Siddharth Jain of INOX Leisure buys quadruplex in Mumbai for Rs 144 crore

An aerial view of India's financial capital Mumbai at night prior to COVID-19. (PC-Shutterstock)

Siddharth Jain, director of INOX Leisure, has bought a quadruplex flat in Worli, one of Mumbai’s upscale areas, for Rs 144 crore, documents accessed by IndexTap showed.

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, the documents said.

There was no response from both the buyer and the seller.

The agreement value of the unit is Rs 144 crore and the stamp duty paid is Rs 7.2 crore. The unit was registered on March 31, 2022, according to the documents.

The total built area of the unit is 10,567 sq ft and comes with 12 car parkings.

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Local brokers said that the market price per sq ft of these units is around Rs 1.4 lakh per sq ft.

Last month, film exhibition major PVR Ltd’s board of directors had approved a scheme of amalgamation of INOX Leisure Ltd with the company. Post the merger, INOX promoters will have a 16.66 percent stake, while PVR promoters will have a 10.62 percent stake in the combined entity.

Raheja Legend is a premium condominium complex of real-estate company, Raheja Universal, comprising 47 floors. It was completed in 2011, brokers said.

“This transaction loudly and clearly reiterates our hypothesis that the Mumbai luxury segment is resilient to changes in stamp duty rates and market dynamics. Mumbai luxury homes continue to see relentless demand, especially given the limited supply by grade A developers in Grade A neighborhood,” said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.

In December last year, SIL Investments Ltd, a Rajasthan-based company, bought a sea-facing luxury duplex apartment in Worli for Rs 78 crore from a local real-estate firm. Spread over 7,200 sq ft (carpet area), the apartment is on the 37th and the 38th floors of Raheja Legend.

In May 2021, in one of the biggest high-rise deals in India, the promoters of Mumbai-based real-estate major K Raheja Corp decided to keep possession of three floors of their ritzy project, sprawling over 60,000 sq ft and worth Rs 426 crore. The project named Artesia, an iconic stand-alone 45-storey tower, is located in Worli and has an expansive view of the Arabian Sea and the Bandra-Worli Sea Link.

In June last year, Mumbai-based drug maker Ajanta Pharma has renewed its lease for a 3,369 sq ft apartment in Mumbai for a whopping Rs 18 lakh a month. The sea-view apartment is located on the 18th floor (as per the Municipal Corporation of Greater Mumbai) of Raheja Legend in Worli and comes with six car parkings.

Cricketer Virat Kohli and his wife Anushka Sharma had earlier rented an apartment on the 40th floor of the same building for Rs 15 lakh a month.

In August 2021, businessman Shailesh Dalmia and his wife Natasha bought four sea-view luxury apartments in realty developer K Raheja Corp’s under-construction high-rise in Mumbai’s Worli locality for Rs 125 crore.