Mumbai's Ashar Group Sells Luxury Sea-View Flat for Rs 172 Crore to Apco Infratech

Ashar Group announced the sale of a triplex apartment at Pali Hill, Bandra in Mumbai for Rs 172 crore to Apco Infratech. The luxury housing project, named The Legend by Ashar, features this expansive 9,527 sq ft sea-view apartment. The transaction, valued at Rs 1.81 lakh per square foot, is one of the costliest in MMR’s real estate market for 2024.

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The triplex apartment occupies the 9th, 10th, and 11th floors of an 11-storey building. The buyer paid a stamp duty of Rs 9.30 crores, and the deal was registered on July 23. This sale marks a significant moment in transforming the historic residence of Bollywood legend late Dilip Kumar Sahab into a modern yet nostalgic home.

Luxury Real Estate Development

This project is Ashar Group’s second luxury venture in Pali Hill, following ‘Navroze by Ashar’. The previous project also recorded one of Mumbai's highest value deals. The development respects the grandeur of its past while incorporating state-of-the-art amenities and European Art Deco architectural design.

Ashar Group has delivered 7.5 million sq.ft. of prime real estate to date and has over 12.5 million sq.ft under development since its inception in 2001. This milestone signifies a pivotal moment in preserving the historical significance of Dilip Kumar Sahab’s residence while modernising it.

In a statement, Ashar Group said, "This milestone signifies a pivotal moment in transforming the historic residence of Bollywood legend late Dilip Kumar Sahab into a modern residence while preserving its nostalgic charm and historical significance."

The luxurious development aims to blend the grandeur of its past with contemporary amenities. The company highlighted that this project respects the historical essence while incorporating modern design elements.

The deal sets a new benchmark for Mumbai Metropolitan Region’s (MMR) real estate market. It underscores the demand for high-end properties in prime locations like Pali Hill.

Apco Infratech Pvt Ltd's purchase reflects the growing interest in luxury real estate developments that offer both historical value and modern conveniences. This transaction is expected to influence future high-value property deals in Mumbai.

The sale of this triplex apartment not only highlights Ashar Group's commitment to luxury real estate but also showcases their ability to deliver projects that blend history with modernity seamlessly.