Mumbai: A luxury apartment in Mumbai’s upscale Worli area has been sold for a massive Rs 187.47 crore. This high-end property is part of the Lodha Sea Face project, developed by Macrotech Developers. The apartment spans approximately 15,000 square feet, making it one of the largest and most expensive real estate transactions in the city.
Who Bought This Property?
According to property registration records, the apartment was purchased by SR Menon Properties LLP, a company established in May 2024. The firm has two designated partners: Radhika Narang Parasram and Sudhir Vijay Menon. The deal also included seven dedicated parking spaces, which is a key selling point in Mumbai’s congested real estate market.
High Stamp Duty and Registration Charges
This luxury property transaction came with significant additional costs. The buyers paid Rs 11.25 crore in stamp duty and Rs 30,000 in registration charges. The deal was a direct sale from Macrotech Developers, meaning it was a primary market transaction.
The Rising Real Estate Market in Worli
Worli has established itself as one of the most sought-after residential areas in Mumbai, thanks to its premium high-rise apartments and stunning sea views. In 2024 alone, the area witnessed 683 residential registrations, with total transactions valued at Rs 7,326 crore. According to market data, the average price for a residential property in Worli was Rs 84,754 per square foot by the end of 2024.
Why is Worli So Popular?
One of the biggest reasons for Worli’s rising popularity is its excellent connectivity. It is well connected to key business districts like Bandra-Kurla Complex (BKC) and Nariman Point via the Bandra-Worli Sea Link and Eastern Express Highway. Additionally, ongoing infrastructure projects like the Mumbai Coastal Road and Metro Line-3 are expected to increase property demand in the coming years.
Luxury Market Boom in Worli
According to real estate consultancy firm Anarock, ultra-luxury real estate transactions in Worli reached Rs 4,862 crore between 2023 and 2024. Homes priced at Rs 40 crore or more fall into this ultra-luxury category. The demand for such high-end residences has been rising, attracting high-net-worth individuals (HNIs) and multinational corporations (MNCs).
Property Prices Have Increased by 30 per cent in Two Years
Between 2022 and 2024, property prices in Worli have increased by 30 per cent, reflecting its growing appeal among wealthy buyers. As of 2024, the area had 4,600 available housing units, with an average price of Rs 75,000 per square foot. More than half of the available properties in the region are priced between Rs 6 crore and Rs 12 crore.
Future Growth and Investment in Worli
Several top real estate developers, including Oberoi Realty, Birla Estates, Runwal Realty, and Sumitomo Realty, have invested heavily in residential projects in Worli, with total land acquisitions worth over Rs 7,026 crore.
Additionally, by 2026, Worli is expected to have nearly 3 million square feet of new office space, further increasing its value as a prime location. Rental prices currently range between Rs 170-280 per square foot per month, making it an attractive destination for both residential and commercial investments.
The sale of this Rs 187 crore luxury apartment highlights the rapid appreciation of real estate in Worli. With ongoing infrastructure developments and increasing demand for ultra-luxury residences, the area is expected to remain a top choice for high-end homebuyers and investors in Mumbai.
