Mumbai industrialist buys four luxury apartments in Mumbai for Rs 80 crore

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A leading industrialist has bought four luxury apartments in Mumbai’s upmarket Worli area for Rs 80 crore, joining the list of celebrities and industrialists who are making the most of the stamp duty cut in India’s financial capital.

Amit Mahendra Mehta, chairman, Diamines & Chemicals Ltd, has bought four apartments in Raheja Artesia located on the 31st floor for Rs 80 crore. These are: Unit number 3102 with carpet area 3,875 sq ft for Rs 22.5 crore; unit number 3101 with area of 3,064 sq ft for Rs 17.8 crore; house number 3103 with an area of 3,875 sq ft for Rs 22.5 crore and unit number 3104 with an area of 3064 sq ft for Rs 17.8 crore. These units come with three car parks each.

The property agreements took place on December 31, but the registrations were done on January 20, 2020. Moneycontrol has reviewed all four registration documents.

Mehta paid a stamp duty of Rs 35.6 lakh for unit number 3101, Rs 45.1 lakh for apartment number 3102, Rs 45.1 lakh for unit number 3103 and Rs 35.6 lakh for unit number 3104, according to documents accessed by Zapkey.com.

The state government had allowed buyers to take the benefit of stamp duty at the rate of 2 percent in December itself and register the property before March 2021.

According to a Propstack report in January 2021, there were 10,000 registrations in Mumbai city of which nearly 3,000 would have been transactions for which stamp duty would have been paid in December 2020 itself.

K Raheja Corp’s Artesia is an iconic stand-alone 45-storey tower with views of the Arabian Sea and the Bandra-Worli Sea Link. Mumbai-based brokers said the per-square-feet rate of apartments in Raheja Artesia is around Rs 70,000, and the average rentals are upwards of Rs 7.5 lakh per month.

They said that these units were sold as part of an earlier deal, but have been registered now.

There was no response to Moneycontrol’s queries from K Raheja Corp.

Several high-end residential transactions were concluded in December 2020 on account of the 2 percent stamp duty cut deadline expiring on December 31. These included two sea-facing apartments that were bought by Bharat Serum & Vaccines’ Gautam Daftary on South Mumbai’s Carmichael Road on the 20th floor for Rs 101 crore. The total area of the apartments is 6,366 sq ft. The registration took place on December 24, 2020.

In another deal, the Motilal Oswal Family Trust bought two duplex apartments of size 6,800 sq ft for Rs 101 crore in South Mumbai in a project called 33 South. These were registered on December 22, 2020, according to data available on Zapkey.com

Another luxury unit in the Oberoi 360 West project, located in Worli, was bought for Rs 52.5 crore by Abhay Ventures Private Ltd from Oasis Realty. The size of the unit is 699.56 sq m. This was registered on December 30.

One more property in Oberoi 360 West was bought for Rs 62.75 crore by Abhay Ventures Private Ltd from Oasis Realty and registered on December 30. This was bought by Chetan Jain and Heena Chetan Jain. The unit number was 4501.

A third unit located on the 41st floor was bought from Oasis Realty by Shailesh Kumar Popatlal Lukhi and Nandesh Popatbhai Lukhi for Rs 35 crore. This deal was also registered on December 30.

Two luxury flats on the 34th and 35th floor of the Oberoi West project in Worli were bought by Harpreet Singh Minhas of Harman Finochem Limited for Rs 83.16 crore. The seller was Oasis Realty, according to data shared by Zapkey.com. The deal was closed on December 26.

Stamp duty in Maharashtra from January 1, 2021, is being charged at 3 percent until March 31, 2021.

On August 26, the Maharashtra government decided to temporarily reduce stamp duty on housing units from 5 percent to 2 percent until December 31, 2020, to boost the stagnant real estate market, which had been hit hard by the Covid-19 pandemic.