Inox Group’s Siddharth Jain buys Worli Quadruplex house for ₹144 Crore
BENGALERU : Siddharth Jain, Executive Director of Inox Group, has purchased a luxury sea-facing quadruplex apartment for ₹144 crores in the posh area of Worli, South Mumbai.
The merged 10,567 square foot apartment in the ‘Raheja Legend’ building is spread over four levels and has access to 12 parking lots, documents viewed by real estate data portal Indextap.com showed.
Jain bought the property from Ashish Raheja who is the Managing Director of Raheja Universal Pvt Ltd. Raheja sold the property personally.
The merged property, on the 42nd, 43rd, 44th and 46th floors, was registered on March 31. According to the registration document, Jain, the father and natural guardian of Aaradhya Jain, Varanya Jain and Nariti Jain, acquired and purchased the said premises on behalf and for the benefit of his three daughters. The buyer has paid stamp duty of ₹7.20 crores for the property.
“This transaction loudly reiterates our assumption that the luxury real estate market in Mumbai is resilient to changes in stamp duty rates, market dynamics. Luxury homes in Mumbai continue to see relentless demand , especially given the limited supply from A-level developers in an upscale neighborhood such as Worli,” said Abhishek Kiran Gupta, CEO of CRE Matrix and IndexTap.
Jain did not respond to an email query.
Last year, SIL Investments Ltd, a Rajasthan-based company, bought a duplex apartment in Raheja Legend for ₹78 crores. This year HDFC Asset Management Co. Ltd Chief Investment Officer Prashant Jain and his wife Divya Prashant Jain bought a sea view apartment for ₹19.36 crore, at ‘Marina Bay’, Worli Sea Face area.
Mumbai has seen a surge in upscale apartment sales in the south and center of the city, as well as upscale suburban areas such as Bandra.
In 2021, the wife of HDFC Chairman Deepak Parekh, Smita D Parekh bought an apartment for ₹50 crores at ‘Artesia’ in Worli. HDFC VP and CEO Keki Mistry has also purchased an ultra-luxury apartment in Artesia for ₹41.23 crores.