The rising demand for ultra-luxury apartments in India continues to make headlines, with homes worth over ₹100 crore becoming the new benchmark. Adding to this trend, two promoters of the renowned Metro Brands, Jiya Malik Lalji and Alisha Rafiq Malik, have bought opulent sea-facing apartments in Mumbai’s prestigious Worli area.
The apartments, located on the 61st floor of the luxurious Palace Royal tower, come with a combined price tag of ₹162 crore. The duo, linked to Metro Brands, one of India’s largest footwear companies, made headlines with this high-profile deal.
Inside the Luxury Homes: Key Highlights of the Purchase
The two apartments together span over 15,251 square feet in total, offering breathtaking sea views and unmatched amenities.
- Jiya Malik Lalji’s Apartment: Spread across 7,564 square feet, the North-East facing apartment was purchased for ₹81 crore.
- Alisha Rafiq Malik’s Apartment: The South-East facing unit, slightly larger at 7,687 square feet, also cost ₹81 crore.
Each apartment features premium construction and facilities and offers five dedicated car parking slots, making it ideal for luxury living.
The transaction involved a hefty stamp duty of ₹8.10 crore, adding to the total cost of ownership.
Metro Brands’ Legacy and Market Presence
Metro Brands, established in 1955, is a household name in the footwear industry. The company offers a wide range of shoes and operates across the country. It is listed on the stock exchange, and its shares were trading at ₹1,245 as of Tuesday.
Though the company has delivered over 160% returns since its IPO in December 2021, it has seen a minor dip of 4% in the past year.
Recent Developments: Promoters Sell Stake Worth ₹750 Crore
In September 2024, five promoters of Metro Brands sold stakes worth ₹749.7 crore via open market deals. This included Alisha Rafiq Malik and Jiya Malik Lalji, who sold a combined 11.9 lakh shares at ₹1,260 each.
The deal highlighted the financial strength of the promoters and their ability to make significant investments, such as these luxury homes.
Sea-Facing Apartments: A Growing Trend Among the Wealthy
The purchase of these sea-view properties is part of a broader trend of affluent individuals investing in premium homes. Apartments in Palace Royal, one of the tallest residential towers in India, symbolize exclusivity and status. The price per square foot for this deal ranged between ₹1.05 lakh and ₹1.07 lakh, showcasing the growing demand for ultra-premium real estate in Mumbai.
