Mumbai, June 18, 2024 — In a significant real estate transaction, Nadir Godrej, Chairman of Godrej Industries, has acquired three luxury apartments in South Mumbai's posh Malabar Hill for ₹180 crore. The purchase, from R House Realty Pvt Limited (JSW Realty), includes 12 parking spaces and has attracted a stamp duty of ₹10 crore. This deal underscores the ongoing demand for high-end residential properties in one of the country's costliest neighborhoods.
The acquisition, according to documents accessed by Zapkey.com, involves three apartments in Ruparel House, each priced at ₹59.95 crore. The transaction was registered on June 12, 2024, with additional registration fees amounting to ₹90,000. Each apartment spans 4,610 sq ft (carpet area), totaling 13,836 sq ft for all three.
This high-profile purchase follows the recent reorganization of the Godrej Group, wherein the founding family decided to split the conglomerate. Adi Godrej (82) and his brother Nadir Godrej (73) retained control of Godrej Industries, which encompasses five listed firms. Their cousins, Jamshyd Godrej (75) and Smita Godrej Crishna (74), took over the unlisted Godrej & Boyce and its affiliates, along with a significant land bank, including prime properties in Mumbai.
Malabar Hill, known for its prestigious residential address and the iconic Hanging Gardens, remains a top choice for Mumbai's elite. The locality, along with neighboring Walkeshwar and Cuffe Parade, commands a high real estate value with rates often exceeding ₹1 lakh per sq ft. Post Covid-19, the area has seen a surge in redevelopment projects, catering to the city's ultra-high-net-worth individuals (UHNI).
Despite several attempts, neither Godrej Industries nor JSW Realty responded to queries regarding the transaction.
The Godrej family's real estate activities highlight the continued investment in South Mumbai's premium residential market, reflecting broader trends of redevelopment and luxury property acquisitions in the region.
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