• Buyer: Akshaye Vinod Khanna, 51
• Consideration: ₹33.26 crore
• Ready reckoner value: ₹24.19 crore
• Document: Agreement
• Executed and registered: 24 September 2026
• Apartment: Flat 301, 3rd floor, 30 Little Gibbs, Little Gibbs Road, Malabar Hill
• Area: 2,341.39 sq ft carpet; 175.45 sq ft balcony; 2,516.84 sq ft including balcony
• Also included: Staff unit P-602 (144.24 sq ft carpet) and three parking spaces
• Stamp duty: ₹1.9956 crore
• Registration fee: ₹30,000

Actor Akshaye Vinod Khanna has bought a third-floor apartment at 30 Little Gibbs, Malabar Hill, for ₹33.26 crore, according to the Index II of the agreement reviewed by Square Yards on the Inspector General of Registration website. The instrument, serial 18012/2026, was executed and registered on 24 September 2026.

The agreement value is ₹33,26,00,000. The ready-reckoner value on the property is ₹24,18,93,100. Stamp duty is ₹1,99,56,000, which is 6 per cent of the agreement value, and the registration fee is ₹30,000.

The apartment

Flat 301 is on the third floor of 30 Little Gibbs, Little Gibbs Road, Malabar Hill Road, in the Malabar and Cumballa Hill Division, Mumbai 400006. The index records a carpet area of 2,341.39 sq ft, a dry balcony of 33.69 sq ft and an open balcony of 141.76 sq ft, a balcony total of 175.45 sq ft. Area including balcony is 2,516.84 sq ft.

On that total, the deal works out to about ₹1.32 lakh a sq ft. On the apartment carpet alone it is about ₹1.42 lakh a sq ft.

The sale also takes in staff unit P-602 on the sixth parking floor, measuring 144.24 sq ft carpet, and three car parks: P1(4) and P1(5) on the first-level podium, and P6(1) on the sixth parking level.

The parties

The sellers named on the index are Saubhagya Properties Pvt. Ltd., through director Nilesh S. Bhoj and power of attorney Rajesh B. Gandhi, 53, of the 7th floor, The Ruby, Plot 29, Tulsi Pipe Road, Dadar West; Goodwill Properties Pvt. Ltd., through director Pranav R. Javeri and the same attorney; and Sila Malabar Hill Real Estate LLP, through authorised signatory Hari Kishan Movva, 45, of A-301, Neelam Centre, Hind Cycle Marg, Worli.

The buyer is Akshaye Vinod Khanna, 51, of 12A, Smangal, near Hanging Gardens, 12B, G. Kher Marg, Malabar Hill, Mumbai 400006.

The address

30 Little Gibbs sits on Malabar Hill, among South Mumbai’s tightest luxury addresses, off Little Gibbs Road and Malabar Hill Road, close to Hanging Gardens and Kamala Nehru Park. Khanna’s existing address on the index is also on Malabar Hill.

Akshaye Khanna, son of actor Vinod Khanna, has worked in Hindi films including Dhurandar, Dil Chahta Hai, Hulchul, Gandhi, My Father, Race and Drishyam. A ₹33.26 crore Malabar Hill buy at 30 Little Gibbs, with a staff unit and three parks, is now on the public registration record reviewed by Square Yards.

Also Read: 21 Acres of land sold in Thane for ₹471 Crore

The post Akshaye Khanna Buys Malabar Hill Flat at 30 Little Gibbs for ₹33.26 Crore appeared first on Square Feat India.

The agreement, signed through the Mumbai Building Repairs and Reconstruction Board (MBRRB), marks the transition of the ambitious cluster redevelopment project from the planning stage towards execution. Physical work on the project is scheduled to commence on the occasion of Diwali.

34-Acre Kamathipura Cluster to Undergo Planned Redevelopment

The project covers approximately 34 acres across Lanes 1 to 15 of Kamathipura and includes around 475 cessed buildings and 259 non-cessed buildings.

According to the project information, approximately 8,001 residential and commercial tenants and residents are associated with the redevelopment. This includes around 6,625 residential and 1,376 non-residential occupants, besides approximately 800 landowners.

