Shaila Merchant, mother of Radhika Merchant and the mother-in-law of Anant Ambani, has made a notable real estate purchase in South Mumbai. The sea-facing luxury apartment, situated in the prestigious Prestige Ocean Tower, spans 2,565 sq ft, including an 83 sq ft balcony, and was acquired for ₹20.76 crore. The transaction, registered on October 14, comes with four dedicated car parking spaces. For this purchase, Merchant paid a stamp duty of ₹1.03 crore and registration charges of ₹30,000, as per official documentation.
This high-end apartment was sold by Prestige Projects Private Limited, part of Bengaluru-based Prestige Group. According to local property brokers, the per sq ft cost of this premium apartment is approximately ₹80,936, reflecting the sought-after location with a view of the Mumbai Coastal Road and the Arabian Sea.
Mumbai’s luxury real estate market has been experiencing significant growth. In the first half of 2023 alone, sales of luxury homes priced at ₹10 crore and above reached ₹12,300 crore, marking an 8% increase compared to the same period last year. The market continues to witness robust demand, with 1,040 luxury units sold in Mumbai in the last 12 months, according to a report by India Sotheby’s International Realty and CRE Matrix.
The sharp rise in Mumbai’s luxury real estate prices brings into focus the widening gap between affordable housing and high-end developments. Although the demand for luxury homes reflects the city’s global financial status, there is a need for balance. Sustainable urban development and rationalised land usage will play critical roles in ensuring that housing development aligns with long-term city planning, avoiding infrastructure strain, and contributing positively to civic life.
