Smita D Parekh Buys INR 50 Cr Luxury Home in Raheja Artesia, Worli, Mumbai

Buying a luxury home in Raheja Artesia

Smita D Parekh, the wife of the HDFC chairman, recently concluded the transaction of buying a plush apartment in K Raheja Corp Artesia, Worli. This luxury property in Worli provides stunning views of the Arabian Sea and the Bandra-Worli Sea Link.

As per report from the Mumbai real estate circles, HDFC chairman Deepak Parekh’s wife has bought a luxury home in Worli for around INR 50 crores; adding to the list of high-value residential deals in Mumbai city.

As per sources HDFC, which finances the purchase or construction of residential houses, commercial real estate, among other related transactions, confirmed the deal in Raheja Artesia. Apparently there was an independent valuation done by two valuers for this luxury apartment in Artesia to re confirm the market value of this luxury property in Worli.

The luxury property— located in Worli and housed in Artesia, a project launched by K Raheja Corp—is on the 25th floor and has six parking slots. It offers views of the Arabian Sea and the Bandra-Worli Sea Link.

The luxury apartment has a carpet area of 6,770 sq ft and a balcony area of 273 sq ft, as per available data.

The deal is the latest in a series of high profile real estate transactions that have concluded in Mumbai in the past 6-8 months. To create a momentum in the dull Maharashtra real estate market hit by the COVID-19 pandemic, the State government on August 26, 2020, announced to temporarily reduce stamp duty on purchase of housing units from 5 percent to 2 percent until December 31, 2020. Stamp duty from January 1, 2021, until March 31, 2021, was 3 percent. This move has brought in an amazing level of momentum with a lot of luxury home buyers in Mumbai seizing the opportunity and buying expensive homes in Mumbai during this period.

Another important phenomenon that occurred during the pandemic was that several high profile businessmen, bankers, and owners of listed companies bought high-value luxury properties, signifying that a lot of money from the stock market might be making its way back into the real estate industry in Mumbai.

More high profile real estate deals in Mumbai

In December 2020, HDFC vice-chairman and CEO Keki Mistry, bought an ultra-luxury apartment in Mumbai in Raheja Artesia costing around INR 41 crore plus.

In December 2020 HDFC Bank boss Aditya Puri’s family also bought an INR 50 crore luxury property in Walkeshwar in Lodha Seamont on the 19th floor with 7 car parking spaces. This luxury project in Malabar Hill, near Raj Bhawan in Walkeshwar has been developed by Lodha Group and has been very successful too.

About Raheja Artesia

Raheja Artesia has been an extremely successful luxury real estate project in Worli and has got some of the most prolific buyers from across the city and beyond. This prestigious luxury real estate project in Worli boasts of some of the best sea views, amenities and facilities.

There are 55 floors in Raheja Artesia and as per local real estate brokers in Worli and surrounding areas; the monthly rent for an apartment of the size bought by Mrs Mistry is around Rs 14 lakh per month.