Mumbai business family buys four flats for Rs. 240 croreLast updated on Feb 22, 2018, 05:40 pm
A business family of Mumbai has reportedly made the biggest residential transaction of recent times by buying four apartments at Rs. 1.2 lakh per sq ft in an upcoming residential tower at Nepeansea Road.
The Taparia family bought the flats between 28th and 31st floors of the luxury tower 'The Residence' from the Ruwal Group for Rs. 240 crore, said real estate sources.
The deal was made last month
The high-priced deal was made last month and each apartment has a carpet area of 4, 500 sq ft.
The residential tower is located close to Kilachand House, known for being Mumbai's last standing grand palace.
Earlier, in 2016, the business family bought an 11, 000 sq ft duplex flat in a residential project for Rs. 60 crore at the Bandra Kurla Complex.
Taparia family was among the highest individual taxpayers in Mumbai
The family once owned the pharmaceutical company Famy Care and sold it in 2015 for about Rs 4,600 crore.
As per reports, the Taparias were also among the highest individual taxpayers from the city.
The news about the deal came forward after the family's legal firm, Wadia Gandhy, issued a notice stating its client was carrying out a title search of the Runwal property.
Runwal Group bought the property for Rs. 350 crore
The half-acre plot on which the tower will be built once housed a two-storey bungalow called Nepean Grange which was constructed in 1918.
The Runwal Group bought the property for Rs. 350 crore in 2011.
Even though the owners had settled the deal for Rs. 270 crore, the tenant living in the bungalow demanded Rs. 80 crore to vacate the property.