Radhika Merchant's mother Shaila Merchant purchased a sea-facing luxury apartment measuring 2,565 sq ft in South Mumbai in Prestige Ocean Tower for Rs.20.76 crore, according to property registration documents which is accessed by Zapkey.
The apartment is spread across an area of 2,482 sq ft and comes along with a 83 sq ft balcony, according to the documents.The transaction for the apartment was registered on October 14. It comes with four car parking spaces.A stamp duty of Rs.1.03 crore and registration charges of Rs.30,000 were paid for the apartment, according to the documents.
The apartment was sold by Prestige Projects Private Limited part of the Bengaluru-based Prestige Group. A query sent to Prestige Group and Shaila Merchant did not get any response. The copy will be updated once a response is received.
According to local brokers, the per sq ft price of the apartment sold to Radhika Merchant's mother comes to about Rs.80,936. The apartments located on the higher floors face the Mumbai Coastal Road and the Arabian Sea. Mumbai saw sales of luxury homes priced at Rs.10 crore and above touch Rs.12,300 crore during the January to June period. This was an 8% increase over the first half of the 2023 calendar year, according to a report by India Sotheby's International Realty and CRE Matrix.
According to a report,’’sales of luxury homes touched Rs.11,400 crore in the first half of the 2023 calendar year. A total of 1,040 luxury units in the Rs.10 crore and above price bracket have been sold in Mumbai over the past 12 months, marking the highest number ever recorded in a year-long period’’.
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