Sun Pharma Promoter Vibha Shanghvi Acquires Two Luxury Apartments in Mumbai for ₹130 Crore
Vibha Shanghvi, a prominent figure in the promoter group of Sun Pharmaceutical Industries, has acquired two luxurious sea-facing apartments in Mumbai for a staggering ₹130 crore. Both properties are situated in the highly sought-after Naman Xana tower, located in the exclusive Worli locality, which is renowned for its breathtaking views of the Arabian Sea and its high-end amenities. This purchase highlights the growing demand for luxury living spaces in Mumbai, one of India’s most expensive real estate markets.
The first apartment, located on the 21st floor of the tower, offers a vast living space of 6,458 square feet. Acquired for ₹65 crore, the price per square foot comes to over ₹1 lakh, which is a premium rate even by Mumbai’s standards. Along with the luxurious apartment, Shanghvi secured three car parking spaces, adding to the exclusivity of the property. The second apartment, located on the 29th floor, spans 5,813 square feet and was also purchased for ₹65 crore, which works out to nearly ₹1.12 lakh per square foot. This property comes with four car parking spaces, further enhancing its appeal. The total stamp duty paid for both transactions amounted to ₹6.5 crore, demonstrating the high value of these luxury properties. The Naman Xana tower is under construction and promises to be one of the most prestigious addresses in Mumbai upon completion. Situated on Dr. Abdul Gaffar Khan Road in Worli, the tower offers panoramic sea views, making it a highly coveted property for affluent buyers. The locality itself is known for its proximity to major landmarks, such as the luxurious bungalows of some of India’s wealthiest families, including Mukesh Ambani’s daughter’s residence. This has further increased the tower’s desirability among high-net-worth individuals (HNIs).
Vibha Shanghvi’s acquisition underscores the strong and sustained demand for luxury real estate in Mumbai, particularly in the South and Central Mumbai areas. These locations are home to some of the most expensive properties in India, and recent years have seen a surge in large-ticket transactions involving industrialists, corporate moguls, celebrities, and sports figures. The demand for such high-end properties has continued to rise despite global economic challenges, with buyers eager to invest in prime, sea-facing homes in the city’s prestigious locales. The Shanghvi family’s latest investment is part of a broader trend in Mumbai’s luxury real estate market, which has seen record transactions in 2024. As one of the country’s wealthiest families, the Shanghvis’ purchase adds to the growing list of high-profile investors who are securing exclusive homes in Mumbai’s poshest neighbourhoods. Other high-net-worth individuals, such as Neerav Parekh of Pidilite Industries, have also made significant real estate investments in the same Naman Xana tower, further underscoring its popularity.
Mumbai’s luxury real estate market has remained robust in 2024, with strong growth across the premium and luxury segments. The city’s status as a financial and cultural hub continues to make it a prime destination for both domestic and international investors seeking prestigious properties. The Shanghvi family’s purchase reflects Mumbai’s enduring appeal and further solidifies its position as the country’s most sought-after and expensive property market. As India’s real estate market continues to evolve, luxury properties like those in Naman Xana will likely remain at the forefront of demand, catering to the needs of affluent buyers who seek the best in comfort, convenience, and location. With its prime sea-facing view and opulent design, these apartments represent the epitome of luxury living in Mumbai.
