lakhani, a director of Woodstock Estate LLP along with Saroj Rajesh Lakhani and Vimal Labhubhai Lakhani.

The apartment, purchased from Oasis Realty, comes with an additional 884 sq ft area and seven car parkings, the documents revealed.

Recently, Bollywood actor Shahid Kapoor and his wife Mira also purchased an apartment measuring 5,614 sq ft worth Rs 58.66 Crore at Oberoi 360 West. Situated on the 24th floor in Tower B of the Oberoi 360 West, the apartment attracted stamp duty of Rs 1.75 Crore and the sale deed was registered on May 24, 2024. Kapoor also purchased three car parking spaces.

Mumbai city (area under BMC jurisdiction) recorded property registration in excess of 11,802 units in May 2024, adding over INR 1,010 Crore to the state exchequer. Compared to the same time previous year, property registrations have risen by 20% year-on-year (YoY), revenues from property registrations are expected to increase by 21% YoY. This was mentioned in a report by global real estate consultant Knight Frank.

In the first five months of this year, the total number of properties registered was recorded at 60,622 which was higher by 16% YoY against the same period in 2023 which had recorded the registration of 52,173 properties.

This upward trend is a corroboration of the continued upward trend of property registrations in the city, especially in the higher value as demonstrated by the fact that up to 50% of the residential properties registered are in the price band of above INR 1 Crore. Almost 21% of properties registered in May 2024 cost over INR 2 Crore.

Published on: Thursday, June 06, 2024, 06:49 PM IST