representative image Kishore Mishrilal Bang is the promoter of Nirmal Bang Securitieshas purchased two luxury apartments in a high-rise residential project under construction in South Mumbai‘S Mahalakshmi Locality for a total of Rs 45.69 crore.
He along with his family member Suman Kishore Bang has bought an apartment on the 30th floor of Tower 1 in the residential complex. Raheja Modern Vivaria On Jacob Circle.
The deal was executed with the developer of the project K Raheja Corporation Real Estate. The first apartment covers a carpet area of 2,891 square feet, and has been purchased for Rs 25.95 crore. The second flat, slightly smaller, with a carpet area of 2,364 sq ft, was purchased for Rs 19.74 crore, documents accessed through Zapkey.com show.
With a total carpet area of 5,255 sq ft, this high-profile acquisition underlines the growing appeal of luxury real estate in Mumbai, especially among prominent business personalities.
ET’s email queries to Nirmal Bang Securities and K Raheja Corp remained unanswered at the time of going to press.
Raheja Modern Vivaria is an under construction project consisting of a 1 million sq ft development spread over a 3 acre land parcel. The project is being developed by Raheja Corp Homes, the residential development arm of Raheja Corp. As part of the deal, Modern India will receive land sale consideration as a percentage of the sales revenue.
The land parcel previously housed a private textile mill and is now being monetized by Modern India. Development of the entire project, for which design and necessary approvals are already in place, is expected to be completed by 2028.
