Shreyas Iyer and his Mother Rohini Iyer Purchase 525 Sq Ft Apartment in Mumbai for ₹2.90 Crore

Indian cricketer Shreyas Iyer and his mother, Rohini Iyer, have recently made headlines with their latest real estate purchase in Mumbai’s upscale Worli area. They bought a 525 sq ft apartment for a whopping ₹2.90 crore, reflecting the rising demand for prime real estate in the city’s coveted neighborhoods. This purchase adds to Shreyas Iyer’s growing property portfolio and highlights his investment choices in one of the most expensive real estate markets in the world.

Location and Pricing Details

The new apartment is located on the 2nd floor of Triveni Industrial CHSL in Adarsh Nagar, Worli. According to property documents accessed via Zapkey, the apartment was priced at ₹55,238 per sq ft. The registration process was completed on September 19, 2024, with a stamp duty of ₹17.40 lakh and an additional registration charge of ₹30,000, revealing the meticulous attention to documentation and legal formalities.

Shreyas Iyer’s Expanding Real Estate Portfolio

This isn’t the first time that Shreyas Iyer has ventured into the world of high-value real estate. The cricketer already owns a luxurious home in Mumbai’s Lodha World Towers, one of the city’s tallest and most iconic residential buildings. In September 2020, Iyer made headlines when he bought a spacious 2,380 sq ft apartment on the 48th floor of the World Towers, developed by Macrotech Developers. The price for this lavish abode was ₹49,817 per sq ft, and it came with three designated car parks, a significant perk in Mumbai’s congested real estate landscape.

Commercial Property Investments in 2024

Apart from residential properties, Shreyas Iyer has also delved into commercial real estate. In July 2024, Iyer joined a growing list of sportspersons investing in income-generating commercial properties in Mumbai. He purchased a commercial space in Worli for ₹2.9 crore, according to documents accessed by Propstack. This property spans 510 sq ft of carpet area, with the rate calculated at ₹56,863 per sq ft. The growing trend of sports celebrities investing in commercial properties demonstrates a strategic move to diversify income streams beyond sports and endorsements.

Real Estate Trends in Worli

Worli, a central location in Mumbai, has long been a hotspot for luxury real estate. Its proximity to key business districts and high-end residential developments has attracted elite buyers, including business magnates, celebrities, and sports stars. The area consistently records transactions for luxury apartments ranging between ₹1 lakh to ₹1.50 lakh per sq ft.

The presence of renowned real estate developers, including Oberoi Realty and Macrotech Developers (Lodha), has further enhanced the appeal of Worli as a prime residential destination. In fact, Oberoi Realty recently announced the redevelopment of seven old buildings in Adarsh Nagar, close to Iyer’s new apartment. This project, once completed, is expected to bring 504 flats into the market, with a total of 6.24 lakh sq ft of RERA carpet area available for sale. This redevelopment project will likely drive further interest in the area from both investors and end-users.

Mumbai’s Real Estate Market Performance in 2024

While the overall demand for real estate in Mumbai remains robust, recent data indicates a slight dip in property registrations during the festive season of 2024. According to a report by Knight Frank India, property registrations in Mumbai fell by 10% during the Ganesh festival this year compared to the same period in 2023. The number of registrations dropped from 3,700 in 2023 to 3,400 in 2024. Despite this decline, industry experts believe that this is a short-term fluctuation, with strong underlying demand for housing in the city.

Shreyas Iyer’s recent purchase further cements his presence in Mumbai’s luxury real estate market. The investment reflects the growing trend of high-profile individuals diversifying their portfolios through strategic real estate investments. As Mumbai continues to evolve as a major real estate hub, areas like Worli will remain at the forefront of this transformatio inn, with both commercial and residential markets poised for continued growth.

Image source- facebook.com