Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.
Halan Family, who are investors in the equity market, have purchased eight luxury apartments measuring around 15,996 sq ft in the Worli area of Mumbai for Rs 103.98 crore, according to the documents accessed by IndexTap.com. The seller is K Raheja Corp for its Raheja Modern Vivarea project and the transaction comes with 16 parking lots.
According to the documents, out of the total eight apartments, four each are of 1,759 sq ft and four each are of 2,259 sq ft. Several members of the family have purchased these apartments on the 23rd, 24th,25th, and 26th floor of the luxury project. The family paid a total stamp duty of over Rs 6 crore for eight apartments.
The deal was completed on December 8 and is said to be one of the biggest deals of 2023 in the Mumbai real estate market's residential segment. The largest residential deal of 2023 was of Taparia family who bought six sea-facing properties worth around Rs 369 crore in south Mumbai from listed real-estate developer Macrotech (Lodha) Developers Ltd.
Halan family are prominent investors in the stock market and have Holdings in several companies involved in real estate, fashion printing, IT, etc. The homebuyers of the Halan family include Ajay Halan, Anju Halan, Sujata Halan, Vimal Halan, Vishaka Halan, Narayan Halan, Praveena Halan, Pawan Halan.
The building is in an under-construction project by K Raheja Corp Homes, and apartments here offer an unrestricted view of the Mahalaxmi Racecourse and the Arabian Sea. Raheja Modern Vivarea is spread over a 3-acre land parcel. The land parcel earlier housed a private textile mill and is now being monetised by Modern India. The development of the entire project is expected to be completed by 2028. Earlier in March 2023, promoters of plastics manufacturing firm, Creative Group, had bought eight luxury apartments worth Rs 154.6 crore in the same building.
Raheja Modern Vivarea has a total of 266 flats, with sizes ranging from 1669 - 2891 sq ft across 3, 3.5, 4 & 5 BHK types. The average price per sq ft is Rs 56,900. In June 2023, Raheja announced that the building, Raheja Modern Vivarea, is spread across 10 lakh square feet of total saleable area, and has a selection of 3 and 4-bedroom apartments, which can be tailored to suit specifications. Out of the total saleable 10 lakh sq ft, the company has managed to sell around 2.50 lakh sq ft, raising a pre-formal launch sales revenue of Rs 1,100 crore, within three months. As of December 2023, a total of 116 flats have been sold in the project.
The Raheja Modern Vivarea project is adjacent to Raheja Vivarea, a super-premium residential project also developed by K Raheja Corp Homes earlier. Raheja Vivarea, known as the residential hub for corporate honchos and CXOs, is spread over 14 acres and houses five towers. Recently, Rahul Bajaj's family bought five sea-view apartments in Raheja Vivarea or nearly Rs 104 crores. It is influenced by Mondrian pattern and the landscaping has been specially designed to display 3 distinct colours all year round.
In conclusion, the Halan family's acquisition of eight luxury apartments in Raheja Vivarea stands as one of the notable real estate transactions of 2023. The Raheja Modern Vivarea project, featuring unique design elements, continues to attract high-profile buyers, reflecting the robust demand for upscale residences in the city.
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