Television producer Rajan Shahi has purchased a 5BHK penthouse in Mumbai’s Madh Island for Rs 13.71 crore, according to property registration documents accessed via Zapkey.com. The transaction underscores the continued demand for premium sea-facing properties in emerging coastal micro-markets of the city.
The penthouse is located on the 35th floor of Raheja Exotica Cyprus, a luxury residential tower developed by Raheja Universal. The apartment has a RERA carpet area of 3,248 sq ft along with a deck spanning over 400 sq ft. The deal translates to a per sq ft rate exceeding Rs 37,000, reflecting current peak pricing trends in the locality. The property was registered on December 26, 2025. Documents indicate that stamp duty of Rs 82 lakh and a registration fee of Rs 30,000 were paid. The transaction also includes four parking spaces, typically considered a premium add-on in high-rise luxury developments. Shahi’s new residence places him in proximity to other well-known residents in the building. Playback singer Jubin Nautiyal owns an apartment on the 34th floor, while actor Sanjay Mishra reportedly owns a unit on the 15th floor. The clustering of high-profile buyers in the same tower highlights the growing appeal of the Madh Island-Versova coastal belt among entertainment industry professionals. Shahi, founder of Director’s Kut Productions, is widely known for successful television shows such as Yeh Rishta Kya Kehlata Hai and Anupamaa, both long-running hits in the Hindi television space.
Market observers attribute rising prices in Madh Island to improving infrastructure connectivity. The under-construction Bandra–Versova Sea Link, part of Mumbai’s Coastal Road project, along with improved road access linking Madh Island to Versova in Andheri, has enhanced commute prospects. Local brokers indicate that property values in the area have nearly doubled over the past few years, with current rates touching approximately Rs 37,000 per sq ft among the highest recorded for the locality. Traditionally viewed as a quieter coastal retreat compared to western suburbs such as Andheri or Bandra, Madh Island is increasingly positioning itself as a premium residential enclave. The availability of large-format apartments, sea views and lower density relative to core suburbs has attracted both end-users and investor-buyers.
The transaction reflects a broader trend in Mumbai’s luxury housing segment, where established entertainment and business personalities continue to invest in high-rise developments offering privacy, views and infrastructure-led upside potential. As connectivity projects near completion, analysts expect sustained interest in micro-markets that combine coastal appeal with urban access.
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