Mumbai realty market witnesses another mega property deal

The appetite for luxury real estate continues unabated in the Mumbai property market. With several big deals already having dominated headlines in 2018, the luxury property segment is witnessing steady growth in prime areas of the city. In the latest mega property deal, the Managing Director of Welspun India, Rajesh Mandawewala, has purchased a sea-facing apartment spread over three floors for a whopping INR 127 crore as per reports. This apartment is located in an upcoming luxury realty project by the Wadhwa Group. This apartment measures around 20, 989 sq. ft. and is located in the 25 South project which is the project being developed jointly by Hubtown and the Wadhwa Group at Prabhadevi, one of the most prime areas in central Mumbai. The project encompasses three towers in all. INR 127 crore is the agreement value as per reports while the total deal will touch INR 150 crore once stamp duty and GST are accounted for. Mandawewala has purchased the 45th, 46th and 47th floors of the newly launched South Tower which are also the top three floors. Possession will be provided by the year 2023 as per RERA data. The project is coming up on a Hindustan Mill Lands plot which was owned previously by Hubtown and DLF. However, this 5 acre plot is now being jointly developed by Hubtown in collaboration with the Wadhwa Group. Hubtown was earlier called Ackruti City and had purchased this plot earlier in the year 2007 with DLF for a sum of INR 350 crore. C Sivasankaran of the Siva Group had purchased 50% in the mill land in the year 2009 from DLF for more than INR 300 crore. In the year 2012, this stake was sold off to Red Fort, the financial investment organization. Later on, the Wadhwa Group got into a deal for developing this project with Hubtown. Several big-ticket projects are coming up in Prabhadevi including Rohan Aquino, Lodha Grandeur, Raheja Empress and Tata Peregrine among others. Prabhadevi has always been a favoured choice for luxury real estate buyers on account of its strategic location, abundance of social amenities, proximity to commercial hubs in South Mumbai and easy access to landmarks like the Siddhivinayak Temple and Mahalaxmi Race Course.