Radhika Merchant's mother Shaila Merchant buys a luxury apartment worth ₹20 crore in South Mumbai

Anant Ambani’s mother-in-law has bought the apartment from Prestige Projects Private Limited

Radhika Merchant's mother Shaila Merchant has purchased a sea-facing luxury apartment measuring 2,565 sq ft in South Mumbai in Prestige Ocean Tower for ₹20.76 crore, according to property registration documents accessed by Zapkey.

Radhika Merchant's mother Shaila Merchant has purchased a sea-facing luxury apartment measuring 2,565 sq ft in South Mumbai in Prestige Ocean Tower for ₹20.76 crore (Instagram/@radhikamerchant_)

The apartment is spread across an area of 2,482 sq ft and comes along with a 83 sq ft balcony, according to the documents.

The transaction for the apartment was registered on October 14. It comes with four car parking spaces.

A stamp duty of ₹1.03 crore and registration charges of ₹30,000 were paid for the apartment, according to the documents.

The apartment was sold by Prestige Projects Private Limited part of the Bengaluru-based Prestige Group. A query sent to Prestige Group and Shaila Merchant did not get any response. The copy will be updated once a response is received.

According to local brokers, the per sq ft price of the apartment sold to Radhika Merchant's mother comes to about ₹80,936. The apartments located on the higher floors face the Mumbai Coastal Road and the Arabian Sea.

Anant Ambani, son of Mukesh Ambani, got married to Radhika Merchant in July in Mumbai.

Radhika is the daughter of Viren Merchant and Shaila Merchant. Viren Merchant is the CEO of Encore Healthcare.

Mumbai's luxury real estate market

Mumbai saw sales of luxury homes priced at ₹10 crore and above touch ₹12,300 crore during the January to June period. This 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.

Sales of luxury homes touched ₹11,400 crore in the first half of the 2023 calendar year. A total of 1,040 luxury units in the ₹10 crore and above price bracket have been sold in Mumbai over the past 12 months, marking the highest number ever recorded in a year-long period, the report said.