Former ASK Asset director Bharat Shah's family buys 4 Mumbai luxury apartments for Rs 179 cr

Synopsis

Family members of Bharat Shah acquired four luxury apartments in Mumbai's Worli area. The total cost for these residences reached approximately Rs 180 crore from the developer. These four apartments are located on the 34th and 35th floors of Wing A. Registration documents show the deal includes sixteen car parking spaces. This transaction highlights continued demand for premium housing in Mumbai's prime locations.

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Family members of Bharat Shah acquired four luxury apartments in Mumbai's Worli area. The total cost for these residences reached approximately Rs 180 crore from the developer. (Representative Image)

Mumbai: Family members of former whole-time director of ASK Asset & Wealth Management Group Bharat Shah have acquired four luxury apartments in Mumbai's plush Worli locality for a total of nearly Rs 180 crore.

The apartments in the residential project Kalpataru One were purchased by Preeti Bharat Shah and Kinnari Bharat Shah from the developer Kalpataru Properties directly. The transaction, registered on July 6, covers four apartments on the 34th and 35th habitable floors of Wing A, with each apartment valued at about Rs 44.85 crore.

Read more: Kalpataru Projects International bags orders worth Rs 2,957 crore

The four apartments have a combined RERA carpet area of 17,689 sq ft. The deal includes 16 car parking spaces, showed registration documents accessed through Zapkey. com.

The buyers have paid Rs 8.97 crore in stamp duty, with the transaction benefiting from a 1% concession available for properties registered in the names of women under Maharashtra government regulations.

Shah declined to comment for the story, while ET’s email query to Kalpataru remained unanswered.

The transaction adds to a series of high-value residential deals in Mumbai's luxury housing market, where business families, entrepreneurs and senior executives continue to acquire premium residences in prime locations such as Worli and Lower Parel.

Demand for luxury and ultra-luxury homes has remained buoyant over the past few years, supported by wealth creation, strong participation from high-net-worth individuals and a preference for larger homes with premium amenities.

Read more: Kalpataru Projects International bags orders worth Rs 2,002 crore

Real estate developers have also increased the supply of high-end residential projects across South and Central Mumbai to cater to this segment.