With many of the buildings in the area nearly a century old, the locality faces challenges related to ageing structures, dense population, narrow roads and inadequate infrastructure.

The project therefore adopts a cluster-based redevelopment approach, rather than treating individual buildings as separate redevelopment projects. According to MHADA, the relatively small and narrow plots in the area make integrated planning particularly relevant for the locality.

MHADA to Act as Nodal Agency and Special Planning Authority

The Kamathipura Cluster Redevelopment Project is being implemented by MBRRB under Regulation 33(9) of DCPR-2034.

MHADA has been designated as both the Nodal Agency and Special Planning Authority (SPA) for the project.

The tender process for appointment of the Construction and Development Agency was initiated in June 2025. The Government approved the acceptance of the tender and appointment of the developers on April 6, 2026, followed by the issuance of a Letter of Offer on April 8, 2026.

A Project Feasibility Committee has also been constituted to determine eligibility, define the project area and facilitate the consent process involving residents and landowners.

Eligible Residents to Get 500 Sq Ft Rehabilitation Homes

A key component of the project is the rehabilitation of eligible existing residents and tenants.

Eligible residential tenants will receive 500 sq ft rehabilitation flats. The redevelopment plan also provides for the rehabilitation of eligible commercial occupants.

Beyond rehabilitation, the project is expected to make approximately 44,000 sq m of housing stock available to MHADA, through which around 900 additional housing units are proposed to be created.

This means the redevelopment is planned not merely as a replacement of existing buildings but as a larger urban renewal exercise involving rehabilitation, additional housing and supporting infrastructure.

New Buildings to Include Modern Civic and Safety Infrastructure

The proposed development will comprise rehabilitation buildings as well as residential and commercial spaces. The plan also incorporates public amenities, recreational open spaces, green areas, internal roads and transportation facilities.

The redevelopment is expected to incorporate modern earthquake-resistant construction technology and environment-friendly architectural features.

Other proposed infrastructure includes:

• Rainwater harvesting systems
• Sewage and solid waste management
• Green spaces
• Modern fire-safety systems
• Lift facilities
• Social and civic amenities
• Improved internal roads and transportation infrastructure

The stated objective is to provide residents with not only new homes but also planned amenities and infrastructure required for everyday living.

Rent Support and Shifting Assistance Approved

Financial arrangements for residents, commercial occupants and landowners have also been approved during the redevelopment period.

For residential occupants, approval has been granted for two years’ advance rent, along with cheques for the subsequent one year. Residents will also receive a one-time payment of ₹25,000 towards shifting and incidental expenses.

For commercial occupants, monthly rent during redevelopment will be linked to the size of the premises:

• Up to 200 sq ft: ₹25,000 per month
• 200 to 400 sq ft: ₹30,000 per month
• Above 400 sq ft: ₹35,000 per month

Landowners have also been approved ₹25,000 per plot per month as rent during the redevelopment period.

Citizen Participation to Form Part of Redevelopment Process

MHADA has also highlighted citizen participation and transparency as important components of the project.

On September 11, 2026, a presentation and public interaction programme was organised in association with the Kamathipura Vikas Samiti. Residents, tenants, landowners and other stakeholders were briefed about the proposed development.

Project architects presented details covering the redevelopment concept, project scope, rehabilitation planning, amenities and the proposed future development. Citizens also raised questions and shared their suggestions and expectations with the concerned authorities.

Physical Work Expected to Begin During Diwali

With the C&DA agreement now signed, the Kamathipura redevelopment project has entered the implementation phase, with physical work scheduled to commence during Diwali.

For one of Mumbai’s oldest and most densely built neighbourhoods, the project represents a shift from building-by-building redevelopment towards an integrated cluster-based approach. The redevelopment is planned to combine rehabilitation of existing occupants with new housing, commercial spaces, public amenities, open areas and upgraded civic infrastructure while retaining the area’s historic identity.

The project will now move into the execution stage, with implementation, rehabilitation and coordination among residents, landowners, developers and authorities becoming critical to its progress.

