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Mumbai’s ultra-rich rush to register luxury houses as deadline for Maharashtra’s stamp duty cut nears

In India’s commercial capital, most opulent projects in the price range of Rs 30 crore to Rs 50 crore are located in redeveloped, standalone buildings in the city’s tony South neighbourhoods such as Napean Sea Road, Malabar Hill, Walkeshwar and Breach Candy.

To paraphrase former UK prime minister Harold Wilson, a week is a long time for Mumbai’s ultra-rich to buy properties of their choice, irrespective of whatever it takes.

That is precisely what is happening in India’s commercial capital. With a few days to go before the stamp-duty cut, which was brought in to shore up the real estate market, ends in Maharashtra, the super-rich are rushing to close high-end deals in Mumbai.

If a second wave of the coronavirus pandemic is threatening India, it isn't showing on the city’s affluent real estate radar.

Take, for instance, Ravi Purushottam Agrawal, an industrialist, who, along with his wife, bought three luxury apartments in Raheja Artesia, Worli, on the 36th floor. The cost of the apartments is Rs 76.5 crore, registration data accessed by said.