Siddharth Jain of INOX Leisure Acquires a Luxurious Quadruplex in Raheja Legend, Worli for INR 144 Crore

According to established real estate sources in Mumbai, Siddharth Jain, director of INOX Leisure, has purchased a quadruplex apartment in Worli, one of Mumbai's upmarket neighbourhoods, for Rs 144 crore.

The luxury unit is comprised of apartments on the 42nd, 43rd, 44th, and 46th floors of Raheja Legend on Dr Annie Besant road.

The unit has an agreed value of Rs 144 crore and a stamp duty payment of Rs 7.2 crore. 

According to the paperwork, the unit was registered on March 31, 2022.

The apartment has a total building area of 10,567 square feet and includes 12 parking spaces.

Recently, the board of directors of film exhibition giant PVR Ltd approved a plan to merge INOX Leisure Ltd with the firm. Following the merger, INOX promoters would own 16.66 percent of the merged business, while PVR promoters will own 10.62 percent.

Raheja Legend is a 47-story luxury condominium development developed by Raheja Universal. It was completed in 2011.

This premium real estate transaction demonstrates the resilience of Mumbai's luxury market to changes in stamp duty rates and market factors. 

Mumbai luxury houses are in high demand, all the more so considering the restricted availability by grade A developers in grade A locations.

Several notable luxury property transactions in Mumbai recently concluded include the following:

SIL Investments Ltd, a Rajasthan-based business, purchased a sea-facing luxury duplex residence in Worli for Rs 78 crore from a local real-estate firm in December last year. The apartment is located on the 37th and 38th floors of Raheja Legend and has 7,200 square feet (carpet area).

In May 2021, the founders of Mumbai-based real estate company K Raheja Corp chose to retain control of three floors of their ritzy property, which spans over 60,000 square feet and is valued at Rs 426 crore. The Artesia project, a 45-story landmark stand-alone skyscraper in Worli, offers spectacular views of the Arabian Sea and the Bandra-Worli Sea Link.