Marico’s Priyanjali Mariwala Acquires Luxury Apartment in Mumbai's BKC for Rs 65 Crore.
Priyanjali Mariwala, associated with the Marico family, has made a significant investment in Mumbai's luxury real estate market by acquiring a lavish apartment in the Bandra-Kurla Complex (BKC) for Rs 65.25 crore. This purchase highlights the ongoing demand for high-end properties in one of Mumbai's most prestigious locales.
Details of the Transaction
The newly acquired apartment is situated on the first floor of Signature Island, a super-premium residential tower developed by Starlight Systems, part of Sunteck Realty. Spanning nearly 8,300 sq ft, this luxury residence was purchased at a rate of Rs 78,690 per sq ft. The transaction also includes exclusive rights to four car parking slots, enhancing the convenience of living in this upscale environment.
As part of the deal, Mariwala paid a stamp duty of Rs 3.26 crore. It's noteworthy that the Maharashtra government provides a concession of 1% in the prevailing stamp duty for women homebuyers, which effectively lowered the applicable rate to 5% for this transaction. This incentive is part of the government's efforts to encourage homeownership among women.
About Priyanjali Mariwala
Priyanjali Mariwala is not only a prominent figure in the real estate market but also leads the ASCENT Foundation, a not-for-profit organization founded by Marico's Chairman. The foundation focuses on supporting high-potential entrepreneurs, helping them scale their businesses and improve their entrepreneurial journeys. This dual role reflects her commitment to both business and social causes.
Celebrity Residents and High-End Leasing
Signature Island is known for its exclusive clientele, attracting numerous high-profile residents from various sectors. Notable personalities such as Uday Kotak, Gautam Adani, Vikram Pandit, and Bollywood stars like Aishwarya Rai Bachchan and Sonam Kapoor are among the apartment owners in this luxurious complex. This concentration of affluent residents contributes to the prestige and desirability of living in BKC.
In terms of leasing, the tower has seen significant activity. For instance, Abbott Healthcare leased a 5,000 sq ft apartment in Signature Island for a monthly rent of around Rs 10 lakh, amounting to over Rs 3.60 crore for a 36-month lease. Current rental prices in the tower range from Rs 15 lakh per month for smaller duplexes to Rs 20 lakh for larger units, indicating a robust rental market in this high-end segment.
Practical Takeaway
This acquisition by Priyanjali Mariwala underscores the continued appeal of luxury properties in Mumbai, particularly in BKC, which remains a prime location for affluent buyers and investors. The incentives for women homebuyers and the presence of high-profile residents further enhance the attractiveness of investing in this area, making it a noteworthy consideration for potential buyers and investors looking at the luxury segment of the Mumbai real estate market.