In a record breaking deal for the luxury real estate market in Mumbai, a business family has finally purchased four apartments in an upcoming premium residential tower for a rate of Rs. 1.2 lakh per sq. ft. The property will be developed at the tony Nepean Sea Road in Mumbai. The total value of the deal is estimated at Rs. 240 crore. The Taparia family has purchased these apartments from the Runwal Group which is building this project called The Residence. The apartments are between the 28th and 31st floors. The deal thus evens out at a whopping Rs. 1.2 lakh per sq. ft. which represents a record in recent times. Every apartment will have 4, 500 sq. ft. in carpet area.
This residential tower is located in close proximity to the Kilachand House, often labelled as the last remaining majestic palace in the island city. Famy Care, the well-known contraceptive company, was owned by the Taparias and they sold the company around three years earlier for Rs. 4, 600 crore. The family was once amongst Mumbai’s highest taxpayers. The legal firm of the family has already issued its public notice where it stated that the client was conducting a title search for the Runwal project where it also purchased a total of 28 parking slots.
Two years earlier, the Taparia family purchased a duplex apartment of 11, 000 sq. ft. for a whopping Rs. 60 crore in a residential project located at the BKC (Bandra-Kurla Complex). The 35-storeyed residential tower called The Residence is coming up on a half-acre land parcel which once housed the Nepean Grange two storeyed bungalow that was built in the year 1918. Runwal Group purchased this property for Rs. 350 crore in 2011 from the Kapadia family and a tenant, namely the Lilani family, which asked for Rs. 80 crore.
The deal is a booster shot for Mumbai’s luxury real estate market as per experts. Nepean Sea Road has a limited supply of housing units and is a coveted area since it is an ultra-rich neighborhood. In 2015, another big ticket deal took place when the Jindal family behind Jindal Drugs purchased a duplex apartment for Rs. 160 crore at Lodha Altamount along the Altamount Road. This flat was sized at 10, 000 sq. ft.
In 2015, Cyrus Poonawalla also forked out Rs. 750 crore for a palatial property in Breach Candy which was once home to the US Consulate. This was the costliest transaction in India for a private residence.
