Veteran investor Raamdeo Agrawal and family have bought a duplex property in the Samudra Mahal project— home of the rich and famous—in Mumbai for Rs 46.29 crore, documents accessed by Zapkey.com showed.
Agrawal is the co-founder and joint managing director of Motilal Oswal Financial Services (MOFSL), a financial services company focused on institutional, corporate, high net worth individual (HNI) and retail customers.
Ramdeo Agarwal, Sunita Agarwal, Vaibhav Agarwal have bought the 17th and 18th floor in Samudra Mahal located in Worli for Rs 46.29 crore. The unit is spread across 3638 sq ft carpet area, the documents showed.
The seller of the property is Surin Narsi Nichamal Mukhi, the documents showed. The buyers paid a stamp duty of Rs 2.39 crore for the property.
The transfer deed was registered on September 23, 2021. The luxury apartments have been registered at the rate of Rs 1.27 lakh per sq ft, according to local brokers
Raamdeo Agarwal declined to comment.
In December 2020, the Motilal Oswal family trust had bought two duplex apartments together spread over 6,800 sq ft on the 13th and 17th floors in Mumbai for Rs 101 crore, valuing the deals at Rs 1.48 lakh per sq ft.
Samudra Mahal is a nearly five-decade-old luxurious, sea-facing residential complex in Mumbai's posh Worli area. Home to Mumbai's rich, the complex was earlier in the limelight as shamed diamantaire Nirav Modi's residence. Incidentally, both Yes Bank’s founder Rana Kapoor and Modi occupied duplex units on the top floor. It is a two-wing, 25-storeyed complex premium estate and comprises 100-odd three bedroom-hall-kitchen (BHK), duplex units, famous 'jodi' apartments and two bungalows.
Secondly, this is perhaps the only apartment block in the area which has an unhindered 360-degree view of the sea; while the third and most important factor is that this is perhaps among the few complexes in south Mumbai that has a freehold title.
"This is a prestigious address in town. The three-acre complex has about 100-odd apartments and two bungalows. Every fifth level of the building has a duplex. The 3BHK units are of size 1,710 sq ft and the duplex is about 3,420 sq ft. Several owners have bought two 3BHK apartments and turned it into ‘jodi apartments’," says Ritesh Mehta, senior director and head, West India, Residential, Jones Lang Lasalle India.
As far as rental values are concerned, the yield is much higher compared to other buildings in the vicinity. "On average, the rental yield is about 3 percent. A 1,700 carpet sq ft apartment commands a rent of Rs 4.5 lakh to Rs 4.75 lakh a month and a duplex fetches Rs 8.5 lakh to Rs 10 lakh per month," he says.
This property was earlier a palace owned by the royal family of Gwalior.
Located close to the complex is the Madhuli Housing Cooperative Society, which shot into the limelight several years ago thanks to Big Bull Harshad Mehta whose family owned several apartments. There are also a few independent bungalows which at today’s value command anything between Rs 80 crore to Rs 100 crore, as per property consultants active in the area.
Other premium apartment complexes located close to this apartment block include Omkar 1973, Indiabulls Blu, Three Sixty West by Oberoi Realty and Lodha Group's The Park.
