Bollywood star Karisma Kapoor poses before a poster of herself during
the launch of her debut in a television soap opera "Karisma - The
miracles of destiny", during a media gathering in Bombay August 18,
2003. REUTERS/Sherwin Crasto
Actor Karisma Kapoor and mother Babita Kapoor have sold an apartment in Mumbai Rs 10.11 crore, joining the list of celebrities and industrialists who are making the most of a cut in stamp duty and the consequent real estate boom in India’s financial capital.
Kapoor, who was the lead actress in movies such as Raja Hindustani and Dil To Pagal Hai, sold a 10th floor apartment in Mumbai’s Khar area. The sale of the 1610 sq ft apartment was registered on December 24. The Kapoors paid a stamp duty of Rs 20.22 lakh, according to the documents accessed by Zapkey.com.
The apartment, located in Rose Queen, Khar West, has two car parkings and the buyer is named Abha Damani.
Posh apartment in Mumbai
Real estate brokers active in Mumbai area said the apartment is located in Mumbai’s posh Bandra area and the current rate of an apartment of this size is around Rs 55,000 per sq ft.
“The apartment has been sold at market rate. New buildings in the area command as much as Rs 65,000 per sq ft and sea-facing apartments can go as high as Rs 90,000 per sq ft,” said Ritesh Mehta, Senior Director & Head - West India, Residential Services, JLL India.
In 2018, Kapoor, who is no longer active in Bollywood, sold her 675 sq ft flat in Bandra for Rs 7 crore, 3.7 times more than the market value of Rs 1.89 crore. She transferred her rights on the flat to Silver Birch Real Estate Private Limited, a Bandra East-based firm, at Rs 1.03 lakh/sq ft.
The real estate boom in Mumbai
In recent months, Bollywood stars have registered new apartments taking advantage of the stamp duty cut in Maharashtra. Janhvi Kapoor bought a property worth Rs 39 crore at Juhu in Mumbai , Kapoor, 23, the daughter of the late actor Sridevi and film producer Boney Kapoor, took a home loan of Rs 23 crore from a bank to buy the property, showed the registration and loan documents Moneycontrol reviewed.
ALSO SEE: Here’s a look at properties Bollywood celebrities bought, sold, and rented out in 2020
In October 2020, actor Hrithik Roshan bought two apartments, spread across three floors, worth Rs 100 crore in Mumbai’s Juhu-Versova Link Road. It had a private elevator and 10 parking slots. In November, actor Alia Bhatt bought a 2,460 sq ft apartment in Bandra’s Pali Hill Vastu building for Rs 32 crore.
The stamp duty cut by the Maharashtra government, low interest rates, discounts offered by developers and the COVID-19 induced price correction has seen the Mumbai registrar’s coffers swell as homebuyers, including actors, actresses, bankers, brokers and industrialists made the most of the opportunity and came forward to buy property.
Properties worth Rs 34,000 crore were sold in
Mumbai alone, many of them in the luxury segment, in December 2020.