Seema Singh, part of the promoter group of Alkem Laboratories has purchased a sea-view luxury apartment in Lodha Sea Face, an under-construction super-premium residential tower on Mumbai’s Worli sea face for Rs 185 crore.
She has bought this apartment spread over a total 14,000 sq ft on the 30th floor of the tower directly from the project developer Macrotech Developers. As part of the deal, she will also get exclusive access to 9 car parking slots in the tower, shows the registration documents accessed by ET.
This is the second biggest luxury apartment deal in Mumbai, the country’s biggest and most expensive property market, of this year. This year’s largest luxury apartment deal anywhere across the country was concluded in April at Rs 270 crore for a property in Lodha Malabar in south Mumbai’s Malabar Hill in April.
An all-time costliest deal in the country was struck in 2023 when family of industrialist JP Taparia, founder of contraceptive maker Famy Care, purchased a sea-view luxury triplex apartment for over Rs 369 crore in Malabar Hill in the same tower.
Singh, who is wife of the company’s Executive Director, Mritunjay Singh had recently executed a significant share sale, divesting over 3.58 lakh shares worth Rs 177 crore, which represented a 0.3% stake in the company.
She has paid stamp duty of Rs 9.25 crore for the registration of the deal that took place on Wednesday.
In 2021, the government of Maharashtra announced a 1% concession in prevailing stamp duty for women homebuyers. As part of this scheme, a female home buyer needs to pay 5% stamp duty charges for the registration of the deal in Mumbai.
ET’s email query to Alkem Laboratories and Macrotech Developers remained unanswered until the time of going to press.
Residential property sales in the top eight cities have soared to an unprecedented high in 2024 so far, fuelled by strong demand across mid-income, premium, and luxury segments. The year is also expected to conclude with an all-time high sales activity.
Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals.
South and Central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years.
