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Owner of listed cable manufacturer Polycab buys apartment worth Rs 34.5 crore in Mumbai

Local property brokers told Moneycontrol that the per sq ft rate works out to be around Rs 73,000 and that most buyers in the complex have bought two or four amalgamated units.

Representational image of Mumbai.

Representational image of Mumbai.

An owner of a listed company which manufactures cables and wires has bought four housing units spread across 4,726.5 sq ft in Beaumonde Towers for Rs 34.5 crore in Mumbai, according to registration documents accessed by Zapkey.com.

The owner of Polycab, Inder Thakurdas Jaisinghani, has bought two units located on the 32nd floor 33rd floor in Tower A and another set located on the 32nd and 33rd floor in Tower B. The complex, located in Prabhadevi, consists of three towers – A, B and C.

Jaisinghani is yet to respond to Moneycontrol's queries.

Local property brokers told Moneycontrol that the per sq ft rate works out to be around Rs 73,000 and that most buyers in this complex have bought units in pairs or joined four units and turned them into a large single apartment.

The size of a 2BHK unit is around 800 sq ft carpet and that of a 3BHK 1400-1600 sq ft. Tower C consists of bigger apartments of size 4,000 sq ft. While the capital values range from Rs 90,000 per sq ft to Rs 1.10 lakh per sq ft, rents in this complex vary from Rs 6 lakh to Rs 9 lakh, brokers said.

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The deal was registered in March when the stamp duty waiver of 3 percent was available. The buyer has paid a stamp duty of Rs 1.03 crore.

On August 26, the Maharashtra government had 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, was at 3 percent.

The project Beaumonde Towers has been constructed by Sheth Group. Actress Deepika Padukone has a unit on the 30th floor of Tower B which she had bought for Rs 23.75 crore in 2014.

In April this year, a 928 sq ft apartment was bought on the 7th floor of A wing for Rs 8 crore by Vivek Vig, owner of a housing financing company, registration documents made available by Zapkey.com said.

A rent transaction was registered on July 8 this year between the owner SRS Pharmaceuticals Pvt Ltd and the tenant Kapil Singhal for Rs 5.25 lakh per month for a period of 60 months, the documents said.

Bollywood actor Ranveer Singh, had in July 2019, taken an apartment on rent for 36 months at Rs 7.25 lakh per month in this complex.

In 2019, V Vaidyanathan, the first managing director and CEO of IDFC FIRST Bank had bought two amalgamated flats in the complex that fetched a rate of Rs 1.46 lakh per sq ft. The first flat measuring 1,914 sq ft had fetched Rs 28.01 crore and the second unit measuring 1,560 sq ft had fetched Rs 22.83 crore, said local brokers.
Vandana Ramnani
first published: Jul 23, 2021 08:02 am

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