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Mumbai businessman buys premium property worth nearly Rs 28 crore

The 4BHK unit attracted a stamp duty of Rs 55.4 lakh. The duty cut is prompting many high-value buys before the Dec 31 deadline expires.

Of late, homebuyers, including uber luxury property buyers, have been rushing to register their properties before December 31 to save money by availing the stamp duty cut in Maharashtra.

Of late, homebuyers, including uber luxury property buyers, have been rushing to register their properties before December 31 to save money by availing the stamp duty cut in Maharashtra.

With just about three weeks left to register properties before the deadline for the recent stamp duty cut in Maharashtra expires, Vinod Jatia, a well-known businessman from Mumbai, has bought a premium apartment worth Rs 27.7 crore located in Peninsula Carmichael Residences, Mumbai, local brokers said.

The project, by KBK Group and Peninsula Land, is located in Tardeo. The property is a 4BHK unit measuring 3,080 sq ft.

The apartment located on the 13th floor was registered on November 24, local brokers said. It has four parking lots.

The property attracted a stamp duty of Rs 55.4 lakh, the brokers said.

Registration data accessed by Zapkey.com indicates that the unit was bought for Rs 27.7 crore.

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The project has a total of 28 apartments with one unit located on each floor, the brokers said.

While the capital value of these apartments is around Rs 90,000 per sq ft, rental values are around Rs 6.5 lakh per month, local brokers told Moneycontrol.

The Jatias are a well-known business family from Mumbai. Vinod Subhkaran Jatia is the managing director of Makalu Trading Pvt Ltd. He is also on the boards of Helmet Traders Ltd. and Insco Steels Ltd.

In the past, Jatia has been chairman and managing director at Supreme Holdings & Hospitality (India) Ltd.

Jatia could not be contacted for the story.

Of late, homebuyers, including uber luxury property buyers, have been 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.

On December 6, it reported that HDFC vice-chairman and CEO Keki Mistry has bought an ultra-luxury apartment in Mumbai worth Rs 41.23 crore.

After the stamp duty cut announced by the state 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,” one of the brokers 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.
Vandana Ramnani
first published: Dec 9, 2020 06:08 pm

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