CMD Family of BDR Pharma Buys Luxury Apartments in Raheja Artesia, Worli for INR 81 Cr

High-Value Real Estate Acquisition

The family of BDR Pharmaceuticals' Chairman & Managing Director has made a notable entry into Mumbai's luxury real estate market by purchasing two adjacent sea-view apartments in Worli for an impressive sum of nearly ₹81 crore. Located on the 39th habitable floor of the ultra-luxurious project Raheja Artesia, these apartments span a substantial 6,670 sq ft carpet area, complemented by over 367 sq ft of balcony space.

This acquisition places the apartments among the country's most expensive property transactions, valued at over ₹1.20 lakh per square foot.

Trust-Based Purchase and Exclusive Amenities

The properties were acquired through two trusts, RDS Private Family Trust and BRD Square Private Family Trust, with Dharmesh Shah's wife Binita serving as the trustee for both. The purchase, made directly from developer K Raheja Corp, includes exclusive access to seven car parking slots in the tower. The transactions were registered in early November, with one deal finalized on the 1st and the other just two days later.

The Prestigious Raheja Artesia project in Worli, South Mumbai

Raheja Artesia, the super-premium residential tower where these apartments are located, stands on a sprawling 5-acre land parcel in Worli. The tower itself is a symbol of luxury, with deals averaging around ₹1.25 lakh per square foot.

BDR Group's Pharmaceutical Ventures

BDR Group, comprising BDR Pharmaceuticals International and BDR Life Sciences, is renowned for its work in Active Pharmaceutical Ingredient (APIs) and formulation manufacturing. The group has carved a niche in four specialized therapeutic segments: oncology, critical care, gynaecology, and neurology.

Mumbai's Booming Property Market

Despite challenges like higher interest rates and rising housing prices, Mumbai's property market, including the luxury, premium, and mid-income segments, has been setting new records for over three years. This vigorous activity has significantly boosted the state exchequer's revenue, particularly in the premium and mid-income housing sectors.

Record-Breaking Stamp Duty Collections

In the first ten months of the current year, the state government's stamp duty collection has already surpassed an all-time high, exceeding ₹9,220 crore. This figure outstrips the previous record of over ₹8,893 crore set in 2022. The sales of premium housing in key markets of the city, particularly in south and central Mumbai, have majorly contributed to this fiscal achievement. These areas have seen numerous high-value transactions involving notable industrialists, CXOs, actors, and sports personalities over the past two years.