Family members of Bajaj Electricals chairman buy two apartments in Mumbai for Rs 94 crore

Representative Image (Source: Reuters)

The family of Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals has bought two apartments in the posh Carmichael Residences in Mumbai for Rs 94 crore, documents accessed by Zapkey.com showed.

Kiran Bajaj, wife of Shekhar Bajaj, has bought an eighth-floor unit spread across an area of 3,183.96 sq ft. on April 28, 2022, for Rs 47 crore, the documents showed.

The unit located in Tardeo comes with four car parking slots. The buyer paid a stamp duty of Rs 2.82 crore, the transfer deed showed.

The documents were registered on April 28, 2022.

His daughter-in-law Pooja Bajaj has also bought a 3,160 sq ft apartment on the eighth floor for Rs 47 crore and paid a stamp duty of Rs 2.82 crore. The unit comes with four car parking slots, the agreement to sale document showed.

There was no response from Shekhar Bajaj.

The plush residential building is spread over a land parcel covering over half an acre.

In July 2020, Anurang Jain, Managing Director of auto components maker Endurance Technologies, purchased twin units in Carmichael Residences for Rs 100 crore. The two apartments located in the 22-story luxury tower were registered for Rs 5 crore each on July 7. The billionaire had bought unit numbers 1901 and 1902 of the luxury tower. In October 2020, he bought one more apartment in the same tower for Rs 39 crore.

The same year, Vinod Jatia, a well-known businessman in Mumbai, bought a premium apartment worth Rs 27.7 crore located in Peninsula Carmichael Residences, Mumbai.

In general, the Mumbai market continues to see good demand for luxury projects. Peninsula Carmichael Residences is an uber-luxury project with limited apartments and attracts ultra-high net worth individual (UHNI) buyers, said Sandeep Reddy, Co-founder of Zapkey.

April 2022 saw record property sale registrations of 11,744 units in Mumbai, contributing over Rs 738 crore to Maharashtra’s revenue, show data from the Inspector General of Registration, Maharashtra.

The state capital saw sales registrations of 16,726 units in March 2022. This was primarily because buyers advanced property purchases to save on the metro cess levy that kicked in on April 1. Consumers moved their purchases forward by filing in March 2022, and registering in April 2022, effectively saving on the 1 percent metro cess on their deals.