Also Read: MHADA Floats Tender for Kamathipura Redevelopment

The post Kamathipura Redevelopment Moves to Ground as MHADA Signs C&DA Agreement appeared first on Square Feat India.

The launch completes the 7 Mahalaxmi development and offers homebuyers an exclusive collection of expansive 3, 4 and 5-bedroom residences. Each home features wide private decks, 11-foot floor-to-ceiling heights, and panoramic views of the Arabian Sea and Mumbai skyline. The design emphasises privacy, exclusivity and spacious living.

Altitude comes with a ~65,000 sq. ft. grand clubhouse, more than 100 lifestyle amenities, around 20,000 sq. ft. of dedicated tower-level amenities, and 1.5 acres of landscaped open spaces. Key offerings include a rooftop infinity swimming pool, sky gym, open-air movie theatre, private theatre, café lounge, business centre, wellness and spa facilities, sports courts, children’s play zones, pet park, jogging track, banquet spaces, a Jain temple, and multiple recreational areas.

The project is strategically located in Mahalaxmi, one of South Mumbai’s most prestigious neighbourhoods. It offers strong connectivity to BKC, Lower Parel, Nariman Point, Worli, the Coastal Road, Bandra-Worli Sea Link, Eastern Freeway, Mumbai Trans Harbour Link, Mumbai Metro and major railway networks.

Speaking on the launch, Dr. Rakesh Setia, Chief Executive Officer, Runwal Enterprises, said: “Luxury homebuyers today are seeking more than just premium residences—they aspire to own homes that offer exclusivity, exceptional design, and long-term value. Altitude, the final and most luxurious tower at 7 Mahalaxmi, has been thoughtfully envisioned to meet these evolving aspirations, bringing together world-class architecture, expansive residences, and an unmatched lifestyle in one of Mumbai’s most prestigious locations.”

The launch reflects continued demand for high-end residences in South Mumbai, where affluent buyers are prioritising larger homes, iconic addresses, integrated lifestyle amenities, superior connectivity, sustainability features and long-term investment potential.

Prospective buyers can visit the project site or contact Runwal Enterprises for detailed floor plans, pricing and payment schedules. As with all new launches, homebuyers are advised to verify the latest project details, RERA registration status and other statutory approvals on the official MahaRERA portal before making any booking decisions.

Also Read: Runwal Developers Files ₹2,000 Cr IPO; Backed by Sandeep Runwal

The post Runwal Launches Altitude, Final 306m Tower at 7 Mahalaxmi in South Mumbai appeared first on Square Feat India.

Let that number settle in for a moment: ₹18.06 crore, not to own – just to live there.

The Deal, Year by Year

The lease is structured across a 60-month tenure with an annual escalation of 5%, a standard clause in high-value commercial and luxury residential leases. In the first year, the monthly rent is ₹27,50,000, totalling ₹3,30,00,000 annually. By the second year, it rises to ₹28,87,500 per month (₹3,46,50,000 annually). The third year sees it climb further to ₹30,31,875 per month (₹3,63,82,500 annually). The fourth year brings it to ₹31,83,469 per month, aggregating to ₹3,82,01,628 for the year.

The fifth and final year carries a nuance: the rent for the first eleven months stands at ₹33,42,642 per month, while the last month is charged at half that figure – ₹16,71,321 – a provision likely reflecting a pre-agreed exit or grace clause. The total rent for the fifth year thus comes to ₹3,84,40,383.

Across the entire tenure, the aggregate outgo is ₹18,06,74,511, which works out to an average monthly rent of ₹30,11,241.85. For a single residential flat.

The Address: Where Location Commands a Premium Like Nowhere Else

Three Sixty West in Worli is not just a building – it is a statement. Situated in one of South Mumbai’s most aspirational pockets, it commands views of the Arabian Sea and the iconic Bandra-Worli Sea Link. The 22nd floor of the B Tower, with a sprawling 6,831 sq ft of carpet area, is the kind of home that exists in a category entirely its own.

