Metro promoters buy 5 luxury flats for Rs 405 crore in Mumbai's Lower Parel

The promoters of Metro Brand Ltd. have acquired five luxurious apartments within the prestigious Palais Royale in Lower Parel, Mumbai. The total value of these transactions is  Rs 405 crore, according to documents accessed by  IndexTap.com.

 

As Business Standard reported earlier, the initial two deals, saw Ziya Malik and Alisha Rafik Malik each purchasing apartments at Palais Royale for Rs 81 crore each. These transactions, dated December 20, 2024, involved the acquisition of Flat No. 61, South East, and Flat No. 61, North East, with areas of 7,687 sq. ft. and 7,672 sq. ft., respectively. Both properties include five car parkings, and the per square foot (PSF) prices were Rs 1,05,366 and Rs 1,05,579.

 

After these initial purchases, three additional transactions were recorded. On December 23, 2024, Farah Rafik Bhajni purchased Flat No. 61, South West, also measuring 7,687 sq. ft. and including five car parkings, at a PSF rate of Rs 1,05,366. Subsequently, on December 24, 2024, Shabina Malik Hadi acquired Flat No. 61, North West, with an area of 7,672 sq. ft., five car parkings, and a PSF rate of Rs 1,05,579. Each of the subsequent flats were also purchased for Rs 81 crore each. 

 

Each transaction involved a substantial stamp duty of Rs 4.05 crore, highlighting the significant financial commitment made by the promoters.

 

In September 2024, five promoters of Metro Brands Ltd. offloaded stake worth Rs 749.7 crore through open market transactions. Promoters Farah Malik Bhanji, Alisha Rafique Malik, Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi sold 11.9 lakh shares each at Rs 1,260 apiece, according to bulk deal data on the NSE.

 

As of June, Farah Malik Bhanji held a 1.88% stake, while Alisha Rafique Malik held a 3.34% stake. Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi held 1.46% stake each.