Radhika Merchant’s mother, Shaila Merchant, recently made headlines by purchasing a stunning sea-facing apartment in South Mumbai. This significant real estate transaction reflects the ongoing boom in the city’s luxury property market.
Details of the Purchase
Shaila Merchant has acquired a luxurious apartment located in the Prestige Ocean Tower for an impressive Rs 20.76 crore. The property spans 2,565 square feet, comprising 2,482 square feet of living space along with an 83 square feet balcony. According to property registration documents accessed by Zapkey, the purchase was officially registered on October 14, 2023.
The apartment comes equipped with four designated parking spaces, making it not only a lavish living space but also a practical choice for families.
Financial Breakdown
The financial aspects of the transaction highlight the significant investment involved. A stamp duty of Rs 1.03 crore was paid along with registration charges of Rs 30,000. Local brokers estimate the cost per square foot of the apartment to be around Rs 80,936, reflecting the high value associated with prime real estate in the area.
The Seller
The property was sold by Prestige Projects Private Limited, a subsidiary of the Bengaluru-based Prestige Group. Despite inquiries sent to both the Prestige Group and Shaila Merchant for comments, no responses have been received as of yet. The article will be updated if any information is provided.
Context of the Purchase
This purchase comes shortly after the high-profile wedding of Radhika Merchant to Anant Ambani, son of industrialist Mukesh Ambani, which took place in July in Mumbai. Radhika is the daughter of Viren and Shaila Merchant, with her father serving as the CEO of Encore Healthcare.
The Luxury Real Estate Market in Mumbai
The purchase also reflects a broader trend in Mumbai’s luxury real estate market, which has seen a significant upswing. According to a report by India Sotheby’s International Realty and CRE Matrix, luxury home sales priced at Rs 10 crore and above totaled Rs 12,300 crore during the first half of 2023—a notable 8% increase compared to the same period in 2022.
Over the past 12 months, a record 1,040 luxury units in the Rs 10 crore and above price range have been sold in Mumbai, demonstrating a vibrant market that continues to attract affluent buyers.