The broader locality reflects that premium. Property consultants and market trackers consistently place the average per sq ft price in this belt between ₹70,000 and ₹83,000. To put that in perspective: just a short distance away in Lower Parel – barely a kilometre and a half from Three Sixty West – a flat measuring 1,265 sq ft sold recently for ₹7.44 crore. That sale, modest by the standards of this neighbourhood, underscores the extraordinary value density of this corridor.

At ₹70,000 per sq ft, the total rent of ₹18.06 crore would theoretically purchase roughly 2,580 sq ft of property in the same locality. At the upper end of ₹83,000 per sq ft, you’d still land approximately 2,176 sq ft – easily a spacious 3 BHK in any well-regarded project in the area. In short, five years of rent money here could have bought a home in the same neighbourhood.

The ₹18 Crore Question: What Would It Buy You Elsewhere in Mumbai?

This is where the numbers become truly arresting – and where the geography of Mumbai’s real estate market reveals its full, staggering range.

Take ₹18.06 crore and travel north along the Western Express Highway, and the world transforms dramatically.

In Bandra, Mumbai’s perennial favourite for the affluent and the aspirational, this budget would comfortably secure a premium 3 BHK or even a 4 BHK luxury apartment in a project with sea views, brand-name developers, and the kind of lifestyle infrastructure – clubs, concierge, rooftop pools – that defines contemporary luxury living.

Move further north to Andheri, and the same money would stretch into a massive 4 BHK to 5 BHK duplex penthouse. These are not entry-level addresses – Andheri’s western suburbs, particularly along the JVLR and Lokhandwala stretch, have seen a quiet but steady rise in luxury inventory, and ₹18 crore would place a buyer at the very top of that market.

Cross over to the eastern suburbs – Ghatkopar – and this budget enters rarified territory. A 5 BHK ultra-luxury customised apartment or a grand duplex, finished to the highest specifications, becomes a realistic proposition. The eastern corridor has quietly emerged as a serious luxury destination over the last decade, and ₹18 crore here would buy something genuinely exceptional.

Travel further to Mulund, and the scale expands further still. Here, this sum could acquire a grand sky-villa, a multi-level penthouse, or even two to three combined luxury apartments in a premium integrated township – a portfolio within a single budget.

And at the far northern end of the city, in Borivali, ₹18.06 crore would fetch an ultra-luxury penthouse – likely the crown unit of any premium residential tower in the micro-market, offering panoramic views, private terraces, and every conceivable amenity.

Rent vs. Own: The Calculation That Haunts Every Tenant

The instinctive question, of course, is: why rent?

For occupants of ultra-luxury properties, the answer is rarely about affordability in the traditional sense. Corporate leases, relocation requirements, portfolio diversification strategies, or simply the preference for flexibility over commitment – these are the considerations that drive such arrangements. The tenants in this case, One SGG Ventures LLP, are a business entity, suggesting this is likely a corporate lease, perhaps for the use of a senior executive or as a business-related residence.

But the arithmetic still demands attention. Over five years, ₹18.06 crore exits the tenant’s books entirely – with nothing to show in terms of asset ownership. In the same period, a comparable outlay deployed as equity in a property purchase would have built ownership in an asset that, in Mumbai’s luxury segment, has historically only appreciated.

A Mirror Held to Mumbai

What this single lease agreement reflects is not just one company’s housing decision. It is a mirror held up to the extraordinary, often bewildering, economics of Mumbai’s real estate market.

At one end sits Worli – where an 6,831 sq ft apartment commands ₹30 lakh per month in rent, where Lower Parel sees 1,265 sq ft change hands for ₹7.44 crore, and where the barrier to entry, whether to rent or to buy, is unlike almost anywhere else in the country.

At the other end sits the rest of Mumbai – Bandra, Andheri, Ghatkopar, Mulund, Borivali, where the same ₹18 crore buys ownership, legacy, and in many cases, something far larger and arguably more liveable.

The Worli deal is not an anomaly. It is the market working exactly as it has been designed to rewarding location, scarcity, and prestige with numbers that leave the rest of the country slack-jawed. For those who can afford it, it is simply the price of an address. For everyone else, it is a reminder that in Mumbai, the most expensive square footage in the world is never very far away.

