Marico’s Priyanjali Mariwala Acquires Luxury Apartment in Mumbai's BKC for Rs 65 Crore.

Priyanjali Mariwala, a member of the promoter family of consumer goods company Marico, has purchased a luxury apartment in Mumbai’s prestigious Bandra-Kurla Complex (BKC) for Rs 65.25 crore. The apartment, spanning nearly 8,300 sq ft on the first floor of the super-premium residential tower Signature Island, was bought from Starlight Systems, a part of Sunteck Realty, the project’s developer. The deal, valued at Rs 78,690 per sq ft, also includes exclusive access to four car parking slots.

Details of the Transaction

Mariwala paid a stamp duty of Rs 3.26 crore for the registration of the deal, which was finalized on July 1. Notably, the Maharashtra government offers a 1% concession in prevailing stamp duty for women homebuyers, reducing the stamp duty charge to 5% for this transaction.

About Priyanjali Mariwala

Priyanjali Mariwala, married to Rishabh Mariwala, leads the ASCENT Foundation, a not-for-profit organization established by Marico Chairman Harsh Mariwala. The foundation aims to support high-potential entrepreneurs in scaling their enterprises and enhancing their entrepreneurial journeys.

Celebrity Residents and High-End Leasing

Signature Island, consisting of three towers developed by Sunteck Realty, has attracted several prominent personalities from various sectors, including Uday Kotak, Gautam Adani, Vikram Pandit, Gunit Chaddha, and Mihir Doshi. Bollywood actress Aishwarya Rai Bachchan, Ashok Wadhwa, and Sonam Kapoor are also among the apartment owners in this luxurious complex.

In 2021, Abbott Healthcare leased a 5,000 sq ft apartment in the tower for a monthly rental of around Rs 10 lakh, totaling over Rs 3.60 crore for the 36-month tenure. Current lease rentals in the tower range from Rs 15 lakh per month for smaller duplexes to Rs 20 lakh for larger duplex apartments.

Real Estate Market Trends

The Indian residential real estate market reached an 11-year high in sales during the first half of 2024, driven by stable economic conditions and strong market confidence despite higher mortgage rates. Mumbai, the largest and most expensive property market, has been at the forefront of this trend, with over 10,000 property registrations each month in the first half of 2024 and 11 consecutive months of year-on-year growth in registrations since August 2023.

The acquisition of a luxury apartment by Priyanjali Mariwala in BKC underscores the continued demand for high-end residential properties in Mumbai. This purchase, along with other significant investments in Signature Island, highlights the appeal of premium real estate in one of the city’s most prestigious business districts.
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