Five Luxury Apartments in Mumbai’s Worli Purchased by Metro Brands Promoters for ₹405 Crore
Promoters of Metro Brands, a leading footwear retailer, have recently made a significant investment in Mumbai’s luxury real estate market. Five luxury apartments in the upscale Worli area were purchased for a combined ₹405 crore, as per documents accessed by Indextap.com. The apartments are located in one of Mumbai’s tallest and most prestigious buildings, Palais Royal, a development by Honest Shelters Private Limited. This purchase highlights the growing demand for high-end residential properties in one of Mumbai’s most sought-after locations.
According to documents accessed by Indextap.com, the purchase includes a total area of 38,390 square feet across the five apartments, each priced at ₹81 crore. These properties offer the kind of exclusivity and luxury that has come to define the high-end real estate market in Mumbai. Additionally, the buyers have secured 20 parking spaces, a rare and valuable feature in the city. The apartments are situated in an area that has long been a hub for luxury living, attracting wealthy individuals and investors from around the world.
The first of the five apartments was purchased by Ziya Malik on December 20, 2024, for ₹81 crore. This apartment measures 7,687 square feet and comes with five car parking spaces. The second apartment, also measuring 7,672 square feet, was bought by Alisha Malik on the same day for the same price. Like the first, it also includes five parking spaces. Farah Bhajni, another promoter, purchased the third apartment, which is similarly sized at 7,687 square feet, on December 23, 2024, for ₹81 crore. The fourth and fifth apartments were purchased by Shabina Malik Hadi and Zara Malik on December 24 and December 26, respectively, for ₹81 crore each. These two apartments are 7,672 square feet each and come with 10 parking spaces. Together, the five transactions total a significant sum and underscore the continued demand for luxury properties in Mumbai’s real estate market.
The transaction reflects the broader trends in Mumbai’s luxury housing market. As demand for high-end homes increases, so too does the price of premium real estate. According to reports, the luxury housing segment, which includes properties priced at ₹4 crore and above, saw a 37.8% increase in sales during the first nine months of 2024. This growth is a result of increasing affluence among India’s elite and the growing trend of real estate as a preferred investment class. Mumbai, as India’s financial capital and a global city, offers both a prestigious address and an array of amenities that make it an attractive proposition for wealthy buyers.
Worli, in particular, has emerged as a prime location for luxury real estate in Mumbai. Over the past few years, the area has seen a significant influx of high-profile transactions. Several prominent figures, both domestic and international, have invested in properties in the area. For example, the chairman of Barnsley Football Club, Neerav Parekh, along with his mother, Kalpana Parekh, purchased two apartments in Worli for ₹170 crore in December 2024. Additionally, Jagdish Master, the director of Deep Financial Consultants, bought an apartment in the area for ₹105 crore.
The area’s popularity is also reflected in the sale of a ₹185 crore luxury apartment by Seema Singh, wife of Mritunjay Kumar Singh, promoter of Alkem Laboratories, in early December 2024. Such high-profile deals demonstrate that Worli’s luxury market is continuing to expand, with developers capitalizing on the increasing demand for top-tier residential spaces. The presence of high-end commercial spaces, top-tier educational institutions, and proximity to key business districts further adds to the area’s allure.
The rise in demand for luxury properties in Mumbai is not limited to just one or two specific locations. Areas like Worli, Lower Parel, and Bandra are all experiencing increasing interest from affluent buyers. This has contributed to rising property prices, particularly in the premium segment. The luxury real estate market in Mumbai is also witnessing a shift in buyer preferences, with many opting for larger, more exclusive properties that offer the utmost in privacy and comfort.
The high demand for luxury homes, combined with Mumbai’s status as a financial hub and cultural epicenter, has ensured that the city’s luxury real estate market remains robust. As more wealthy individuals and families look to invest in properties that offer a high standard of living and promise substantial returns, areas like Worli are likely to continue to attract attention. The trend of purchasing high-end real estate as a sound investment is expected to remain strong in the coming years.
Image source- palaisroyale
