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Real estate developer Ashar Group has set a new benchmark in Mumbai's luxury property market by selling a 9,527 square foot triplex apartment in The Legend by Ashar to Apco Infratech for INR 172 crore. Located in Pali Hill, Bandra, the triplex spans the top three floors of an 11-storey building, formerly the residence of actor Dilip Kumar. The sale price translates to a record INR 1,81,000 per square foot. The buyers paid INR 9.30 crore in stamp duty for the transaction, registered on July 23. The Legend by Ashar is expected to be completed by the end of 2027, with all necessary approvals from MahaRERA.
Real estate developer Ashar Group has set a new benchmark in Mumbai's luxury property market. The company has sold a sprawling 9,527 square foot triplex apartment in its upcoming project, The Legend by Ashar, to infrastructure firm Apco Infratech. The deal is valued at a staggering INR 172 crore. Advertisement
Located in the upscale neighbourhood of Pali Hill, Bandra, the triplex occupies the top three floors of the 11-storey building. This project is a redevelopment of the late actor Dilip Kumar's residence, adding a historical touch to the already prestigious address.
The sale price translates to a per square foot rate of INR 1,81,000, a record-breaking figure that highlights the skyrocketing property values in the city. The buyers paid a substantial stamp duty of INR 9.30 crore for the transaction, which was registered on July 23. The Legend by Ashar is expected to be completed by the end of 2027. The project has obtained necessary approvals from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Pali Hill has emerged as a hotspot for luxury real estate in recent times. The neighbourhood has witnessed several high-profile property transactions, including the recent purchase of a INR 20 crore apartment by cricketer-actor couple KL Rahul and Athiya Shetty. Bollywood icon Aamir Khan has made a substantial addition to his Mumbai real estate portfolio by acquiring a new apartment for INR 9.75 crore. Located within the esteemed Bella Vista Apartments in Pali Hill, this ready-to-move-in property spans an expansive 1,027 square feet. The transaction, finalised on June 25, included a stamp duty payment of INR 58.5 lakh and a nominal registration fee of INR 30,000, according to property registration documents analysed by SquareYards.
In April last year, actor Alia Bhatt bought a INR 37.8 crore apartment in Pali Hill. Actor Sonakshi Sinha also bought an apartment in a premium residential tower in Bandra for INR 11 crore. Bollywood's power couple Ranveer Singh and Deepika Padukone also made a luxury real estate purchase in 2022 in the Bandra area for about INR 200 crore.
This latest deal by Ashar Group further solidifies Pali Hill's position as one of the most coveted addresses in Mumbai. Real estate experts believe that the demand for luxury properties in Pali Hill is likely to continue growing, driven by factors such as increasing wealth, limited supply of prime residential land, and a preference for standalone bungalows and high-rise apartments with world-class amenities.
As the city's skyline changes and new luxury developments emerge, Pali Hill remains a timeless address that epitomises the pinnacle of Mumbai's opulent lifestyle. The recent record-breaking deal is a clear indication that the neighbourhood's allure is only growing stronger, making it a hotbed for India's wealthiest individuals.
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