BDR Pharma CMD's family Bags 2 apartments worth Rs. 80.8 cr in Mumbai

Undoubtedly the real estate market of Mumbai has witnessed a churn in the residential property market. Reportedly, over 1.04 lakh property registrations have been reported in the first 10 months of 2023. As per the most recent news, Binita Shah, a board member of BDR Pharmaceuticals and the wife of its founder and CMD Dharmesh Shah, recently bought two flats for Rs. 80.8 crore in Central Mumbai’s Worli area. As per the document accessed by Zapkey.com the deal was finalized between K Raheja Corp and BDR Pharma.

The apartments together have a carpet area of 6,670 sq ft with a total of 367 sq ft of balcony area, and come with seven reserved parking spots. The whole transaction was completed in the first week of November. 

The Building is called Raheja Artesia, which is a standalone 45-storey tower with views of the Arabian Sea and the Bandra-Worli Sea Link. In the same building, the promoters of the developer, K Raheja Corp, had decided to retain possession of three floors spread over 60,000 sq ft and worth an estimated Rs. 426 crore. According to the agreement, the buyer will get exclusive access to a total seven car parking slots in the tower.

The Shah family has acquired both the properties through two trusts, RDS Private Family Trust, and BRD Square Private Family Trust, from the developer Raheja Corp directly. Binita Shah is the trustee for both the trusts.

In the first 10 months of the current year, the state government has already fetched over Rs. 9,220 crore through stamp duty collection surpassing the all-time high of over Rs. 8,893 crore recorded in 2022.

BDR Group companies, BDR Pharmaceuticals International and BDR Life Sciences, are engaged in Active Pharmaceutical Ingredient (APIs) and formulation manufacturing, respectively.  It stresses on development in four specialized therapeutic segments including oncology, critical care, gynaecology, and Neurology.

Earlier this year, in August the managing director of Paytm Payments Bank, Surinder Chawla had purchased a duplex flat with a carpet area of 2,516 in Indiabulls Sky Forest in Central Mumbai's Lower Parel for Rs. 20 crore.