Also Read: Worli Flat Sold For ₹168.72 crore

The post ₹18.06 Crore in Rent for 5 Years: What a Worli Luxury Deal Tells Us About Mumbai’s Market appeared first on Square Feat India.

Suburbs Lead the Transformation

The suburban corridors are dominating the redevelopment wave. Since 2020, 910 housing societies have signed development agreements, unlocking 326.8 acres (1.32 million sq m) of potential land area.

Out of these, Western Suburbs accounted for 633 societies (70%), followed by the Central Suburbs with 234 societies, pushing the suburban contribution to nearly 96% of total agreements.

Estimated Future Supply of New Homes

Note: Supply-side estimates; do not factor in launch velocity, financing, or phasing.

The Western Suburbs, spanning Bandra to Borivali, will absorb the bulk of activity with 73% of total new housing supply, while South Mumbai will see only 416 new units.

Government Revenue Potential

The state exchequer is set to benefit substantially from this wave of redevelopment. Over the next five years, the government is projected to earn:

• ₹6,500 crore from the sale of free-sale components
• ₹7,830 crore from stamp duty
• ₹6,525 crore from GST collections

Small Plots Dominate, Larger Deals Emerging

Redevelopment activity remains largely concentrated in small plots. Over 80% of societies that signed deals since 2020 had a plot size of less than 0.49 acres.

Redevelopment Deals by Plot Size (2020–2025)

Despite the dominance of small societies, the average deal size has been growing steadily, signalling the rise of larger clusters and better land aggregation efforts.

Long Timelines and Risks

Redevelopment remains a long-cycle process, typically stretching 8–11 years from ideation to handover. Projects face risks from changing market cycles, regulatory hurdles, and financing challenges.

Typical Redevelopment Timeline

Market Outlook

Experts caution that redevelopment economics must balance developer sustainability and society expectations. In markets priced below ₹40,000 per sq. ft., developers should share no more than 30–35% of the area with societies. This share may rise to 35–40% in mid-priced zones, and up to 50% in premium locations above ₹75,000 per sq. ft.

Without financial discipline, projects risk stalling, leaving both developers and homeowners exposed.

The Road Ahead

With 910 societies already in motion and a pipeline of over 44,000 new homes, Mumbai’s redevelopment push is poised to define the city’s next housing cycle. The success of this transformation will depend on policy support, sound financial structuring, and timely consensus among stakeholders.

Also Read: Sonu Sood Sells Mahalaxmi Apartment for ₹8.10 Crore

The post Mumbai Redevelopment to Unlock 44,000+ Homes Worth ₹1.3 Trillion by 2030 appeared first on Square Feat India.

According to an FIR registered by the V.P. Road Police Station on August 5, 2025, the accused Abdul Karim Mohammad illegally entered the government-attached property, demolished its structures, sold the scrap, and even entered into a ₹15 crore land deal, while the ED and local police allegedly remained unaware or inactive.

The Background: Iqbal Mirchi and New Roshan Talkies

The property in question, New Roshan Talkies, located at Girgaon, is historically linked to Iqbal Memon alias Iqbal Mirchi, a known associate of Dawood Ibrahim.

In 2020, the ED provisionally attached the property under a money laundering probe. The attachment was confirmed in 2021 by the PMLA Adjudicating Authority.

Despite this, the ED did not take physical possession until December 4, 2024, following a November 2024 order by the PMLA Appellate Tribunal.

The Breach: What the Accused Did

According to the FIR:

• In July 2023, Abdul Karim Mohammad executed a one-sided transfer deed, claiming to be the owner of the property — without any legal title or proof of payment.
• Between September and October 2024, he demolished existing structures on the property, knowing it was attached under PMLA.
• In November 2023, he entered into a sale agreement with Govind Builders, valuing the land at ₹15 crore, and accepted a token payment of ₹99 lakh.
• He also sold building scrap and debris for ₹5 lakh in cash to a local dealer.
• All of this was done before ED physically took control — but well after the property was legally attached and declared government-controlled.

