HDFC vice-chairman and CEO Keki Mistry has bought an ultra-luxury apartment in Mumbai worth Rs 41.23 crore, the latest high-value residential deal in India’s financial capital as homebuyers scramble to register properties before the deadline of the recent stamp duty cut expires.
The property— located in Worli and housed in Artesia, a project launched by K Raheja Corp, and offering views of the Arabian Sea and the Bandra-Worli Sea Link—was registered on November 18, local brokers said. The property’s carpet area is 7,390 sq ft and is located on the 35th floor, they said, adding it has eight parking lots.
They didn’t want to be identified.
The property attracted a stamp duty of Rs 95.6 lakh, said the brolers. The project is funded by HDFC, according to the project’s website.
Registration data accessed by Zapkey.com indicates that the unit was bought for Rs 41.23 crore and stamp duty worth Rs 95.6 lakh was paid.
Moneycontrol sent an email to HDFC and K Raheja Corp. A response is awaited.
Local brokers told Moneycontrol that the size of the ‘jodi’ apartment bought by Mistry is around 7,000 sq ft. “This uber luxury apartment is likely to be a combination of two 4BHK units,” one of the persons said.
The property is an upgrade for Mistry. He owns another property located in South Mumbai’s Worli area.
That is a 3,200 sq ft apartment housed in the Vivarea project, owned by the same builder. The apartment is currently on the block for around Rs 24 crore, local brokers told Moneycontrol.
Raheja Artesia has 55 floors. The monthly rent for an apartment of the size bought by Mistry is around Rs 14 lakh per month, they said.
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Why homebuyers are rushing to register properties
Of late homebuyers, including uber luxury property buyers, are rushing to register their properties before December 31 to save money by availing the stamp duty cut in Maharashtra.
On December 4, Moneycontrol reported that former HDFC Bank boss Aditya Puri’s family purchased a Rs 50 crore property in Mumbai.
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. 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.
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.
“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.
The nudge the market needed
After 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 said 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,” another person quoted above 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.
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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.
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