A businessman has bought an 8,411 sq feet premium apartment in Mumbai for Rs 64.48 crore, as the city’s ultra-rich continue to purchase high-end properties before the stamp duty rises back to the normal level after March 31.
Businessman Vimal Parmanand Khandwala bought the duplex apartment in Shapoorji Pallonji Group’s premium project, The Imperial, in Mumbai’s Tardeo. The project is a twin-tower skyscraper, which is among India’s tallest buildings.
The deal was registered on March 19, 2021, by the businessman and his wife Priyanka Vimal Khandwala, with a stamp duty of Rs 1.93 crore, as per documents accessed by Zapkey.com. A query sent to Vimal Parmanand Khandwala went unanswered.
The property is located on the 53rd floor and comes with a swimming pool and four parking slots.
Imperial Tower by Shapoorji Pallonji is an ultra-luxury project comprising three towers, two of which have been sold out, while the third (The Imperial Edge) is awaiting an occupancy certificate which is expected this year.
The project commands a price between Rs 85,000 per sq. ft. to Rs 90,000 per sq. foot. The average monthly rentals are between Rs 2 lakh to Rs 3 lakh, Prashant Thakur, director and head, Research, ANAROCK Property Consultants told Moneycontrol.
Several transactions worth Rs 25 crore to Rs 50 crore have been registered in the Mumbai market since the cut in stamp duty was announced in August 2020, indicating that there is an appetite for the high-value segment even in troubled times.
Also read: Maharashtra real estate developers urge government to extend stamp duty benefit
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 pandemic-hit real estate market.
Stamp duty from January 1, 2021, until March 31, 2021, will be three percent.
As many as 12,696 property units have been registered in Mumbai in the month of March 2021 at a daily rate of 529 units which is nearly 4.3 times higher than the daily rate of registration recorded at 123 units in March 2020, Knight Frank India has said.
This data is for the period between March 1 to March 24, 2021.
The sales peaked in the second half of the month with daily new registrations increasing to 707 units between March 15 to 24, 2020. At the current pace, the month of March 2021 can witness sales upwards of 17,000 units, it said.