Nirmal Bang Securities’ promoter Kishore Bang and wife Suman Bang buy two luxury apartments in Mumbai for ₹45.69 crore
Mumbai real estate: The two apartments are located in the Raheja Modern Vivaria project being built by K Raheja Corp in South Mumbai's Mahalaxmi area
Brokerage firm Nirmal Bang Securities’ promoter Kishore Bang and wife Suman Bang have purchased two apartments in Mumbai's Mahalaxmi area for ₹45.69 crore, according to property registration documents accessed by Zapkey.
The two apartments are located in the Raheja Modern Vivaria project being built by K Raheja Corp in South Mumbai's Mahalaxmi, according to the documents.
The transaction for the two apartments measuring 5,255 sq ft was registered on September 14 and 15, 2024, according to the documents.
One out of the two apartments on the 30th floor was purchased for ₹25.95 crore measuring 2,891 sq ft in the name of Kishore Bang and Suman Bang. The second apartment on the same floor measuring 2,364 sq ft was purchased for ₹19.74 crore by Suman Bang and Kishore Bang, according to the documents.
The two apartments come with eight car parkings. The per sq ft price for the two transactions works out to be around ₹86,948 per sq ft.
Prices in the Mahalaxmi area start from more than ₹50,000 per sq ft and can go all the way up to ₹1 lakh per sq ft, according to local brokers.
According to the property registration documents, the stamp duty paid for both the apartments is ₹2.74 crore along with a registration fee of ₹60,000.
The Raheja Modern Vivarea project is being constructed in the Modern Textile Mill compound and has reported several transactions by high net worth individuals in the last few months.
Also Read: Lloyds Group promoter’s family buys property in Mumbai for ₹107 crore
A query sent to K Raheja Corp and Kishore Bang of Nirmal Securities did not get any response.
Flurry of transactions by promoters of equity firms in Mumbai's real estate market
In December 2023, Halan Family, known to be investors in the equity market, had purchased eight luxury apartments measuring around 15,996 sq ft in the same building for ₹103.98 crore, according to the documents accessed by IndexTap.com.
Earlier this month, financial expert Anand Rathi and family added three luxury apartments to their real estate portfolio by purchasing an apartment for ₹98.94 crore in Mumbai’s upscale Worli locality, according to property registration documents accessed through online portal IndexTap.com
Also Read: Utpal Sheth and family buy luxury apartment in Worli for ₹123.3 crore
Meanwhile, Mumbai saw sales of luxury homes, priced ₹10 crore and above, touch ₹12,300 crore during the January to June period which was an 8% increase over the first half of the 2023 calendar year, according to a report by India Sotheby's International Realty and CRE Matrix in July 2024.
