Vratika Gupta, the CEO and founder of Maison Sia, a renowned luxury home decor brand, has recently made headlines by acquiring a luxurious sea-view apartment on Dr. Annie Besant Road in Mumbai's upscale Worli area. The residential transaction, priced at over Rs 116.42 crore, marks the first single residential deal of the year exceeding the impressive Rs 100-crore benchmark.
Situated on the 49th floor of Three Sixty West, the sprawling apartment boasts an expansive 12,138 sq ft carpet area, making it a standout residence in Mumbai's Worli. Valued at approximately Rs 1 lakh per sq ft, this acquisition catapults the property into the ranks of the country's most expensive deals on a per sq ft basis. Vratika Gupta, a seasoned fashion designer and the founder of Maison Sia, has a diverse professional background, having contributed as a designer and co-founder to various companies before establishing Maison Sia. Notably, Gupta recently made headlines as one of the initial female owners of the Rolls-Royce Cullinan Black Badge SUV, a luxury vehicle priced at over Rs 12.25 crore.
Vratika Gupta, the wife of Nakul Aggarwal, co-founder of the Indian software unicorn BrowserStack, a $4 billion company, is also the visionary behind Maison Sia, a high-end store offering an exquisite collection of limited-edition, multi-brand home decor products and artifacts sourced globally. The recent real estate transaction involving the purchase of a luxurious sea-view apartment in Worli, Mumbai, was formalized on January 7th, with a significant stamp duty of over Rs 5.82 crore. As a unique perk, Gupta secures exclusive access to 8 car parking slots within the tower premises, adding an extra layer of convenience to this prestigious acquisition.
Under the Maharashtra government's progressive policy, female homebuyers enjoy a 1% discount on stamp duty for residential properties, effectively reducing the standard rate from 6% to 5%. This beneficial concession, implemented in the 2021-2022 budget, applies to properties acquired independently or through joint ownership with another woman. It's important to note that this stamp duty discount is not applicable to commercial and industrial properties.
Gupta's acquisition of the apartment was facilitated through Skylark Buildcon and Moon Rays Realty, both integral parts of the joint venture Oasis Realty, the entity responsible for the development of the project in collaboration with Oberoi Realty. The residential complex, known as Three Sixty West, is a mixed-use development featuring two towers. While one tower accommodates The Ritz-Carlton Hotel, the other is designated for luxury residences, also managed by The Ritz-Carlton.
In 2023, the demand for residential properties in India's top eight cities reached unprecedented levels, with substantial growth observed in the mid-income, premium, and luxury segments. Mumbai, the nation's largest and most expensive property market, stood out with record-breaking achievements, showcasing its best annual performance in property registrations and stamp duty revenue collection. The surge was notably driven by high-value transactions in sought-after areas of south and central Mumbai, involving prominent figures such as industrialists, CXOs, actors, and sports personalities.
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