Priyanjali Mariwala, part of Marico's prominent family, has invested INR 65.25 crore in a luxury apartment spanning 8,300 square feet at Mumbai's prestigious Bandra-Kurla Complex (BKC). Located in the exclusive Signature Island tower by Sunteck Realty, this acquisition includes four car parking slots and benefits from Maharashtra's stamp duty concession for women homebuyers. The transaction highlights BKC's appeal among corporate leaders and celebrities for its central location and luxurious amenities. It underscores Mumbai's robust luxury real estate market, which continues to attract high-profile buyers and maintain strong investor confidence despite economic fluctuations.
Priyanjali Mariwala, part of Marico's promoter family, has made a significant investment in Mumbai's real estate by purchasing a luxury apartment in the upscale Bandra-Kurla Complex (BKC) for INR 65.25 crore. The apartment spans nearly 8,300 square feet on the first floor of the exclusive Signature Island residential tower developed by Sunteck Realty's Starlight Systems. This acquisition marks another prominent addition to the high-profile residents of this premier residential project.
The deal, valued at approximately INR 78,690 per square foot due to its prime location on a lower floor of the tower, also includes exclusive access to four car parking slots within the complex. The transaction, completed on July 1, attracted stamp duty charges amounting to INR 3.26 crore, benefiting from Maharashtra's 1% stamp duty concession for women homebuyers introduced in 2021.
Priyanjali Mariwala, who leads the ASCENT Foundation under Marico Chairman Harsh Mariwala, focuses on supporting and nurturing high-potential entrepreneurs. Her investment underscores the growing appeal of BKC among corporate leaders, celebrities, and high-net-worth individuals seeking luxurious and centrally located residences in Mumbai.
The Signature Island project has attracted a notable roster of buyers, including business tycoons like Uday Kotak, Gautam Adani, and Vikram Pandit, as well as personalities from Bollywood and the banking sector. Notably, actress Aishwarya Rai Bachchan and several prominent corporate figures have also chosen this development for their residential needs, highlighting its allure and prestige.
In addition to residential acquisitions, the commercial potential of the area is evident, with corporate leases fetching substantial rental incomes. For instance, Abbott Healthcare leased a 5,000 square feet apartment in the tower for INR 10 lakh per month, reflecting the area's high rental yields and proximity to corporate offices.
The robust performance of Mumbai's luxury real estate market mirrors broader trends in the Indian residential sector, which saw record-breaking sales in the first half of 2024 despite higher mortgage rates. Mumbai continues to lead the market with consistently high property registrations, demonstrating sustained investor confidence and economic stability.
Priyanjali Mariwala's investment not only reinforces her family's commitment to Mumbai's real estate but also underscores the enduring appeal of premium properties in strategic locations like BKC. As the market evolves, such transactions contribute to Mumbai's reputation as a global hub for luxury living and prime real estate investment.
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