Capri Global Holdings Pvt Ltd, a holding company of diversified Non-Banking Financial Company (NBFC) Capri Global, bought two residential apartments in Mumbai's Birla project for Rs 78 crore, documents accessed by Zapkey show.
The luxury apartments, sprawling 4,371 sq ft and 4,719 sq ft were sold at Rs 37.5 crore and Rs 40.4 crore, respectively. The apartments are located in Worli's Birla Niyaara project, the document showed.
The apartments have a total of 10 parking spaces and the registration was done on June 19. Capri Global paid a stamp duty of more than Rs 2 crore for each of the apartments.
Queries sent to Capri Global and Birla Estates did not get any response.
Birla Niyaara contains luxurious 4- and 5-BHK apartments. Each apartment starts from Rs 30 crore and the date of possession is 2029, according to the website. The investment in Birla Niyaara is Rs 1,500 crore and the development cost for the three towers is Rs 5,500 crore, K.T Jithendran, CEO of Birla Estates, previously told Moneycontrol.
While it is common for company MDs and promoters to buy residential apartments, often such companies close the transactions to hold the units as a company asset, market experts say.
"While we don’t know the purpose of this particular purchase and how they intend to use it, often such homes are bought on companies' names largely because the companies intend to use them as guest houses for their employees. This includes offering guesthouses to new employees coming in from other cities for a short period or until they find their accommodation," Prashant Thakur, Regional Director & Head - Research, ANAROCK Group told Moneycontrol.
Market sources add that often several companies buy residential apartments as an investment — mostly as a company asset.
Since it is not used privately by any of the directors or promoters, the flat/house is bought in the company’s name, Thakur said.
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