The property, which comes with 19 car parks and a spacious terrace, has been bought via Oh Five Oh Media Works LLP, in which both Singh and Bhavnani are directors. The family has bought it from the builder Enorm Nagpal Realty LLP.
Together, the apartments are sprawled across 11,266 sq ft of carpet area, with a 1300 sq ft terrace. The deal was concluded at just over ₹1 lakh per sq ft.
The transaction was registered on 8 July, and a stamp duty of ₹7.13 crore has been paid, showed documents accessed by real estate data portal Indextap.com.
Property analysts said that the residential apartments would probably be amalgamated to form a quadruplex, combining all the four private units.
Bandra Bandstand is a high-profile residential stretch, and the Sagar Resham building, which has four- and five-bedroom apartments, is a stone’s throw from the residences of popular Bollywood actors Shahrukh Khan and Salman Khan.
“Bandra-Juhu belt has been the favourite among tinsel town. Therefore, we are not surprised by this transaction. The Bandstand location is especially the most sought after, with the likes of Superstars Salman Khan and Shah Rukh Khan, residing in the vicinity. Indextap foresees many more such high-end property deals being in the works and the luxury residential market to continue to perform well, despite fear of possible global recession," said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix and Indextap.
Bhavnani and Sagar Dewan, a designated partner at Enorm Nagpal Realty, didn’t respond to email queries.
Luxury homes in Mumbai, the country’s most valuable property market, have continued to see relentless demand especially given limited supply in premium neighbourhoods. While south Mumbai locations such as Worli continue to be see high-profile sales, upscale properties in suburban areas such as Bandra and Juhu have also seen high demand.
Ravi and Neel Raheja, promoters and group presidents of Mumbai-based real estate firm K Raheja Corp, recently bought an independent property in the Santacruz-Juhu area for ₹265 crore. The Raheja brothers bought the 31,000 sq ft plot, which also has a 7933 sq ft independent house, from brothers Bharat Hari Singhania, Raghupati Singhania, and family members of late Sri Pati Singhania. This year, Siddharth Jain, executive director, Inox Group bought a luxury, sea-facing quadruplex apartment for ₹144 crore in south Mumbai’s upscale Worli area, underscoring continued robust demand for high-end properties in India’s commercial capital.