The Cover-Up: Fake Documents & No Proof

The FIR, lodged by an ED officer, notes that Abdul Karim:

• Failed to produce any documentary proof of having paid ₹5.4 lakh in 1982 for the property as he claimed.
• Did not notify or contact legal heirs of Iqbal Mirchi or the original sellers.
• Used forged narratives to mislead buyers and carried out transactions that are legally null and void under PMLA provisions.

Even more damning, Junaid Iqbal Memon, son of Iqbal Mirchi, had to approach the PMLA Appellate Tribunal in November 2024 to inform them about the illegal encroachment and demolition. The tribunal then ordered the ED to take possession — months after the property was already damaged and dealt.

The Real Question: Where Were ED and Police?

Despite the property being a high-value asset linked to international crime networks, and under active PMLA proceedings, neither the Enforcement Directorate nor the Mumbai Police seem to have monitored, guarded, or physically secured the property for over three years after attachment.

How did an accused freely enter and demolish a government-seized asset in South Mumbai?
Why was there no surveillance, police protection, or court-enforced monitoring of the land?
Why did it take almost a year — and a legal plea by the underworld don’s family — for the authorities to act?

These are questions that remain unanswered even as a formal investigation begins.

Legal Action So Far

The FIR has invoked several serious provisions of the Bharatiya Nyaya Sanhita (BNS), 2023, including:

• Section 329(3) – Destruction of property under attachment
• Section 318(4), 324(3), 324(5) – Cheating and criminal misrepresentation
• Section 223(b) – Criminal conspiracy

The accused faces prosecution, and further arrests or property freezes are expected.

A Systemic Failure?

The case underscores deep flaws in the enforcement architecture. Despite legal tools, court orders, and central agency oversight, the gap between law on paper and action on ground allowed a high-value, crime-linked property to be misused.

When agencies fail to act on their own attachments, what message does it send to encroachers and land mafia?

As the investigation unfolds, this case may become a test for the ED’s credibility and the Mumbai Police’s preparedness in protecting sensitive government-seized properties.

Also Read: Sanjay Raut’s Property Attached by ED

The post Govt Seizes, Accused Sells: How ED-Attached Iqbal Mirchi Property Was Illegally Demolished & Sold While Authorities Looked Away appeared first on Square Feat India.

A Historic Landmark Changes Hands

Laxmi Nivas has a rich legacy, having provided shelter to key leaders of the Quit India Movement, including Ram Manohar Lohia, Jaiprakash Narayan, Achyut Patwardhan, and Aruna Asaf Ali between 1942 and 1945. It was also a crucial broadcasting hub for Netaji Subhash Chandra Bose’s Azad Hind Radio during this period.

The Kapadia family, which had purchased the bungalow from a Parsi family for ₹1.20 lakh in 1917, was the seller in this transaction. The property spans 2,221 sq. yards (1,857.02 sq. meters), with a built-up area of approximately 19,891.87 sq. ft. It also holds a redevelopment potential of 45,000 sq. ft., making it a prime real estate asset in South Mumbai.

The sale was executed through a transfer deed on February 28, 2025, as per property registration data accessed via Zapkey.

Mumbai’s Billionaire Property Boom

Laxmi Nivas is the latest addition to a series of mega real estate deals involving India’s top business families:

• Uday Kotak and his family bought 12 sea-facing apartments in Shiv Sagar Building, Worli Sea Face, for ₹202 crore.
• In 2024, Rekha Jhunjhunwala, widow of stock market veteran Rakesh Jhunjhunwala, made headlines for buying out almost all the units in a South Mumbai residential building to protect the Arabian Sea view from her Malabar Hill home.
• In 2023, D’Mart founder Radhakrishna Damani’s family and associates made one of the biggest property acquisitions in India, purchasing 28 housing units in Worli worth ₹1,238 crore.

South Mumbai’s Ultra-Luxury Real Estate in Demand

With prime locations like Malabar Hill and Worli witnessing record-breaking transactions, Mumbai continues to be India’s most expensive real estate market. The sale of Laxmi Nivas further reinforces the trend of business tycoons investing heavily in premium properties, whether for personal residences or redevelopment.

