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Realtor buys apartment worth Rs 90 crore near Bandra Kurla Complex in Mumbai

The agreement was signed on March 31, 2021, the last day of the stamp duty waiver but it was registered on July 23, 2021.

Representative image.

Representative image.

A businessman has bought an 11,000-sq ft apartment located a stone’s throw away from commercial business district Bandra Kurla Complex for Rs 90 crore,  according to registration documents accessed by Zapkey.com

The property is located on the 15th floor of Sunteck Signature Island and has a carpet area of 11,291 sq ft, according to the documents, a copy of which is with Moneycontrol.

The agreement was signed on March 31, 2021, the last day of the stamp duty waiver but it was registered on July 23, 2021, the documents said.

The unit has been bought by director of Joinwood Realty Pvt Ltd Rajesh Agarwal, the documents said.

There was no response from both Sunteck Realty or Rajesh Agarwal.

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Local brokers said that the per sq ft rate for the property works out to be around Rs 80,000 per sq ft. This is a direct deal between the real estate developer and the businessman.

The duplex apartment comes with four car parks. The buyer paid a stamp duty of Rs 2.7 crore, according to the documents.

Apartments in this complex come in two sizes, the bigger ones are 11,000 sq ft while the smaller ones are about 7,000 sq ft.

Sunteck Signature Island houses uber luxury residences and the ownership is by invitation only. According to the company’s website, these apartments are inspired by Manhattan, Singapore and Hongkong. Several business tycoons and Bollywood stars have units in this project which is located a stone’s throw away from the central business district Bandra Kurla Complex (BKC).

Actress Sonam Kapoor had bought a duplex apartment in Sunteck Signature Island at Bandra Kurla Complex for Rs 35 crore in 2015. Bollywood actress Aishwarya Rai Bachchan had also bought a luxury apartment spread over 5,500 sq ft for Rs 21 crore in this complex, local brokers said.

The Metropolitan Region Development Authority (MMRDA) initiated BKC in the 1970s to decongest the existing office hubs like CBD in the city. Initially, oil companies, consulates and banks occupied this district.

In 2010, the Bharat Diamond Bourse (BDB), the world’s largest diamond bourse, started operations to facilitate diamond traders in India. This attracted many other related companies to BKC to start operations in this area.

BKC houses large corporates primarily from non-IT categories such as banks, insurance companies and other government institutions. The growth driver for this area has been large industries and high-quality office buildings followed by better connectivity infrastructure.

There has been a flurry of high-end deals (above Rs 90 crore) in Mumbai after the Maharashtra government introduced the stamp duty waiver in August 2020.

Bollywood actor Hrithik Roshan had bought two apartments, spread over three floors, for Rs 97.50 crore in a building on Juhu-Versova Link Road in Mumbai last year. The two apartments, one of which is a penthouse, are together spread across 38,000 sq ft.

On May 2021, ABS Realcon LLP had bought a unit for Rs 103.8 crore in Satellite Sesen, Malabar Hill. Another deal in the same project was signed for Rs 103.6 crore. The buyer was SM Daikem Limited, according to registration documents shared by Zapkey.com.

In December 2020, Hasit Ashwin Dani bought a unit for Rs 95 crore in Alhambra, Malabar Hill. Motilal Oswal Family Trust bought a unit on 33 South, Peddar Road for Rs 101 crore, the documents said.

On August 26, 2020, the state government 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 to boost housing sales.
Vandana Ramnani
first published: Jul 28, 2021 05:07 pm
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