K Raheja Corp arm buys BR Chopra’s bungalow in Mumbai for Rs 183 crore

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Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, has purchased a 3,278-sq m bungalow in Mumbai’s Juhu area for Rs 182.75 crore from Bollywood director and producer BR Chopra’s family, documents accessed by IndexTap.com showed.

The property has been sold by his daughter-in-law Renu Ravi Chopra. The Deed of Conveyance was registered on May 27, 2022. Stamp duty of around Rs 11 crore has been paid, the documents showed.

Renu Ravi Chopra could not be reached for comment. K Raheja Corp refused to comment.

According to the documents, the plot of land located in Juhu was acquired by Baldev Raj Chopra under Certificate of Sale on April 7, 1961. In September 2005, a Deed of Gift between BR Chopra (donor) and Ravi Chopra (donee) was registered. Thereon, Ravi Chopra became entitled to the plot. In 2010, by virtue of a Deed of Gift the property was transferred to his wife Renu Ravi Chopra.

Other than South Mumbai, Bandra and Juhu have been the two prime luxury micro-markets in Mumbai Suburbs since decades. Both micro-markets offer amazing views of the Arabian Sea, and sprawling social infrastructure including clubs, diners and five-star hotels, said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix.

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Associate Editor, Real Estate|Moneycontrol News

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The affluent Mumbaites, from industrialists to tinsel towners, have always eyed residing in these luxury locations. We foresee this trend to remain for many more years to come. Therefore, it is no surprise that Mumbai’s renowned luxury housing development brand, K Raheja has purchased land in Juhu for a luxury housing development, he said.

In March this year, Siddharth Jain, director of INOX Leisure, bought a quadruplex flat in Worli, one of Mumbai’s upscale areas, for Rs 144 crore. The unit is an amalgamation of flats on the 42^nd, 43^rd, 44^th and 46^th floors in Raheja Legend on Dr Annie Besant road, documents showed. The seller is Ashish S Raheja of Raheja Universal.

Also Read: So is that really a luxury housing project?

The trend of industrialists, corporate leaders and start-up owners purchasing ready-to-move-in luxury properties has continued in Mumbai even after the metro cess kicked in on April 1. That’s not all. Even the price of these units is comparable to pre-pandemic rates. This is largely due to the fact that demand for ready-to-move-in luxury units far exceeds supply.