As Mumbai’s skyline evolves, the future of Laxmi Nivas remains uncertain. Whether it is preserved as a historic landmark or transformed into a modern luxury development, its legacy as a key site in India’s independence movement remains indelible.

Also Read: JSW signs MOU to restore and conserve the iconic David Sassoon Library & Reading Room in Mumbai

The post Historic Laxmi Nivas Bungalow in Malabar Hill Sold for ₹276 Crore appeared first on Square Feat India.

Prime Location in South Mumbai

Marine Lines is one of South Mumbai’s most prestigious neighborhoods, known for its luxurious residences, commercial hubs, and iconic landmarks like Marine Drive. Offering stunning views of the Arabian Sea, the area is home to a mix of heritage Art Deco buildings and modern skyscrapers. With seamless connectivity via the Western Railway Line, Eastern Express Highway, and the upcoming Metro Line 3, Marine Lines continues to be a prime real estate hotspot for high-net-worth individuals.

Details of the Transaction

According to property registration documents reviewed by Square Yards on the official website of the Inspector General of Registration (IGR) Maharashtra, the transaction was officially registered in January 2025.

• The apartments are located in Prestige Ocean Tower, a newly launched luxury residential project by Prestige Projects Pvt. Ltd.
• The total built-up area of the 10 units is 25,650 sq. ft (~2,383 sq. m).
• Each apartment has a carpet area of 2,482 sq. ft (~230.58 sq. m) and a built-up area of 2,565 sq. ft (~238.3 sq. m).
• The transaction value per unit ranges between ₹19.39 crore and ₹20.54 crore.
• The total stamp duty paid for the purchases amounts to ₹11.96 crore, with each unit incurring a registration fee of ₹30,000.
• The purchase includes 30 car parking spaces, with three allocated to each apartment.

About Prestige Ocean Towers

Prestige Ocean Towers is a premium residential project spread across 2.3 acres. As per RERA records, the project offers 2 and 3 BHK apartments, catering to the ultra-luxury segment. The high-rise tower is designed to provide modern amenities, scenic sea views, and high-end infrastructure, making it a sought-after address in Marine Lines.

Here’s a table summarizing the details of the 10 luxury flats purchased by Hermes Distillery Pvt. Ltd. in Prestige Ocean Tower, Marine Lines:

Total Transaction Details:

• Total Built-up Area: 25,650 sq. ft. (~2,383 sq. m)
• Total Transaction Value: ₹199.34 crore
• Total Stamp Duty Paid: ₹11.96 crore
• Total Registration Fees Paid: ₹3,00,000
• Total Car Parking Spaces: 30

Hermes Distillery: A Leading Beverage Manufacturer

Established in 2008, Hermes Distillery Pvt. Ltd. is a well-known beverage manufacturer based in Belgaum, Karnataka. The company specializes in producing a diverse range of alcoholic beverages, including whisky, vodka, rum, and brandy. Operating from its manufacturing unit on Ankli-Raibag Road in Raibag, Belgaum, Hermes Distillery has built a strong reputation in the liquor industry.

A Growing Trend of Business Investments in Luxury Real Estate

The purchase by Hermes Distillery Pvt. Ltd. highlights the ongoing trend of business conglomerates and high-net-worth individuals investing in Mumbai’s ultra-luxury residential market. With Mumbai’s prime real estate prices continuing to soar, South Mumbai remains a preferred destination for those seeking exclusivity, status, and long-term investment opportunities.

This high-value transaction further cements Marine Lines as a premium real estate hotspot, attracting corporate investors, entrepreneurs, and prominent business figures looking for prime luxury residences in Mumbai.

Also Read: Commercial Real Estate Market in Mumbai

The post Rockdove Whisky Makers Acquire 10 Flats Worth ₹199.34 Crore in South Mumbai appeared first on Square Feat India.

Rising Demand for Smaller Luxury Homes

Real estate analysts say the demand for smaller luxury apartments in premium locations is being fueled by young professionals, small business owners, and nuclear families looking for high-end living without the space requirements of larger homes.

“Buyers today are prioritizing location, design, and amenities over size. The need for well-connected luxury residencesis growing, particularly in central locations like Dadar and Shivaji Park,” said a property consultant tracking South Mumbai’s residential market.

