Aditya Puri, former Managing Director, HDFC Bank
The high-end realty market in Maximum City seems to be getting back on track with uber luxury homebuyers coming forward to register their properties this festive season. In fact, quite a few properties in the range of Rs 35 crore-Rs 55 crore have been registered in Mumbai after the state government decided to reduce stamp duty.
On November 25, former HDFC Bank Managing Director Aditya Puri's daughter Amrita Puri and wife Anita Puri jointly bought an uber luxury sea-facing unit in Mumbai’s Malabar Hill area for Rs 50 crore.
Actress Amrita Puri made her film debut with the ensemble romantic comedy-drama Aisha (2010).
Aditya Puri is now a senior advisor at The Carlyle Group.
The unit, located in Lodha Seamont on Malabar Hill, near Raj Bhawan in Walkeshwar, is on the 19th floor and comes with seven car parking spaces.
Registration data accessed by Zapkey.com indicates that the unit was bought for Rs 50 crore and stamp duty worth Rs 1 crore was paid on the same.
The unit is located in a 22-storey building overlooking Raj Bhavan, the state governor's official residence. The development offers a limited selection of 3- and 4-bed residences and the homes afford stunning views of the Queen’s Necklace (Marine Drive) and the Arabian Sea.
An email query sent to the Lodha Group remained unanswered.
Local brokers told Moneycontrol that the size of the ‘jodi’ apartment bought by the Puris is likely to be around 3,800 to 4000 sq ft.
Homebuyers, including uber luxury property buyers, are rushing to register their properties before December 31 to save money by availing the stamp duty cut.
“A reduction of 1 percent to 2 percent is a big amount for high-value apartments,” says Ritesh Mehta, Senior Director & Head – West India, Residential Services, JLL India.
Post the stamp duty cut announced by the Maharashtra government in August, the stamp duty collection in September alone stood at Rs 900 crore in Mumbai, of which 40 percent came from luxury transactions.
Local brokers say most of these properties were bought during the under-construction stage and are being registered now. “The savings in terms of stamp duty cut as well as the saving on GST (which is 5 percent since the project has received an occupation certificate) is around 8 to 10 percent,” they said.
In order to boost the stagnant real-estate market hit by the COVID-19 pandemic, the Maharashtra government on August 26 decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020. Stamp duty from January 1, 2021, until March 31, 2021, will be 3 percent.
On September 21, lawyer Cyril Shroff and his daughter Paridhi Karan Adani, who is Gautam Adani’s daughter-in-law, jointly bought an uber luxury unit in Mumbai’s Worli area for Rs 36.3 crore. The unit, located in 360 West by Oberoi Realty, is spread across 583.53 sq m. It is registered under the name APC Benefit Trust.
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On September 29, another property located in the 360 West project, worth Rs 42.5 crore, was registered. The size of the property is 699.56 sq m. A property worth Rs 50.5 crore in the same project was registered on September 2. The size of the unit was 730.02 sq m.
Another property worth Rs 45 crore was registered on September 18. This is a 7,595.3 sq ft property in the Indiabulls Blu project located in Worli.
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Similarly, a property worth Rs 39 crore, located in Carmichael Residences by Peninsula Land in Tardeo was registered on October 9. The unit measures 3,185.68 sq ft.
A property worth Rs 54 crore located in the project known as Runwal – The Residences in Malabar Hill, Mumbai, was also registered a few months ago. The size of the unit is 442.25 sq m and the developer is Runwal Developers Pvt Ld.