Ashley Biharilal Nagpal, the promoter of EBCO, has acquired a luxury apartment in Mumbai’s upscale Worli neighbourhood for a staggering ₹115.5 crore. The property, located in the high-end Oberoi 360 West tower, has set a new benchmark in Mumbai’s real estate market, reflecting an impressive rate of approximately ₹1.62 lakh per square foot based on its 7,139 square feet carpet area. This deal ranks among the most expensive residential property transactions recorded in India.
Nagpal, together with his wife Bianca A. Nagpal, has secured the 60th floor apartment directly from the developer Oberoi Realty. The apartment also includes an additional 164 square feet of space and comes with exclusive access to five car parking slots. As this transaction occurred within three years of the apartment’s previous registration, the new buyers were required to pay a differential stamp duty of ₹4.55 crore, in addition to the original stamp duty of ₹2.86 crore, according to documents accessed from Zapkey.com.
This acquisition underscores Mumbai’s continued dominance as India’s most expensive and dynamic real estate market. The city has experienced a notable surge in residential property sales over the past three years, driven by strong demand across various segments including mid-income, premium, and luxury properties. Mumbai’s real estate market has consistently achieved record-breaking performance, with the city registering its best-ever August this year, buoyed by robust sales and elevated stamp duty collections. The sustained growth in property registrations, surpassing 10,000 units monthly for the first eight months of 2024, highlights the city’s resilient buyer confidence and the ongoing upward trajectory in property prices despite higher mortgage rates.
