Webinar :Register now for Commodity Ki Paathshala webinar on ‘FPOs & Agriculture Marketing-The Beginning of a New Era’ on January 22, 4pm

Former municipal commissioner of Mumbai city buys property in Nariman Point for Rs 5.3 crore

The last few months have seen a slew of high-end properties getting registered in the city following stamp duty cuts announced by the state government. The number of real estate transactions in Mumbai touched 8,000 in October compared to 5,811 in 2019.

A fifth floor apartment located in Nariman Point in Mumbai has been recently bought by Ajoy Mehta, former municipal commissioner of the city and the present chief advisor to chief minister Uddhav Thackeray, for Rs 5.3 crore.

As per the registration documents, this was a transfer deed and was finalised on October 8. The market price of the flat is Rs 5.33 crore.

The apartment is located in Samata Cooperative Housing Society located on General Jagannath Bhosale Marg and its carpet area is 1076 sq ft.

According to registration documents, stamp duty of Rs 10.68 lakh has been paid by the seller, Anamitra Properties Pvt Ltd, based in Pune.

Anamitra Properties had bought this flat in 2009 for Rs 4 crore from Ashish Manohar, son of late Justice Sharad Manohar, brokers active in the area said.


Also Read: Mumbai property market gets it mojo back after coronavirus lockdown

Despite COVID-19, real estate sales in Mumbai have grown by almost 35 percent year-on-year (YoY) in October indicating the massive pent-up demand among end-users to buy property and clearly suggesting that the state government's decision to reduce stamp duty is finally showing results, says a study by Propstack, a data analytics firm.

The number of registrations in February just before the lockdown was 5,927. In March, the number dwindled to 3,798 and was zero in April. When the registration offices reopened in May, the number of registrations gradually climbed to 207 and were at 1,839 in June, 2,662 in July and August and 5,597 in September. The number has touched 7,929 in October due to the festive season and the discounts available in the market.

Also Read: Stamp Duty Reduced: Luxury apartment sales see a spike in Mumbai

The number of registrations in October 2019 was 5,811 indicating that the sales volume has increased by almost 30 percent, the study said.

"This is an increase of almost 30 percent compared to pre-COVID levels and an almost 25 percent increase compared to October 2019. This clearly indicates that a combination of factors is at work this festive season - a discount of 5 to 15 percent by developers, stamp duty reduction by the state government and low interest rates," Sandeep Reddy, co-founder at Propstack, told Moneycontrol.

Also Read: Explained: Why real estate is showing recovery signs this festive season and what it means for you

In order to boost the stagnant real-estate market hit by COVID-19, the Maharashtra government, on August 26, decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31.

It should also be noted that the last two months have seen a slew of high-end properties getting registered in the city. 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.

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.

Similarly, a property worth Rs 39 crore, located in Carmichael Residences by Peninsula Land in Tardeo was registered on October 9. The unit is 3,185.68 sq ft. It has been reported that the property located in South Mumbai’s Carmichael Road has been bought by Anurang Jain, managing director of Endurance Technologies.
Moneycontrol News
first published: Nov 24, 2020 01:12 pm

stay updated

Get Daily News on your Browser