Viyaara Realty’s Altiora project is expected to be one of the first in the city to offer 1 and 2 BHK residences with a 10.5 ft floor-to-floor height, a feature usually found in 4 and 5 BHK apartments.

Project Details and Market Positioning

The 85,000 sq. ft. project will include 1 BHK units (445 sq. ft.) and 2 BHK units (650 & 720 sq. ft.), with pricing ranging from ₹2 crore to ₹4 crore. The residences will feature views of the western waterfront and Eastern Bay (Nava Sheva), along with amenities such as a gym, multipurpose hall, and designated parking spaces.

“Dadar and Shivaji Park remain some of the most sought-after residential areas in Mumbai due to their connectivity and social infrastructure. With transport networks like the Worli Sea Link and the upcoming Mumbai Coastal Road, access to key business districts has improved significantly,” said Manoj Paliwal, Director, Viyaara Realty.

Shifting Trends in Mumbai’s High-End Housing Market

Luxury housing in Mumbai has traditionally been associated with spacious 4 and 5 BHK apartments, but developers are now focusing on smaller premium homes in prime locations.

“Affordability within luxury housing is becoming a factor, and buyers are opting for compact but well-locatedapartments instead of moving to larger homes in less central areas,” said a real estate market analyst.

Altiora is scheduled for completion by 2029, with its registration under MahaRERA ensuring regulatory oversight. Industry experts believe that as housing preferences evolve, more developers may follow this compact luxury model in Mumbai’s high-demand areas.

Also Read: Builders fear delay in projects because of Coronavirus

The post Viyaara Realty Plans ₹50 Crore Residential Project in Dadar appeared first on Square Feat India.

Purple Style Labs (PSL), a luxury fashion retail chain, has secured a major retail space in South Mumbai’s iconic Ismail Building. PSL Retail Private Limited has leased approximately 59,350 sq ft of retail space for a period of five years. The monthly rent for the store is set at ₹3 crore, translating to an annual rent of ₹36 crore for the first year.

According to property registration documents, the rent will increase annually, with the second-year rent rising to ₹39 crore, followed by ₹42 crore in the third year, ₹43.8 crore in the fourth year, and ₹45.6 crore in the final year of the lease. PSL has also deposited ₹18 crore as a security deposit for the transaction.

The lease transaction was officially registered on December 23, 2024, with a stamp duty payment exceeding ₹53 lakh and a registration fee of ₹1,000.

Zara Exits from South Mumbai

Marking the end of an era, Spanish fast-fashion brand Zara has closed its flagship store in South Mumbai’s Fort area after nearly a decade of operation. The store, which occupied 51,300 sq ft of space in the Edwardian neoclassical Ismail Building at Flora Fountain, was a landmark retail destination in the city.

A notice displayed outside the Zara store informed customers of its closure:

“Please be informed that this Zara store will cease operations after the end of business on February 23. We will continue to assist you at all our Zara stores in Mumbai.”

Zara originally registered the lease for the South Mumbai store on April 1, 2016, with a tenure of 21 years. However, property registration documents indicate that the company decided to exit the store after just nine years.

At the time of its lease agreement in 2016, Zara paid ₹2.25 crore in monthly rent and deposited ₹13.5 crore for the 47,565 sq ft space it occupied. The brand’s exit from this prime location signals a shift in the retail landscape of South Mumbai, making way for new players like Purple Style Labs.

Changing Retail Dynamics in South Mumbai

The transition from Zara to Purple Style Labs reflects the evolving retail preferences in South Mumbai, where luxury and high-end fashion brands are expanding their footprint. With PSL’s entry into the Ismail Building, the space is set to be repurposed to cater to a different segment of fashion consumers, bringing a new retail experience to the historic location.

While Zara’s departure marks the end of its presence in this iconic building, PSL’s move into the space suggests that luxury fashion remains in high demand in Mumbai’s prime shopping districts. As the city’s retail sector adapts to new consumer trends, the transformation of this space will be closely watched by industry experts and shoppers alike.

Also Read: India Retail Trends

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