In another promoter-led transaction, the promoters of Mumbai-based real estate firm, Wadhwa Group, have bought an apartment spread across three floors in their own project Wadhwa Samarpan for around Rs 80 crore, documents accessed by Zapkey.com showed.
The buyers, Ritu Wadhwa Makijha and Vinita Vijay Wadhwa, have bought the ninth-floor unit from Raghuleela Estates Pvt Ltd, a subsidiary company. The unit spread across three floors– ninth, tenth and eleventh – are located in the company’s project located off Carter Road in Khar West.
The apartment is spread across an area of 5,254 sq ft, which includes the RERA carpet area and the deck area spread across 1351 sq ft, the documents showed. The unit comes with seven car parking slots.
The documents were registered on July 30, 2021, and the stamp duty was paid on March 31, which was the last date to avail the waiver on stamp duty in Maharashtra. A stamp duty of Rs 2.4 crore was paid on the deal, the documents showed.
Ritu Wadhwa declined to comment.
The promoters have retained the top sea-facing three floors in his own project for self-use, according to local brokers. The deal has been executed on market value, which is around 1.20 to Rs 1.50 lakh per sq ft. The project has received an occupancy certificate.
“In most cases, marquee properties, are often retained by the developers themselves for self-use. These units are also traded 10-15 percent at a premium because these are better maintained and often come with the best facilities. These factors have a bearing on the neighbourhood as this become a unique selling proposition,” said Ritesh Mehta, Head Residential Property Sales, JLL India.
In May this year, in one of the biggest high-rise deals in India, the promoters of Mumbai-based real estate major K Raheja Corp had decided to keep possession of three floors of their ritzy project in Mumbai—sprawled over 60,000 sq ft and worth Rs 426 crore.
In all real estate projects, the amount paid for by customers gets deposited in a Special Purpose Vehicle (SPV) account created by the real estate developers. If developers decide to hold onto units in apartments, they must follow the same process.
In the case of Artesia, the promoters—Ravi and Neel Raheja and their mother Jyoti Raheja—had bought three full floors (41, 43 and 44) and apartments on the 42nd and 45th floors and paid a total stamp duty of Rs 8.4 crore on the total value of Rs 426 crore. The Rahejas had like other industrialists and celebrities taken advantage of the stamp duty cut announced by the Maharashtra government, the documents had showed.