Metro Brand Promoters Buy 5 Luxury Flats in Palais Royale for ₹405 Crore

Metro Brand Promoters Buy 5 Luxury Flats in Palais Royale for ₹405 Crore

Mumbai’s luxury real estate market continues to draw attention, with the promoters of Metro Brand Ltd. securing five high-end apartments in the prestigious Palais Royale in Lower Parel for a staggering INR 405 crore. The significant transaction, revealed through registration documents accessed by IndexTap.com, highlights the sustained demand for upscale properties in prime Mumbai locations.

The first two acquisitions, reported earlier, were made by Ziya Malik and Alisha Rafik Malik, each purchasing an apartment in the sought-after Palais Royale forINR81 crore. These transactions, dated 20 December 2024, involved Flat No. 61, South East, and Flat No. 61, North East, both of which cover an expansive 7,687 sq. ft. and 7,672 sq. ft., respectively. Each flat includes five dedicated car parking spaces, and the per square foot (PSF) price of these apartments was recorded at INR 1,05,366 and INR 1,05,579.

Following these initial purchases, three more deals were sealed in quick succession, solidifying the presence of Metro Brand Ltd.’s promoters in this luxurious complex. On  23 December, 2024, Farah Rafik Bhajni acquired Flat No. 61, South West, spanning 7,687 sq. ft., along with five car parking spaces, at the same PSF rate of INR 1,05,366. The next day, on 24 December 2024, Shabina Malik Hadi followed suit with the acquisition of Flat No. 61, North West, which measures 7,672 sq. ft. and comes with five car parkings, priced at INR 1,05,579 per square foot. The final transaction was made on 26 December 2024, when Zara Rafik Malik purchased Flat No. 62, North West, at INR 1,05,579 per square foot, covering 7,672 sq. ft., and including five car parking spaces. Each of these high-value transactions involved a substantial stamp duty of INR 4.05 crore, underlining the significance of the deal.

With a cumulative value of INR 405 crore for all five apartments, these acquisitions underscore the continued vibrancy of Mumbai’s luxury property market. The Palais Royale, renowned for its opulence and state-of-the-art amenities, remains one of the most coveted addresses in the city’s elite real estate segment, attracting high-net-worth individuals and investors. This series of purchases not only highlights the strength of Mumbai’s luxury residential market but also reflects growing interest in prime locations like Lower Parel, which continue to be in high demand due to their proximity to business hubs and prestigious landmarks.