Family of BDR Pharma CMD Spends Rs. 81 Crore on Lavish Mumbai Apartments

The Rs. 81 Cr sea-view abode belongs to a super-luxury project, Artesia in Borli, Mumbai.

The family of Dharmesh Shah, the Chairman and Managing Director of BDR Pharmaceuticals, has recently invested a huge Rs. 81 crore in two opulent sea-view apartments in Mumbai's Worli locality.

Situated on the 39th floor of the luxurious Artesia project, these spacious abodes cover a lavish 6,670 sq. ft. carpet area, accompanied by a 367 sq. ft. balcony space. The deal, valuing the apartments at Rs. 1.20 lakh per sq. ft, makes it the nation's most expensive property transaction.

Notably, the acquisitions were orchestrated through two trusts, RDS Private Family Trust and BRD Square Private Family Trust, managed by Dharmesh Shah's wife, Binita. The trusts sealed the deals directly with the developer, K Raheja Corp.

As part of the agreement, the buyers will enjoy exclusive access to seven car parking slots within the tower. Documented details, available through Zapkey.com, reveal the registration of one deal on November 1, with the second following suit two days later.

The residential marvel, Raheja Artesia, spanning across a 5-acre land parcel in Worli and has been witness to transactions averaging Rs. 1.25 lakh per sq. ft.

BDR Group's enterprises, BDR Pharmaceuticals International and BDR Life Sciences, specialize in Active Pharmaceutical Ingredient (API) and formulation manufacturing, focusing on therapeutic segments such as oncology, critical care, gynaecology, and neurology.

Despite prevailing challenges in Mumbai's property market, including escalating interest rates and housing prices, records continue to be shattered across luxury, premium, and mid-income segments. Stamp duty collections have soared, contributing significantly to the state exchequer's revenue. The first ten months of this year alone have yielded over Rs. 9,220 crore, surpassing the previous all-time high of Rs. 8,893 crore in 2022.

This surge isn't limited to premium housing alone; the micro-market, especially in south and central Mumbai, has been a stage for large-ticket transactions involving industrialists, CXOs, actors, and sports personalities over the last two years.