Ambika Chauhan of Parle buys 2 sea-view luxury flats in South Mumbai

Ambika Chauhan Aibara, part of the Parle Products’ promoter family, has purchased two sea-view luxury apartments in south Mumbai‘s plush Mahalaxmi locality for over ₹47.3 crore.

She has bought these apartments spread over a cumulative space of 6,180 sq ft on the 24th and 25th floor of luxury project Raheja Modern Vivarea on Jacob Circle from the developer K Raheja Corp’s residential development arm.

Both of these apartments are priced at ₹23.65 crore each and the buyer has paid a total stamp duty of ₹2.84 crore. The deals were concluded in December and we’re registered on December 21, showed the documents accessed by ET.
As part of the agreement, Ambika Chauhan Aibara, who is the Executive Director of Parle Products, will get exclusive access to a total six car parking slots.

Recently, the Halan family, counted amongst key stock market investors, acquired a total eight sea-view luxury apartments spread over a cumulative space of 16,000 sq ft in this luxury tower for nearly ₹104 crore.

Prior to that promoters of Creative Group of Industries also purchased 8 sea-view luxury apartments in this tower for nearly Rs 155 crore. These apartments are spread over a total 24,100 sq ft across the 16th through 21st floor of the tower. ET’s email query to the buyer and K Raheja Corp remained unanswered until the time of going to press.Raheja Modern Vivarea is an under-construction project with 1 million sq ft development spread over a 3-acre land parcel. The project is being developed by K Raheja Corp Homes. The land parcel earlier housed a private textile mill and is now being monetised by Modern India. As part of the joint development pact, Modern India will get a consideration for sale of land as a percentage of the sales revenue.

The said land parcel is adjacent to Raheja Vivarea, a super-premium residential project also developed by K Raheja Corp Homes earlier. The project, known as the residential hub for corporate honchos and CXOs, is spread over 14 acres and houses five towers.

The last concluded and registered transaction in Raheja Vivarea was priced at over ₹90,000 per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja Vivarea for nearly ₹104 crore.


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