Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has acquired two luxury apartments in the under-construction Raheja Modern Vivaria project in Mahalaxmi, south Mumbai, for approximately INR 45.69 crore. The combined carpet area of the apartments is 5,255 square feet, reflecting the increasing appeal of high-end real estate in the city. Developed by K Raheja Corp Homes, the project is expected to be completed by 2028 and replaces a former textile mill. This acquisition underscores the growing trend of luxury living among prominent business figures in Mumbai.
Kishore Mishrilal Bang, promoter of Nirmal Bang Securities, has recently acquired two luxury apartments in an upscale residential project currently under construction in the Mahalaxmi area of south Mumbai. The total cost for these apartments amounts to approximately INR 45.69 crore. Bang, along with a family member, Suman Kishore Bang, purchased the apartments situated on the 30th floor of Tower 1 in the Raheja Modern Vivaria complex on Jacob Circle. The transaction was made with K Raheja Corp Real Estate, the project's developer.
The first apartment boasts a carpet area of 2,891 sq ft and was acquired for around INR 25.95 crore. The second apartment, which is slightly smaller at 2,364 sq ft, was purchased for about INR 19.74 crore. This information was revealed through documents accessed via Zapkey.com. This acquisition highlights the continued demand for luxury real estate in prime locations like Mahalaxmi, reflecting broader trends in the market where buyers seek high-end living spaces amidst ongoing urban development.
With a total carpet area of 5,255 square feet, this high-profile acquisition highlights the increasing attraction of luxury real estate in Mumbai, especially among influential business figures. An email inquiry sent to Nirmal Bang Securities and K Raheja Corp by ET remained unanswered by the time the article was published. Raheja Modern Vivaria is an under-construction project encompassing 1 million square feet of development across a 3-acre land parcel. This project is being developed by K Raheja Corp’s residential division, K Raheja Corp Homes. As part of the agreement, Modern India will receive compensation for the land sale based on a percentage of the sales revenue.
This trend not only reflects the ongoing growth in the luxury market but also indicates a shift towards premium living spaces in sought-after locations, reinforcing Mumbai's status as a key player in the luxury real estate sector. The land parcel previously housed a private textile mill and is now being monetised by Modern India. The complete development of the project, for which the design and necessary approvals are already secured, is anticipated to be finished by 2028.
This redevelopment not only revitalises the area but also contributes to the growing landscape of luxury living in Mumbai. With plans in motion, it will likely attract further interest from buyers looking for high-end residences in this vibrant city.
The acquisition of two luxury apartments by Kishore Mishrilal Bang exemplifies the strong demand for high-end real estate in Mumbai, particularly among influential business leaders. As the city continues to evolve, projects like Raheja Modern Vivaria not only enhance the urban landscape but also cater to the desires of affluent buyers seeking premium living spaces. With the project set for completion by 2028, it signals a promising future for luxury developments in the area, reinforcing Mumbai's position as a key market for upscale residential properties.
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