Avener Capital and Bajaj Consultants buy duplex worth Rs 100 crore in Mumbai

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Avener Capital and Bajaj Consultants have bought a duplex in Mumbai’s Worli for around Rs 100 crore, documents accessed by IndexTap.com showed.

The apartments in the luxury project Oberoi 360 West are spread across an area of 9,593 sq ft. The seller is Oberoi Realty and the transaction value is Rs 100.70 crore.

The buyer has paid a stamp duty of Rs 2.90 crore. The transaction was registered on March 24, 2023, the documents showed.

Queries have been sent to Oberoi Realty, Avener Capital, and Bajaj Consultants. The story will be updated once their response is received.

"The luxury unit purchase at Oberoi 360 West reaffirms that the project has seen a significant rise in interest, sales, and prices post receipt of the Occupation Certificate (OC),” said Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix and IndexTap.com

There has also been a rush among the high net worth-individuals (HNI) and companies to purchase luxury and ultra-luxury properties to benefit from the capital gains tax benefit per Section 54 and section 54 (F) of the Income Tax Act before the sunset clause becomes effective from April 1. ``From April 1, 2023, capital gains tax exemption shall be capped at Rs 10 crore,” Kiran said.

On February 3, as many as 28 housing units worth Rs 1,238 crore were bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai. The buyers had purchased the apartments in Tower B of this project, located on Annie Besant Road in Worli, Mumbai. The seller was builder Sudhakar Shetty, who had partnered with real estate developer Vikas Oberoi to redevelop the project. Most of these apartments have a carpet area of 5,000 sq ft, and cost Rs 40-50 crore on average.

On February 4, Mumbai-based Oberoi Realty said in a regulatory filing that in December 2022, its shareholders had approved the purchase or acquisition of residential premises in the project Three Sixty West constructed by Oasis Realty, for up to Rs 4,000 crore. It was a material-related party transaction, it added.

Oberoi Realty has concluded the purchase or acquisition of residential premises in the project. The company had said it had purchased a total carpet area of 5,23,039 sq ft.

The total number of units purchased was 63, while the total amount of consideration paid by the company was Rs 3,403 crore.

Three Sixty West by Oberoi Realty is a project that contains 4BHK and 5BHK units. It comprises two towers, one of which will house The Ritz-Carlton Hotel and the other will have luxury residences managed by the global hospitality chain. The sea-view project presumably gets its name because its height is 360 metres, and all apartments face the west.