Amitabh Bachchan buys apartment worth ₹31 cr, pays ₹62 lakh as stamp duty | Mumbai news - Hindustan Times
close_game
close_game

Amitabh Bachchan buys apartment worth 31 cr, pays 62 lakh as stamp duty

May 28, 2021 04:40 PM IST

Veteran actor and Bollywood superstar Amitabh Bachchan has purchased a 5704 square feet duplex apartment in Andheri, the western suburbs of Mumbai, for ₹31 crore, HT has learnt

Veteran actor and Bollywood superstar Amitabh Bachchan has purchased a 5704 square feet duplex apartment in Andheri, the western suburbs of Mumbai, for 31 crore, HT has learnt.

Amitabh Bachchan buys apartment worth <span class='webrupee'>₹</span>31 cr, pays <span class='webrupee'>₹</span>62 lakh as stamp duty
Amitabh Bachchan buys apartment worth 31 cr, pays 62 lakh as stamp duty

The Maharashtra Chambers of Housing Industry (MCHI-CREDAI) said Bachchan saved more than 90 lakh from the deal. “Any sale boosts the whole cycle of real estate like the payment to banks, contractors and also fetches government revenue in the form of stamp duty and registration amount. Hence, the government needs to bring back the stamp duty cut,” said Deepak Goradia, President, MCHI-CREDAI.

Hindustan Times - your fastest source for breaking news! Read now.

Bachchan has brought the property from Crystal Pride Developers in Atlantis Building at Andheri (W). The property is reported to be on the 27 and 28 floors of the under-construction 34-storeyed building. It also includes six mechanised parking slots.

Bachchan purchased the apartment on December 31, 2020, and registered the same on April 12, 2021.

The actor paid 62 lakh as stamp duty by taking advantage of a stamp duty scheme of the Maharashtra government under which buyers have to pay just 2% of the stamp duty instead of the normal 5%. The scheme was launched to improve revenue which has fallen significantly amid the Covid-19 pandemic.

According to Zapkey.com, which accessed the registration documents, “the pandemic has given a boost to the sale of luxury apartments and many celebrities, businessmen, professional CXO’s have bought houses to take advantage of the pandemic-led price correction and stamp duty correction,” said Sandeep Reddy, co-founder, Zapkey.com.

Atlantis Building in Andheri also has two other Bollywood buyers, Sunny Leone and Anand L Rai, the director of Bollywood blockbuster ‘Tanu weds Manu’. While Leone paid 16 crore for her 4365 square feet apartment, Rai had to shell out 25.30 crore for his 5917 square feet apartment.

A response from Bachchan on the matter is awaited.

The real estate sector has been facing a slowdown for several years and the pandemic has only made matters worse.

The government in August last year announced its decision to reduce stamp duty levied on sales of apartments to 2% from September 1 till December 31, 2020, and then hike it to 3% from January 1 till March 31, 2021. The move played a significant role in boosting sales of both primary and secondary market. The state however refused to extend it despite several requests.

Gulam Zia, executive director, Knight Frank, a real estate consultancy firm, said, “buyers took advantage of twin factors of price cuts and schemes offered by the builders. Builders are ready to negotiate and cut prices as they want to sell their properties. The stamp duty cut was a huge savings and many took advantage of this,” said Zia.

SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Naresh is a Special Correspondent with Hindustan Times, Mumbai, since 2005. He covers the real estate sector, in addition to doing political reportage.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, March 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On