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Seema Singh, a member of Alkem Laboratories' promoter group, has purchased a sea-view luxury apartment in the Lodha Sea Face tower in Mumbai for INR 185 crore. The apartment spans 14,000 sq ft and is located on the 30th floor, with Singh also securing 9 parking spots. This marks the second-largest luxury deal in Mumbai this year, following a INR 270 crore transaction at Lodha Malabar. Singh, who recently sold a portion of her shares in Alkem Laboratories, paid a stamp duty of INR 9.25 crore. Property sales in Mumbai and other major cities have seen a significant rise in 2024, with the market expected to finish strong.
Seema Singh, part of the promoter group of Alkem Laboratories, has recently bought a luxury apartment in the under-construction Lodha Sea Face, a super-premium residential tower located on Mumbai's Worli sea face. The apartment, spanning 14,000 sq ft on the 30th floor, was purchased for INR 185 crore directly from the developer, Macrotech Developers. As part of the deal, Singh will also have exclusive access to 9 car parking slots in the tower, according to registration documents accessed by ET. Advertisement
This purchase marks the second-largest luxury apartment deal in Mumbai this year. The largest deal, valued at INR 270 crore, was completed earlier this year for a property in Lodha Malabar, located on Malabar Hill in South Mumbai. The most expensive deal ever in India was recorded in 2023 when the family of industrialist JP Taparia bought a luxury triplex sea-view apartment for over INR 369 crore in the same Malabar Hill tower.
Singh, wife of Alkem Laboratories' Executive Director Mritunjay Singh, had recently sold over 3.58 lakh shares of the company, valued at INR 177 crore, representing a 0.3% stake. She also paid a stamp duty of INR 9.25 crore for this recent property transaction. In 2021, the Maharashtra government introduced a 1% concession on stamp duty for female homebuyers, reducing the stamp duty to 5% for women in Mumbai. Despite ET's attempts to contact both Alkem Laboratories and Macrotech Developers, their responses remained unanswered by the time of publishing.
In 2024, residential property sales have seen an unprecedented surge in the country's top eight cities, driven by strong demand across various segments. The year is expected to end with record-high sales activity, with Mumbai continuing to lead as the nation's most expensive property market. Key areas in South and Central Mumbai have witnessed significant transactions involving industrialists, top executives, and celebrities in recent years.
Seema Singh's purchase of a luxury apartment at Lodha Sea Face adds to Mumbai's ongoing record-breaking property market activity in 2024. With a surge in demand across various price segments, particularly in South and Central Mumbai, the city continues to dominate as the country's most expensive real estate market. Singh's purchase, along with other high-value transactions, underscores the growing trend of luxury property deals involving top industrialists, corporate leaders, and celebrities, marking another milestone in Mumbai's property market.
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