Shaila Merchant, mother of Mukesh Ambani’s younger daughter-in-law, Radhika Merchant, recently made news by purchasing a high-end, sea-facing apartment in Mumbai, highlighting the ongoing boom in the city's luxury real estate market. Earlier this year, Radhika married Mukesh Ambani's son, Anant. Shaila Merchant’s new residence, situated in the Prestige Ocean Tower, was acquired for Rs 20.76 crore and spans 2,565 square feet, with 2,482 square feet of living space and an 83-square-foot balcony. Property documents obtained by Zapkey confirm the purchase was registered on October 14, 2023, and include four parking spaces.
The financial details show a substantial investment, with a stamp duty of Rs 1.03 crore and a registration fee of Rs 30,000. Local brokers estimate the property’s cost at around Rs 80,936 per square foot, a testament to the premium on prime Mumbai real estate. The apartment is leased from Prestige Projects Pvt Ltd, a subsidiary of the Bengaluru-based Prestige Group. This acquisition comes on the heels of Radhika Merchant’s high-profile wedding to Anant Ambani in Mumbai in July. Radhika’s parents, Viren and Shaila Merchant, hold prominent roles, with Viren as the CEO of Encore Healthcare.
This purchase also reflects a larger trend in Mumbai’s luxury property market, which continues to thrive. According to a report from India Sotheby’s International Realty and CRE Matrix, luxury home sales priced at Rs 10 crore and above reached Rs 12,300 crore in the first half of 2023, marking an 8% increase from the same period in 2022. Over the past year, a record-breaking 1,040 luxury apartments in this price range were sold, underscoring the market’s appeal to affluent buyers.
