Mumbai Real Estate: Blue Jet Healthcare promoter family buys three Worli luxury apartments for more than ₹202 crore

Blue Jet Healthcare promoter family buy three Worli luxury properties worth over ₹202 crore, signaling rising pharma wealth in Mumbai’s high-end real estate

In yet another sign of pharma wealth flowing into Mumbai’s luxury real estate, the promoter of Blue Jet Healthcare and his family have purchased three high-end apartments in Worli for over ₹202 crore, according to property registration documents accessed by Zapkey.

Blue Jet Healthcare promoter and family have bought three Worli luxury properties worth over ₹202 crore, signaling rising pharma wealth in Mumbai’s high-end real estate. (Photo for representational purposes only) (Pexels)

Akshay Bansarilal Arora, promoter of the pharma company, bought two units in the super-luxury skyscraper Palais Royale from Honest Shelters Pvt Ltd. Each apartment measures 7,669 sq ft, comes with five car parking spaces, and was purchased for ₹57.14 crore.

Akshay Bansarilal Arora and Honest Shelters Pvt Ltd could not be reached for a comment.

In a separate deal, Shiven Akshay Arora, acquired a 7,747 sq ft apartment in Raheja Artesia, Worli, for ₹88 crore. The residence includes six parking spaces, the documents showed.

Shiven Akshay Arora and Raheja could not be reached for a comment.

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.

Other pharma deals in Mumbai

Pharmaceutical firm USV’s chairperson, Leena Gandhi Tewari, has bought two luxury sea-facing duplex apartments in Mumbai’s posh Worli area for ₹639 crore. She spent almost ₹63.9 crore in stamp duty and GST, bringing the total value of the transaction to about ₹703 crore, making it the most expensive residential property deal recorded in the country.

The transaction underscores a significant uptick in luxury housing demand, particularly from the pharmaceutical sector. Real estate experts believe the post-COVID wealth surge has prompted many pharma promoters and executives to view high-end properties as both a secure investment and a status symbol.

“Pharma wealth is increasingly flowing into real estate,” said industry experts.

The Zydus Family Trust, associated with Zydus Lifesciences Limited (formerly Cadila Healthcare Limited), a leading Indian pharmaceutical company, has purchased a ₹200 crore luxury apartment in Mumbai's Worli earlier this year.

Last year, Vibha Shanghvi, wife of Dilip Shanghvi, chairman and managing director of Sun Pharma has purchased two apartments worth ₹130 crore in Mumbai's Worli area, according to documents accessed by Zapkey.