Barnsley FC's chairman Neerav Parekh, mother buy two luxury apartments for ₹170 crore in Mumbai's Worli

Mumbai real estate update: Barnsley Football Club's chairman Neerav Parekh, mother buy two luxury properties in a Worli Sea Face project named Naman Xana

Barnsley Football Club's chairman, Neerav Parekh, and his mother, Kalpana Parekh, purchased two apartments worth Rs170 crore in the Worli area of Mumbai, according to property registration documents accessed by Indextap.

Barnsley Football Club's chairman, Neerav Parekh, and mother, Kalpana Parekh, have purchased two separate apartments worth ₹170 crore in Mumbai. (Picture for representational purposes only) (Vijayanand Gupta/HT PHOTO) (HT Photo)

According to the documents, the two apartments are located in a Worli Sea Face project named Naman Xana by Naman Group.

Neerav Parekh has purchased a duplex with an area of 10,441 sq ft for ₹105 crore. The apartment was registered on December 5 and was subject to a stamp duty of ₹6.30 crore. According to the documents, the duplex apartment comes with six parking spaces.

Of the two, the apartment purchased by mother Kalpana Parekh is 7,104 sq ft and costs ₹65 crore. The stamp duty for the condo, registered on December 7, was ₹3.25 crore. The documents show that the apartment comes with four parking spaces.

Neerav Parekh and Kalpana Parekh were in the news in September 2024 for selling 4 lakh shares of Pidilite Industries. According to a media report, Neerav sold 1 lakh shares (0.02 per cent) at ₹3,303 per share, while Kalpana Apurva Parekh sold 3 lakh shares (0.06 per cent).

A query was sent to Neerav Parekh and Naman Group, but they have not responded.

“When we talk Mumbai luxury housing, it clearly screams Worli. This SOBO micro market has Mumbai's top luxury projects by top Mumbai developers, from Rahejas to Lodha to Oberoi. At an average level, Worli housing markets trade at 90,000 to 100,000 per sqft on carpet. However, these exclusive projects by top developers at prime locations trade at 25-40% premium over average due to its aspirational quotient, location, development quality, andluxury amenities,” said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix and IndexTap.com

Mumbai's Worli is a hotspot for luxury projects

The project Naman Xana is on the Worli Sea Face, close to the Bandra-Worli Sea Link and faces the Mumbai Coastal Road and the Arabian Sea. The entire Worli Sea Face stretch has several under-construction luxury projects.

Worli in central Mumbai has become a hotspot for several luxury projects after South Mumbai, Lower Parel, Prabhadevi, and Bandra. The micro market has several projects in the above ₹1 lakh per sq ft price range.

The luxury housing segment that includes units priced at ₹4 crore and above saw sales increasing by almost 37.8% Y-o-Y during the Jan-Sep 2024 period on the back of high demand, CBRE South Asia Pvt Ltd said in its report titled India Market Monitor Q3 2024 – Residential.

It noted that the total sales of luxury units during the Jan-Sep 2024 period stood at around 12,625 compared to around 9,160 units during the same period last year.