Business family pays Rs 240 crore for 4 flats in luxury tower at Nepeansea Road
In one of the biggest residential deals in the city, a Mumbai-based business family has purchased four apartments in an upcoming residential tower at Nepeansea Road for a whopping Rs 240 crore.
According to a Times of India report, the Taparia family bought the flats between the 28th and 31st floors of the luxury tower ‘The Residence’ from the Runwal Group. The tower is located close to Kilachand House, the city’s last standing palace.
The family paid approximately Rs 1.2 lakh per sq ft for the flats, reportedly on a super built-up area basis (each flat has 4,500 sq ft carpet area). The deal was finalised in January this year and includes 28 car parking slots.
The Taparia family formerly owned contraceptive maker Famy Care, which they sold for Rs 4,600 crore in 2015. They are among the highest individual taxpayers from Mumbai.
Two years back, the family had purchased a 11,000 sqft duplex apartment for Rs 60 crore in a residential project at the Bandra Kurla Complex (BKC).
The 35-storey tower is coming up on a half-acre plot on Nepean Sea Road, which once housed a century old ‘Nepean Grange’ bungalow.
Runwal Group had bought the property in 2011 for Rs 350 crore, of which Rs 270 crore was paid to the owners and Rs 80 crore to the existing tenants.
The deal comes in the backdrop of demonetisation and Real Estate (Regulation and Development) Act (RERA), both of which have impacted real estate sales in the country’s financial capital.
However, eperts say that such deals will continue to materialize despite the seemingly stagnant luxury residential market due to the limited inventory of luxury apartments in South Mumbai, the city’s most premium neighbourhood.
The last big-ticket residential sale came in 2017, when a prominent business family had bought ten ultra-luxury apartments in Omkar 1973 project in Worli for an estimated Rs 232 crore.