Mumbai’s real estate market continues to shine as a beacon of luxury housing, with another high-profile deal capturing attention. Neerav Parekh, Chairman of Barnsley Football Club, along with his mother Kalpana Parekh, has invested in two luxury apartments in the upscale Worli area of Mumbai. The combined worth of the properties is a staggering ₹170 crore, according to property registration documents accessed by Indextap.
High-end properties in the iconic Worli sea face
The purchased properties are located in Naman Xana, a premium project by the Naman Group on Worli Sea Face. Neerav Parekh acquired a sprawling duplex apartment measuring 10,441 sq. ft. for ₹105 crore. This luxurious property, registered on December 5, includes six parking spaces and required a stamp duty payment of ₹6.30 crore.
Kalpana Parekh purchased a 7,104 sq. ft. apartment in the same project for ₹65 crore, with the registration completed on December 7. This apartment comes with four dedicated parking spaces and incurred a stamp duty of ₹3.25 crore.
Mumbai’s luxury housing market booms
Worli has established itself as Mumbai’s leading hotspot for luxury real estate. Its prime location, flanked by the Arabian Sea and landmarks like the Bandra-Worli Sea Link, makes it an aspirational address for high-net-worth individuals. Speaking about the area, Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix and IndexTap.com, said, “When we talk Mumbai luxury housing, it clearly screams Worli. Exclusive projects in this micro market trade at a 25-40% premium due to their aspirational quotient, location, development quality, and luxury amenities.”
Data from CBRE South Asia Pvt. Ltd.’s India Market Monitor Q3 2024 – Residential report highlights the growing demand for luxury housing. Between January and September 2024, sales of luxury units priced at ₹4 crore and above surged by 37.8% year-on-year, with total sales reaching 12,625 units compared to 9,160 in the same period last year.
Driving India’s real estate growth
Deals like these underline the booming demand for ultra-luxury housing in India. With high-profile investments in projects like Naman Xana, Mumbai continues to solidify its position as a hub for global luxury real estate. These developments not only contribute to the country’s economic growth but also enhance India’s image as a destination for premium living experiences.
