Several transactions worth Rs 25 crore to Rs 100 crore were registered in the Mumbai market this year.
For the uber-rich, closing high-end deals is only a number, especially when it comes to buying property in India’s commercial capital Mumbai.
Several transactions worth Rs 25 crore to Rs 100 crore were registered in the Mumbai market this year, indicating that there is clearly an appetite for the high-value segment even in pandemic times, and even after the Maharashtra government decided on March 31not to extend the reduction in stamp duty with regular rates applicable from April 1.
Alka Dujodwala, wife of Mangalam Organics chairman Kamalkumar Dujodwala, recently bought a duplex apartment on Mumbai’s Peddar Road for Rs 53 crore, documents accessed by Zapkey.com showed.
The transaction was registered on September 14, 2021.
The property is spread across a built-up area of 3,400 sq ft and is located in the project called 33 South. Dujodwala has bought the 13th and 14th floors in the project.
33 South is a marquee property housing super-luxury homes with duplex apartments and is located in what is considered to be one of the most upmarket areas of Mumbai. The per sq ft price works out to around Rs 1.5 lakh per sq ft in this project, local brokers told Moneycontrol.
Dujodwala has paid a stamp duty of Rs 2.12 crore, the documents showed.
There was no response from Dujodwala’s office.
Another luxury project, Lodha Altamount, which is located in the vicinity, commands prices starting at Rs 58 crore, brokers said.
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In March this year, Enam Asset Management Company co-founder Jiten Doshi had bought two luxury duplex apartments in the 33 South complex for Rs 61 crore. The apartments have a combined area of 3,657 sq ft.
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In December 2020, the Motilal Oswal family trust had bought two duplex apartments together spread over 6,800 sq ft on the 13th and 17th floors of the same high-rise building for Rs 101 crore, valuing the deals at Rs 1.48 lakh per sq ft.