 "Metro brands promoters Alisha, Zia Malik buy Worli flats for Rs 81 cr each")
Alisha Rafiq Malik and Zia Malik Lalji, the co-promoters of footwear retailer Metro Brands, have bought two luxurious apartments in Worli, Mumbai for Rs 81 crore, each, as per documents accessed by Indextap.com, a data-driven home buying platform.
The two opulent apartments are located in the prestigious Palace Royal complex constructed by Honest Shelters Private. Each apartment was acquired for Rs 81 crore, underscoring the growing appeal of high-end properties in the city.
In September 2024, five promoters of Metro Brands Ltd. offloaded stake worth Rs 749.7 crore through open market transactions. Promoters Farah Malik Bhanji, Alisha Rafique Malik, Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi sold 11.9 lakh shares each at Rs 1,260 apiece, according to bulk deal data on the NSE.
As of June, Farah Malik Bhanji held a 1.88% stake, while Alisha Rafique Malik held a 3.34% stake. Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi held 1.46% stake each.
The sold units are as follows:
Residential Unit No. 61 North East
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- Floor: 61st Level (45th Level as per BMC Plan)
- Size: 7,564 square feet
- Promoter: Alisha Rafiq Malik
- Booking Date: December 20, 2024
- Total Cost: Rs 81 crore
- Down Payment: ₹4.05 crore
- Residential Unit No. 61 South East
Floor: 61st Level (45th Level as per BMC Plan)
- Size: 7,687 square feet
- Promoter: Zia Malik Lalji
- Booking Date: December 20, 2024
- Total Cost: Rs 81 crore
- Down Payment: Rs 4.05 crore
The Palace Royal complex, known for its opulent design and prime location in Worli, has attracted high-net-worth individuals looking for premium living spaces. As Mumbai's luxury segment shows no signs of slowing down, industry experts predict further growth in property investments, particularly in iconic developments like Palace Royal.
In 2019, Honest Shelters, a little-known company from Pune with paid-up share capital of Rs 1 lakh, had struck an agreement to pony up Rs 705 crore as earnest (consideration) money to buy the iconic Worli skyscraper Palais Royale that went up on auction from realty firm Indiabulls Housing Finance (IHFL).
Palais Royale is India's tallest skyscraper.From their elevated vantage point, residents at Palais Royale are treated to sweeping, unobstructed panoramic views of the city, its surrounding landscapes, and the Arabian Sea. The vistas stretch as far as the eye can see, offering a daily visual feast of the urban skyline, lush greenery, and serene water bodies.
Earlier this month, Seema Singh, one of the promoters of Alkem Laboratories, purchased a luxury penthouse at Lodha Sea Face, Worli, Mumbai, from Macrotech Developers. The apartment, located on the 30th floor of the A-Wing, spans 14,866 sq. ft. and was bought for Rs 185 crore, according to documents accessed by IndexTap.com. The transaction includes nine car parkings and a stamp duty of Rs 9.25 crore. The agreement was registered on December 11, 2024, with a price per square foot of Rs 1,24,446.
In November 2024, promoter of wires and cables manufacturer RR Kabel Ltd, Shreegopal Kabra and his family members, purchased two apartments worth Rs 198 crore in Worli area of Mumbai, according to property registration documents accessed by IndexpTap.com. The two apartments spread across 13,809 sq ft are located on the 62nd floor of Oberoi Three Sixty West, a luxury project by Mumbai-based listed real estate firm Oberoi Realty.
Bollywood actors Shahid Kapoor, D'Mart's Radhakrishna Damani and Everest Masala Group’s promoter Vadilal Bhai Shah, Vratika Gupta, founder of a well-known decor brand, Ashley Nagpal, promoter of Ebco Pvt Ltd, a furniture fittings and accessories firm, all own sea-facing luxury flats in Oberoi Realty's Three Sixty West project.
Over the past 12 months, Mumbai’s luxury real estate prices have surged 11.5 per cent, positioning the city third globally, trailing only behind Manila and Tokyo in Knight Frank’s Prime Global Cities Index. This index ranks cities based on annual realty price changes, underlining Mumbai’s growing prominence on the global luxury real estate stage. The burgeoning demand for high-end residential properties in Mumbai is attributed to a wave of substantial deals involving high-net-worth individuals (HNIs) and investors. According to an official from CBRE, “Mumbai’s luxury real estate market is experiencing a surge in demand, driven by a wave of big-ticket deals. HNIs and investors are flocking to acquire prime properties, underscoring the growing allure of ultra-luxury living in the city. This trend is reflected in projects across Mumbai, including new developments like Palais Royale.”
In a recent report, real estate consultancy firm JLL said Mumbai’s high-end residential market is expected to be propped up by demand from HNIs, NRIs, industrialists and executives. Infrastructure projects will improve connectivity, enabling easier living and keeping demand for such properties at elevated levels.
“Prices are expected to rise as new launches are likely to enter the market at higher prices. Strong sales will support developers as they increase prices for successful projects. Capital values are anticipated to grow at a faster pace y-o-y,” the report added.
Luxury homes in Mumbai clocked record sales of Rs 12,300 crore in the first half of 2024 with Worli cornering more than a third of the purchases.In comparison, about Rs 11,400 crore of luxury homes - priced Rs 10 crore and above - were sold in the first half of last year, according to a joint report by property advisory India Sotheby’s International Realty and data analytics firm CRE Matrix in July 2024. About Rs 3,500 crore of the sales came from the secondary or resale market, up 38% from levels in H1 2023.