Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Paresh Parekh and Vijay Parekh, who serve as directors at the property development firm Suraksha Realty, have acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined sum of Rs 100 crore. These high-end residences are situated on the 26th and 27th floors of the under-construction Naman Xena project. The apartments spread over a generous 6,458 sq ft of carpet area each. According to the documents accessed through Indextap.com, the transaction involved a Rs 6 crore stamp duty payment and was completed on November 7. The brothers purchased the apartments directly from Shree Naman Residency, the project's developer, at a price of Rs 50 crore each. Additionally, the agreement includes access to eight car parking slots for the buyers. The Naman Xena tower spans 27 stories and covers a total development area of 4.72 lakh sq ft across 0.6 acres along the Worli Sea face. The flexible floor plate in this high-rise structure allows buyers to customize their luxury residences, potentially creating duplex apartments. Suraksha Realty, a Mumbai-based real estate development firm, gained attention in March for its acquisition of Delhi's Jaypee Infratech. Jaypee Infratech, possessing the Delhi-Agra Expressway and land on both sides along its route, had been referred to the National Company Law Tribunal (NCLT) for bankruptcy proceedings. It was one of the initial cases sent for debt resolution under the bankruptcy code. They secured approval from the National Company Law Tribunal (NCLT) to acquire Jaypee Infratech, injecting Rs 250 crore into the company and securing a Rs 3,000 crore loan. This funding aims to complete approximately 20,000 apartments across various stalled projects within the next four years. Additionally, Suraksha Realty, both independently and through joint ventures, is engaged in the development of 21 residential and commercial projects in Mumbai and Thane. These projects, encompassing a total saleable area of 6.63 crore square feet, include 12 that have already been completed. Notably, one such joint venture with DB Realty led to the development of the Orchid Suburbia complex in Kandivali West. Suraksha Group is promoted by Sudhir Valia, Director of Sun Pharmaceutical Industries Limited. Despite higher mortgage rates and property prices, Mumbai, as India's largest and most expensive property market, achieved its best October performance on record. With the onset of the festive season, the month saw the registration of 10,566 properties, a 25.5% increase from the previous year. Stamp duty revenue also rose by 15%, contributing over Rs 833 crore to the state, reflecting a strong demand and increased sales during this time of the year.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy