Sun Pharma Promoter Purchases Luxury Apartments Worth Rs 130 Crore in Naman Xana Worli Mumbai

Mumbai, December 31, 2024

Vibha Shanghvi, a prominent member of the promoter group of Sun Pharmaceuticals Industries, has made headlines by acquiring two opulent sea-facing apartments in Worli, Mumbai, for a staggering Rs 130 crore. This high-profile purchase underscores the enduring demand for ultra-luxury residences in one of the city's most sought-after locales.

The two apartments are located in the under-construction premium tower, Naman Xana, which offers breathtaking views of the Arabian Sea. The transactions were finalized in November and December, with the details surfacing recently through official documentation.

Apartment Details:

1. First Apartment:

   • Size: 6,458 sq ft

   • Price: Rs 65 crore

   • Rate: Over Rs 1 lakh per sq ft based on carpet area

   • Amenities: Includes three dedicated car parking spaces

2. Second Apartment:

   • Size: 5,813 sq ft

   • Price: Rs 65 crore

   • Rate: Nearly Rs 1.12 lakh per sq ft

   • Amenities: Comes with four exclusive car parking slots

The total stamp duty paid for the transactions amounts to Rs 6.50 crore, highlighting the significant financial commitment involved in these deals.

Location Insights:

Worli Sea Face is a prime locality known for its exclusivity and unparalleled luxury. It is a hotspot for India’s elite, offering seamless connectivity to key business districts, luxury retail outlets, and entertainment hubs. The area continues to attract industrialists, corporate leaders, and celebrities, making it a nucleus of Mumbai’s high-end residential real estate market.

Market Context:

Mumbai’s luxury real estate segment has witnessed record-breaking transactions throughout 2024, driven by robust demand across various income groups, particularly in the premium and ultra-luxury categories. South and Central Mumbai’s micro-markets, which include areas like Worli, have been at the forefront, hosting some of the country’s priciest real estate deals.

"Mumbai’s luxury market has been dynamic over the last three years, with buildings like Oberoi Three Sixty, Raheja Artesia, and Lodha World Towers witnessing significant activity," said Sandeep Sadh, a real estate expert. "These transactions highlight the city’s continued appeal for high-net-worth individuals and families."

2024 saw the highest number of transactions in Worli’s Oberoi Three Sixty, further solidifying Worli’s status as the preferred choice for high-end homebuyers. The locality’s premium offerings and iconic developments have made it a magnet for luxury seekers.

Notably, earlier this year, Neerav Parekh, a promoter of Pidilite Industries and owner of Barnsley Football Club, along with his mother, Kalpana Parekh, purchased two apartments, including a duplex, in the same tower for Rs 170 crore. These transactions underline the tower’s appeal among India’s wealthiest families.

Broader Trends:

The unprecedented surge in residential property sales in 2024 across India’s top eight cities reflects the growing aspiration for homeownership and the appeal of luxury living. Mumbai, the country’s most expensive real estate market, continues to dominate this trend, setting new benchmarks in property deals.

Developer’s Perspective:

The Naman Xana project, developed by Shree Naman Group, has become a preferred choice for those seeking exclusivity, luxury, and world-class amenities. The project’s sea-facing apartments and premium offerings make it a standout property in Mumbai’s luxury real estate landscape.

While queries to Vibha Shanghvi’s team and Shree Naman Group remained unanswered, the transaction adds another milestone to Mumbai’s thriving high-value real estate sector.