K Raheja family buys property from Singhanias for Rs.265 crores in Mumbai

K Raheja family buys property from Singhanias for Rs.265 crores in Mumbai - majheghar

Brothers Bharat Hari Singhania, Raghupati Singhania, and relatives of the late Sri Pati Singhania’s family sold the 31,000 square foot site, including a 7933 square foot independent home, to the Raheja brothers. Let’s read more about the K Raheja family buying property from Singhanias for Rs.265 crores in Mumbai.

According to the report, one of the greatest real estate deals saw Mumbai-based K Raheja Corp owners purchasing a Juhu property and its home for Rs.265 crore.

According to the paperwork, businessman Bharat Hari Singhania, his brother Raghupati, and Pati Singhania’s family members sold the Singhania property in Mumbai to Ravi and Neel Chandru Raheja.

Kamlapat Singhania purchased the site in 1935 and built a ground level and one higher story. According to the papers, it was called Kamala Cottage.

Area of property:

The building occupies 737 square meters of the property’s site, with a total area of 2869.40 square meters (carpet). The property was registered on April 29, 2022, after the buyers paid a stamp duty of Rs 15.90 crore.

According to some sources, this property may purchase purely for personal use. “Builders started many rehabilitation projects in the Bandra-Juhu area last year.

What real estate says?

Real estate specialists say the site is worth Rs 9.20 lakh per square meter. Due to the coastal road’s direct entry into the area and the presence of multiple beach-facing and beach-access mansions, notably those of Bollywood stars, the Juhu micro-market is experiencing an upsurge in demand for luxury housing.

The floor area index of these plots near the sea would also grow in anticipation of Coastal Regulation Zone (CRZ) rules being reduced, which is why numerous developers are looking for plots near the coast, according to the statement.

Developers would be given an extra floor space index (FSI) to construct plots close to the shore after lowering CRZ regulations. It’s a golden opportunity for those who want to buy a real estate property in Mumbai.

The Bandra Parsi Convalescent Home Trust and Imperial Infra, a Boman Irani-led Rustomjee Group company, reportedly reached a sale deal last year for the one-acre land close to the Taj Land’s End Hotel for Rs.234 crore.

The family of Bollywood filmmaker BR Chopra sold a 3,278 square meter home in Mumbai’s Juhu neighborhood to Feat Properties Pvt Ltd on May 27, 2022, for Rs 182.75 crore. Although his daughter-in-law Renu Ravi Chopra sold the property on May 27, 2022, the transfer document recorded and paid around Rs. 11 crores in stamp duty.

In one of the largest high-rise transactions in India in April of last year, the Raheja brothers chose to retain ownership of three floors of their opulent Mumbai property, which was spread across 60,000 square feet and was valued at Rs 426 crore. The Bandra Worli Sea Link and the Arabian Sea can be seen well from the Artesia project, a famous 45-story structure that stands alone in Worli.

Siddharth Jain, director of INOX Leisure, paid Rs 144 crore for a quadruplex apartment in Worli, one of Mumbai’s affluent neighborhoods, in March of this year. According to papers, the property is a combination of flats on the 42nd, 43rd, 44th, and 46th floors of Raheja Legend on Dr. Annie Besant Road. Ashish S. Raheja of Raheja Universal is the vendor.

Even after the metro cess was enacted on April 1, the pattern of businessmen, executives, and founders buying luxury residences ready to move into has persisted in Mumbai. Even the cost of these items is comparable to levels before the outbreak. It is significant since there is a severe shortage of ready-to-move-in premium apartments.

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