Welspun MD Rajesh Mandawewala buys three Mumbai flats for Rs 1.5 bn

In one of the most high profile property deals, Rajesh Mandawewala, managing director of textile firm Welspun India, has bought three apartments in the upcoming ultra-luxury residential project 25 South (pictured) in Prabhadevi area of Mumbai, for about Rs 1.5 billion. 

Mandawewala paid more than Rs 83,000 per sq ft in the sea-facing project of The Wadhwa Group and Hubtown, two of Mumbai developers. The project is to be delivered in 2023. He bought flats in the top-three floors — 45, 46, and 47. 

The project is located close to the Siddivinayak temple. A mail sent to Mandawewala did not elicit any response. Wadhwa group refused to comment on the deal. The project is on Hindustan Mills land in Prabhadevi, which was earlier owned by DLF and Hubtown. Later, Wadhwa and Hubtown formed a JV to develop the five-acre plot. Despite the prolonged lull in the property markets, a number of expensive deals have happened this year and last year. Earlier this year, businessman Niraj Bajaj paid Rs 1.20 billion for a 17,000 sq ft apartment in Three Sixty West project on Dr Annie Besant Road in Worli. 

In another deal, Taparia family, former markers of contraceptive Famy Care, bought four apartments in Runwal group’s The Residence project in Mumbai for Rs 2.4 billion. 

In 2017, businessman Deven Mehta shelled out Rs 57 million for an apartment in Lodha Altamount on Peddar Road.