Godrej Family Acquires Three Luxurious Sea-View Apartments in Malabar Hill for Rs 180 Crore

In a landmark real estate transaction, Godrej Industries’ Chairman Nadir Godrej and his family have secured three luxury sea-view apartments in South Mumbai’s prestigious Malabar Hill. The total acquisition cost for these properties amounts to nearly Rs 180 crore, sourced from a subsidiary of the JSW Group.

Prime Real Estate Acquisition
The under-construction super-luxury residential project, Ruparel House, is situated on Ridge Road at the pinnacle of Malabar Hill. This prime location offers breathtaking views of the iconic Queen’s Necklace. Developed by R House Realty, part of JSW Realty, the project promises unparalleled luxury and exclusivity.

Property Details
The Godrej family has acquired apartments on the sixth, seventh, and eighth floors of the upcoming tower. These properties collectively span 13,836 sq ft, which includes 1,029 sq ft dedicated to exclusive deck and covered balcony areas. The transactions were registered on June 12. Notably, the Godrej family has paid Rs 10.79 crore in stamp duty alone for these registrations.

Additional Perks
As part of this high-value deal, the buyers will have exclusive access to 12 car parking slots within the tower, which features 14 residential levels, each comprising a single apartment per floor. The project is slated for completion by December 2027.

Record-Setting Transaction
This property deal, inclusive of stamp duty and GST, is valued at Rs 1.44 lakh per sq ft, positioning it among the most expensive real estate transactions in the country.

Robust Real Estate Market Performance
The year 2023 saw an unprecedented surge in residential property sales across India’s top eight cities, driven by strong demand in mid-income, premium, and luxury segments. Mumbai, recognized as the country’s largest and most expensive property market, led this growth trend. The city achieved record property deal registrations, surpassing the 10,000 mark each month for the first five months of 2024. This streak included ten consecutive months of year-on-year growth in registrations since August 2023.

Key Market Drivers
South and Central Mumbai, known for hosting India’s most expensive apartments, have significantly contributed to this performance. The micro-market has witnessed numerous high-value transactions involving industrialists, CXOs, actors, and sports personalities over recent years.