Nadir Godrej Acquires Luxury Apartments Worth Rs.180 Crore in Malabar Hill, Mumbai
Nadir Godrej Acquires Luxury Apartments Worth ₹180 Crore in Malabar Hill, Mumbai
18.6.24
Nadir Godrej of Godrej Industries has acquired three luxury apartments in Ruparel House, Malabar Hill, South Mumbai, for ₹180 crore, according to documents obtained by Zapkey.com.
The founding family of the Godrej Group, known for its diverse businesses ranging from soaps and home appliances to real estate, recently finalized a split of the conglomerate. Adi Godrej and his brother Nadir Godrej will retain control of Godrej Industries, which includes five publicly listed companies. Meanwhile, cousins Jamshyd and Smita Godrej will take over Godrej & Boyce and its associated companies, along with a substantial land bank that includes prime properties in Mumbai.
According to a statement released by the group, the Godrej conglomerate has been divided between two branches of the founding family: Adi Godrej (82) and his brother Nadir Godrej (73) on one side, and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other.
The property was sold by R House Realty Pvt Limited (JSW Realty), and the transaction was officially recorded on June 12, 2024.
According to the documents, each of the three apartments, priced at ₹59.95 crore apiece, includes 12 parking spaces. Nadir Godrej has also paid more than ₹10 crore in stamp duty for the purchase of the apartments, along with ₹90,000 in registration fees, as per the documents. The documents further indicate that each apartment measures 13,836 square feet (carpet area), resulting in a total size of 4,610 square feet (carpet area) per apartment.
Malabar Hill, a prestigious residential enclave in Mumbai famous for its Hanging Gardens, ranks among the most expensive residential neighborhoods in India. Other upscale areas in South Mumbai include Walkeshwar and Cuffe Parade. Local real estate agents report that property prices in Malabar Hill typically start from ₹1 lakh per square foot and can exceed this rate.
South Mumbai, particularly Malabar Hill, boasts numerous historic buildings and heritage bungalows. Following the Covid-19 pandemic, the area has seen a rise in redevelopment projects. Many affluent individuals, including high net worth individuals (HNIs), choose to reside in this micro-market.
