Besides the rich and famous from the world of business, guess who else was in a hurry to get her property registered just before the Maharashtra government’s stamp duty waiver ended?
Karenjit Kaur Vohra.
In case you didn’t recognise the name, that’s the Bollywood actor and former pornographic actress best known by her stage name Sunny Leone.
The actor registered a 12th floor apartment in Andheri West, which she had bought for Rs 16 crore on March 28, 2021, according to registration documents accessed by Zapkey.com.
Leone, who also goes by the stage name Karen Malhotra, registered a new property located on the 12th floor of a building known as Atlantis, in Andheri West. The carpet area of the 5BHK apartment is 3,967 sq. ft., it said.
The apartment comes with three car parking slots. Leone paid a stamp duty of Rs 48 lakh, the document said.
Rs 40,000 per sq. ft.
Local brokers told Moneycontrol that the price of the apartment is around Rs 40,000 per sq. ft. which is the market value. The project is by a Tier-2 builder, Crystal Group, and is spread across two acres. “It is an under-construction project and has only 34 apartments, which means the density is low. The unit may have been registered now to take advantage of the stamp-duty cut,” they said.
The actress made her debut with the MTV Video Music Awards on MTV India. She also participated in the Indian reality series Bigg Boss and hosted the reality show Splitsville. Besides, she has acted in Bollywood films such as Jackpot, Ragini MMS and the Malayalam film Madhura Raja.
In January 2021, Bollywood actor Janhvi Kapoor bought a property worth Rs 39 crore at Juhu in Mumbai, the latest name in a posse of celebrities and industrialists who have invested in real estate in India’s financial capital, taking advantage of a cut in stamp duty.
In November, actor Alia Bhatt bought a 2,460 sq. ft. apartment in Bandra’s Pali Hill Vastu building for Rs 32 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 to boost the stagnant real estate market, which had been hit doubly hard by Covid-19. The stamp duty from January 1, 2021 until March 31, 2021 was 3 percent.
The Maharashtra government had on March 31 decided not to extend the stamp duty waiver on property registrations and kept the Ready Reckoner Rates unchanged for financial year 2021-22.
In seven months since stamp duty rates were slashed in Maharashtra, properties worth Rs 1.2 lakh crore were registered in Mumbai and the total stamp duty collection stood at Rs 2,914 crore, data from the office of the Inspector General of Registration (IGR), Maharashtra, has revealed.
Given that March 31, 2021, was the last day of the stamp duty waiver, as many as 17,728 units were registered, which is a 3.7 times increase year-on-year, an analysis of the IGR data by Propstack, a real-estate data analytics firm, has said.