Amitabh Bachchan has bought a 5,184 sq ft property in Mumbai worth Rs 31 crore in a project Atlantis by a Tier-2 builder, Crystal Group, according to registration documents accessed by Zapkey.com.
The Bollywood actor bought the property in December 2020 but registered it only in April 2021. He paid a stamp duty of Rs 62 lakh, which is 2 percent of Rs 31 crore, taking advantage of Maharashtra government’s stamp duty waiver of 2 percent until March 31, 2021.
This makes the per sq ft value of the property to be around Rs 60,000 per sq ft, according to property brokers and real estate agents who do business in those areas.
The property comes with six car parks and is located on the 27th and 28th floor. Moneycontrol has reviewed a copy of the registration document.
A response to a message sent to Bachchan’s office on the transaction is awaited.
“The pandemic has given a boost to sale of luxury apartments and a lot of celebrities, businessmen, professional CXO's have bought houses to take advantage of the COVID-19-led price correction and stamp duty correction,” said Sandeep Reddy, co-founder Zapkey.com On August 26, the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020 to boost the stagnant real estate market, which had been hit doubly hard by Covid-19. The stamp duty from January 1, 2021 until March 31, 2021 was 3 percent.
The Maharashtra government had on March 31 decided not to extend the stamp duty waiver on property registrations and kept the Ready Reckoner Rates unchanged for financial year 2021-22.
Bachchan has joined a posse of celebrities and businessmen who have taken advantage of Maharashtra government’s stamp duty waiver.
Actress Sunny Leone had registered a 12th floor apartment in the same project which she had bought for Rs 16 crore on March 28, 2021, according to registration documents accessed by Zapkey.com.
Bollywood director and producer Aanand L Rai, known for his romantic-comedy films such as Tanu Weds Manu and Zero, had also bought a duplex apartment in the same project.
Rai bought the apartments along with his wife Yogita Aanand Raisinghani for Rs 25.3 crore. The units are located on the 27th and 28th floor. The area of the unit is 5,761 sq ft. The unit comes with five mechanised car parking slots, according to registration documents accessed by Zapkey.com.
The unit was registered on March 8, 2021 for which a stamp duty of Rs 75.9 lakh was paid.The project Atlantis by Crystal Pride Developers is an under-construction project and has only 34 apartments, which means the density is low, one of the local brokers said. He didn’t want to be named.