Thursday, July 25, 2024

Founder of Maison Sia Acquires Luxury Apartment in Mumbai’s Worli for Rs 116 Crore

Vratika Gupta, the founder and CEO of luxury home decor brand Maison Sia, has made a noteworthy residential acquisition with the purchase of a sea-view luxury apartment in Worli, Mumbai. The transaction, valued at over Rs 116.42 crore, marks the first single residential deal surpassing the Rs 100-crore mark this year.

Situated on the 49th floor of the super-luxury residential tower Three Sixty West on Dr. Annie Besant Road, the apartment boasts an expansive 12,138 sq ft carpet area. At a rate of approximately Rs 1 lakh per sq ft, this acquisition ranks among the most expensive deals on a per sq ft basis in the country.

Vratika Gupta, a professional fashion designer associated with various companies before founding Maison Sia, gained attention as one of the first female owners of the Rolls-Royce Cullinan Black Badge SUV priced over Rs 12.25 crore. She is married to Nakul Aggarwal, co-founder of the Indian software unicorn BrowserStack, valued at $4 billion.

Maison Sia, known for its exclusive collection of limited-edition multi-brand home decor products and artifacts sourced globally, reflects Gupta’s taste for luxury.

The deal, finalized on January 7, includes a stamp duty payment of over Rs 5.82 crore. Gupta will also enjoy exclusive access to eight car parking slots in the Three Sixty West tower.

In Maharashtra, female homebuyers are entitled to a 1% discount on stamp duty for residential properties, reducing the standard 6% to 5%. This concession, introduced in the 2021-2022 budget, applies to properties purchased independently or jointly with another woman, excluding commercial and industrial properties.

The apartment was acquired directly from Skylark Buildcon and Moon Rays Realty, constituents of the joint venture Oasis Realty, which developed the project in collaboration with Oberoi Realty.

Three Sixty West is a mixed-use development featuring two towers, one housing The Ritz-Carlton Hotel and the other offering luxury residences managed by The Ritz-Carlton. Despite email queries, responses from Vratika Gupta’s team, Skylark Buildcon, Moon Rays Realty, and Oberoi Realty were unavailable at the time of publication.

In 2023, residential property demand and sales reached an all-time high across India’s top eight cities, particularly in the mid-income, premium, and luxury segments. Mumbai, being the country’s largest and most expensive property market, experienced record-setting performance in terms of property registrations and stamp duty revenue collection. The luxury real estate sector in South and Central Mumbai witnessed several high-value transactions involving industrialists, CXOs, actors, and sports personalities in recent years.

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