Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.
Paresh Parekh and Vijay Parekh, who serve as directors at the property development firm Suraksha Realty, have acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined sum of Rs 100 crore. These high-end residences are situated on the 26th and 27th floors of the under-construction Naman Xena project. The apartments spread over a generous 6,458 sq ft of carpet area each. According to the documents accessed through Indextap.com, the transaction involved a Rs 6 crore stamp duty payment and was completed on November 7. The brothers purchased the apartments directly from Shree Naman Residency, the project's developer, at a price of Rs 50 crore each. Additionally, the agreement includes access to eight car parking slots for the buyers. The Naman Xena tower spans 27 stories and covers a total development area of 4.72 lakh sq ft across 0.6 acres along the Worli Sea face. The flexible floor plate in this high-rise structure allows buyers to customize their luxury residences, potentially creating duplex apartments. Suraksha Realty, a Mumbai-based real estate development firm, gained attention in March for its acquisition of Delhi's Jaypee Infratech. Jaypee Infratech, possessing the Delhi-Agra Expressway and land on both sides along its route, had been referred to the National Company Law Tribunal (NCLT) for bankruptcy proceedings. It was one of the initial cases sent for debt resolution under the bankruptcy code. They secured approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech, injecting Rs 250 crore into the company and securing a Rs 3,000 crore loan. This funding aims to complete approximately 20,000 apartments across various stalled projects within the next four years. Additionally, Suraksha Realty, both independently and through joint ventures, is engaged in the development of 21 residential and commercial projects in Mumbai and Thane. These projects, encompassing a total saleable area of 6.63 crore square feet, include 12 that have already been completed. Notably, one such joint venture with DB Realty led to the development of the Orchid Suburbia complex in Kandivali West. Suraksha Group is promoted by Sudhir Valia, Director of Sun Pharmaceutical Industries Limited. Despite higher mortgage rates and property prices, Mumbai, as India's largest and most expensive property market, achieved its best October performance on record. With the onset of the festive season, the month saw the registration of 10,566 properties, a 25.5% increase from the previous year. Stamp duty revenue also rose by 15%, contributing over Rs 833 crore to the state, reflecting a strong demand and increased sales during this time of the year.
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