Marico CEO Saugata Gupta And His Wife Purchases ₹36.4 Crore Luxury Apartment in Mumbai’s Worli
Saugata Gupta, Managing Director and CEO of Marico, along with his wife Reema Sen, has recently made a significant real estate acquisition in Mumbai's upscale Worli neighbourhood. The couple purchased an apartment for ₹36.4 crore in the Birla Niyaara project, a prestigious development by Birla Estates, according to property registration documents accessed by Zapkey.
Details of the Acquisition
The apartment spans approximately 3,972 square feet of carpet area and includes five dedicated car parking spaces, a highly sought-after feature in Mumbai’s luxury real estate market. The transaction was registered with a stamp duty of ₹2.18 crore and additional registration charges of ₹30,000. Both Gupta and Sen are listed as joint owners of the property, located in the second phase of the Birla Niyaara project.
About the Birla Niyaara Project
Birla Niyaara is a high-profile development known for its luxurious offerings and prime location. Situated in Worli, one of Mumbai's most sought-after neighborhoods, the project is distinguished by its opulent design and state-of-the-art amenities. The second phase of Birla Niyaara, where Gupta's new residence is located, continues the project's reputation for excellence in luxury living. The development features contemporary architecture, spacious layouts, and high-end facilities, aligning with the needs of affluent buyers seeking a blend of comfort and exclusivity.
Comparable High-Value Transactions
Mr. Gupta’s purchase is part of a broader trend of high-value real estate transactions in Mumbai. For instance, earlier in July, Priyanjali Mariwala, head of the ASCENT Foundation and daughter of Harsh Mariwala, Chairman of Marico, bought an apartment in Sunteck Signature Island, Bandra Kurla Complex, for ₹65.25 crore. In another significant transaction, Mukesh Gupta, Chairman of Lloyds Group, along with his wife Abha Gupta and son Shreekrishna Gupta, acquired a triplex apartment in Worli for ₹107 crore.
Worli, situated in Central Mumbai, has long been a hub for luxury real estate, attracting high-net-worth individuals and celebrities alike. As per hindustantimes.com, local brokers suggest that properties in this area command a premium, with prices ranging from ₹70,000 to ₹1 lakh per square foot. This price range reflects the exclusivity and demand for prime real estate in the Mumbai.
Mumbai's Real Estate Market Outlook
The Mumbai real estate market, particularly in the luxury segment, continues to witness robust activity. According to a report by India Sotheby’s International Realty and CRE Matrix, luxury housing sales in Mumbai increased by 8% in the first half of 2024, totaling ₹12,300 crore. This trend underscores the sustained demand for premium properties despite broader economic uncertainties.
While the market for ultra-luxury homes remains competitive, buyers like Mr. Gupta are willing to invest in prime properties that offer a blend of exclusivity, luxury, and convenience. The demand for such properties is driven by their strategic locations, comprehensive amenities, and the prestige associated with owning a residence in Mumbai’s most coveted neighbourhoods.
The acquisition by Saugata Gupta and Reema Sen highlights the ongoing demand for high-value real estate in Mumbai's luxury market. Mumbai's luxury market remains vibrant, drawing significant investments as a top global real estate destination.
