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The promoter group of Metro Brands has expanded its luxury real estate investments, acquiring three sea-view apartments in Mumbai's iconic Palais Royale tower for over INR 243 crore. Located on the 61st and 62nd floors, the apartments span over 23,000 square feet and rank among India's most expensive, priced at INR 1.05-1.07 lakh per square foot. This follows a recent family purchase of two units in the same tower for INR 162 crore. Funded by their September sale of a stake in Metro Brands for INR 749.7 crore, the transactions underscore the enduring demand for Mumbai's ultra-luxury real estate among affluent buyers.
The promoter group of Metro Brands, a leading footwear retailer, has expanded its luxury real estate portfolio by acquiring three opulent sea-view apartments in Mumbai's prestigious Palais Royale tower for over INR 243 crore. This latest purchase brings their total investment in the tower to nearly INR 405 crore.
The newly acquired apartments, spanning over 23,000 square feet, are located on the 61st and 62nd floors of the iconic residential skyscraper. Shabina Malik Hadi, Farah Rafik Bhajni, and Zara Rafik Malik each paid INR 81 crore for their units, measuring approximately 7,672 to 7,687 square feet, making them among India's most expensive properties at INR 1.05-1.07 lakh per square foot. An additional INR 12.15 crore was paid as stamp duty to register the properties.
This purchase follows a similar transaction just weeks earlier when family members Zia Malik Lalji and Alisha Rafiq Malik bought two apartments in the same tower for over INR 162 crore. These acquisitions come on the heels of the Metro Brands promoters selling a significant stake in their company in September, raising INR 749.7 crore-a move that underscores their robust financial standing.
Palais Royale, India's tallest and most expensive residential tower, has a history of high-profile transactions. Originally acquired by Pune-based Honest Shelters for INR 700 crore in 2019, the project is now nearing completion after resolving legal challenges. Mumbai, renowned for being India's priciest real estate market, continues to attract high-net-worth individuals, with record-breaking luxury property sales expected in 2024.
This strategic investment highlights the continued demand for ultra-luxury real estate in Mumbai, cementing its status as a preferred destination for affluent buyers, including industrialists, business executives, and celebrities.
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