Amit Rathi, Co-founder of QiCAP.AI, Buys ₹89 Crore Luxury Apartment in Mumbai’s Tallest Building, Palais Royale
Mumbai’s real estate market continues to attract high-net-worth individuals (HNWIs) with record-breaking deals in luxury housing. In a recent high-profile transaction, Amit Rathi, co-founder of QiCAP.AI, has purchased a luxury apartment in Palais Royale, India's tallest residential building, for ₹89.91 crore. The purchase highlights the continued demand for premium residences in the city’s upscale Worli area.
According to property registration documents accessed by Zapkey.com, Rathi has acquired a 7,685 sq ft apartment on the 62nd floor of Palais Royale at an approximate rate of ₹1.17 lakh per sq ft. The transaction, registered on March 22, 2025, also includes five parking spaces. The property deal attracted a stamp duty of ₹5.39 crore and a registration fee of ₹30,000.
Palais Royale, a 320-meter-tall residential skyscraper in Mumbai’s Worli locality, has been under construction for nearly two decades. Despite multiple delays, it remains one of the most sought-after luxury addresses in India. The property market in Mumbai has seen several high-value transactions in recent years, with HNWIs making strategic investments in prime real estate.
Amit Rathi is the co-founder of QiCAP.AI, a global quantitative multi-asset trading and investment platform. His professional background includes a tenure as a non-executive director at Anand Rathi Wealth, a role he resigned from in 2022. His latest acquisition places him among Mumbai’s elite property investors, following in the footsteps of other prominent business personalities who have secured residences in the city’s high-end developments.
Palais Royale was conceptualized in 2007 and has faced several regulatory and financial hurdles over the years. Despite the challenges, it is now nearing completion and has received partial Occupation Certificates (OC) up to the 53rd floor. The tower’s extensive delays have been attributed to litigation, environmental clearances, and financing difficulties.
When fully completed, Palais Royale will be one of Mumbai’s most iconic skyscrapers, offering ultra-luxurious residences with panoramic views of the city skyline and Arabian Sea. The building boasts state-of-the-art amenities, including high-end recreational facilities, private elevators, and expansive living spaces designed to meet the expectations of elite buyers.
The Mumbai real estate market has seen a consistent rise in high-value property deals. In 2024, financial expert Anand Rathi and his family expanded their real estate holdings by acquiring three luxury apartments in Worli for ₹98.94 crore. The trend indicates a sustained appetite among HNWIs for ultra-luxury residences in premium locations.
Additionally, Mumbai’s skyline continues to evolve with the introduction of more towering structures. In 2011, Lokhandwala Infrastructure launched Minerva, a 301-meter residential tower overlooking the Mahalaxmi Race Course, which was finally completed in 2023. More recently, MICL launched Aaradhya Avaan in Tardeo, a project with a planned height exceeding 1,000 feet.
According to CBRE India, Lodha World Towers, standing at 918 feet, currently holds the title of India’s tallest completed residential building. However, Palais Royale and upcoming developments could soon challenge its status.
Despite global economic fluctuations, Mumbai’s luxury real estate market remains resilient. The city continues to attract investors seeking high-value properties in prime locations. The completion of Palais Royale will further solidify Worli’s position as one of the most desirable neighborhoods for luxury living.
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