BENGALURU : Siddharth Jain, executive director of Inox Group, has bought a luxury, sea-facing quadruplex apartment for ₹144 crore in south Mumbai’s upscale Worli area.
The 10,567 sq ft amalgamated apartment in the building ‘Raheja Legend’ is spread across four levels (42nd, 43rd, 44th and 46th floors), and has access to 12 car parks, showed documents accessed by real estate data portal Indextap.com.
Jain bought the property from Ashish Raheja, who is the managing director of Raheja Universal Pvt Ltd. Raheja sold the property in his personal capacity.
Jain, who is responsible for industrial gases, entertainment and cryogenics equipment manufacturing businesses of the Inox Group, acquired and purchased the said premises in the name and for the benefit of his three minor daughters, the registration documents showed.
The amalgamated property was registered on 31 March, and the buyer paid a stamp duty of ₹7.20 crore.
“This transaction loudly and clearly reiterates our hypothesis that the Mumbai luxury real estate market is resilient to changes in stamp duty rates, market dynamics. Luxury homes in Mumbai continue to see relentless demand especially given limited supply by Grade A developers in a premium neighbourhood such as Worli," said Abhishek Kiran Gupta, CEO at CRE Matrix and IndexTap.
Jain didn’t respond to an email query.
Mumbai has seen a spate of high-end apartment sales both in the south and central parts of the city, and premium suburban locations such as Bandra.
Last year, SIL Investments Ltd, a Rajasthan-based firm, bought a duplex apartment in Raheja Legend for ₹78 crore. This year, HDFC Asset Management Co. Ltd’s chief investment officer Prashant Jain and his wife Divya Prashant Jain bought a sea-view apartment for ₹19.36 crore, at ‘Marina Bay’, in the Worli Sea Face area.
In 2021, HDFC chairman Deepak Parekh’s wife Smita D Parekh bought an apartment for ₹50 crore at ‘Artesia’ in Worli. HDFC vice-chairman and CEO Keki Mistry also bought an ultra-luxury apartment in Artesia for ₹41.23 crore.
