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SIL Investments Limited buys a duplex in Mumbai for Rs 78 crore

The apartment, spread over 7,200 sq ft (carpet area), is on the 37th and the 38th floors of the Raheja Legend project in Worli

SIL Investments Limited, a Rajasthan-based company, bought a luxury sea-facing duplex apartment in Mumbai’s Worli for Rs 78 crore from a local real estate firm, sources have told Moneycontrol.

Kolkata-based industrialist Chandra Shekhar Nopany is the chairman of SIL Investments Ltd.

Spread over 7,200 sq ft (carpet area), the apartment is on the 37th and the 38th floors of Raheja Legend project. Built by Raheja Universal, the project is located on Dr Anne Besant Road in the upscale Worli in south Mumbai.

The unit was sold by SPV Vaishnav Properties for Rs 78.21 crore and the buyer paid a stamp duty of Rs 3.91 crore, sources told Moneycontrol.

JLL, which brokered the deal, refused to comment. Representatives of SIL Limited and Vaishnav Properties did not respond to Moneycontrol’s queries.

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The transfer deed was registered on December 9, 2021 and the price was in keeping with the market rate, sources said.

It is often tax-efficient to purchase an investment property through a limited company, tax experts say.

Cricketer Virat Kohli and his wife Anushka Sharma had earlier rented an apartment on the 40th floor of the same building for Rs 15 lakh a month.

According to SIL Investments’ website, the company was originally known as Sutlej Cotton Mills and Sutlej Industries Limited.

The textiles division of Sutlej Industries was demerged and vested effective July 1, 2005 in a new company called Sutlej Textiles and Industries Limited on a “going concern” basis as per the scheme of demerger sanctioned on May 12, 2006 by Rajasthan High Court’s Jaipur bench. Sutlej Industries Limited was left with investment activities only.

After the demerger, the name of the company was changed to SIL Investments Limited , the company’s website said.

Nopany, a member of The Institute of Chartered Accountants of India, is the chairman of the company, whose registered office is in Bhawanimandi town of Rajasthan.

The Maharashtra government’s decision to not extend the stamp duty waiver on property registrations beyond March 31, 2021 has done little to curb the demand for luxury properties in Mumbai.

Several industrialists from West Bengal, Gujarat and Hyderabad have bought properties in the country’s financial capital in recent months.

A few months back, Kolkata-based industrialist Harshvardhan Neotia of Ambuja Neotia Group bought a 3,064 sq ft property in the city along with his daughter, Paroma, for Rs 23.89 crore.
Vandana Ramnani
first published: Dec 9, 2021 06:00 pm
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