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Phoenix Mills promoter Atul Ruia buys Mumbai property for Rs 32.8 crore

Deal for fully fitted apartment works out to about Rs 45,000 per sq. ft.

File Photo. Image: AFP

File Photo. Image: AFP

Atul Ruia, chairman of Phoenix Mills Ltd., has bought a 36th floor apartment in the Phoenix Mills Compound in Mumbai for Rs 32.8 crore, according to registration documents accessed by Zapkey.com.

The apartment is spread over 7,540 square feet. Ruia purchased the property from Pallazzio Hotels & Leisure Ltd., which is a subsidiary of Phoenix Mills, according to the documents.

Ruia paid stamp duty of Rs 98.4 lakh at the rate of 3%, availing of a temporary stamp duty reduction offered by the Maharashtra government. The transaction closed on March 31 and was registered on April 20, the documents showed.

The deal works out to about Rs 45,000 per sq. ft, real estate experts said, adding that this was a fully fitted apartment.

Moneycontrol reached out to Ruia for comment but there was no response.

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Pallazzio Hotels & Leisure owns The St. Regis Hotel in Mumbai. The 395-room, five-star, uber-luxury hotel is located on top of Phoenix Mills’ flagship retail asset, Palladium Mall, in Lower Parel, Mumbai.

Phoenix Mills and Singapore’s sovereign wealth fund GIC have formed a partnership to establish a Rs 5,362 crore investment platform for retail-led mixed-use assets in India, the retail mall developer said in a regulatory filing on May 2.

On August 26, 2020, the Maharashtra government reduced the stamp duty on housing units to 2% from 5% until December 31, 2020, to boost the stagnant real estate market, hit doubly hard by COVID-19. The stamp duty from January 1 to March 31 was 3%.

The state government said on March 31 that it would not extend the stamp duty concession on property registration and kept the ready reckoner rates unchanged for the financial year 2021-22.

Real estate brokers pointed out that there has been a flurry of deals of late in the branded residence segment during the pandemic. A 3,637 sq. ft. apartment in the Four Seasons Private Residences project located in Worli was sold for Rs 20.17 crore in 2021. These are serviced apartments overlooking the Arabian Sea and the Mahalaxmi Race Course.

Another apartment at Four Seasons with the same area was sold for Rs 25 crore.

In 2020, a 7,530 sq. ft. apartment located in the Three Sixty West project by Oberoi Realty in Worli sold for Rs 38 crore. In 2019, a 6,337 sq. ft. property in the same project sold for Rs 35 crore.

Three Sixty West is said to be the tallest residential building in the country with 85 floors. Bollywood star Shahid Kapoor is reported to have bought a 8,625 sq. ft. property in the complex for Rs 55.9 crore in 2018.
Vandana Ramnani
first published: Jun 7, 2021 07:12 pm

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