Rahejas buy 3 duplex flats for ₹427 crore from its development firm in Mumbai - Hindustan Times
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Rahejas buy 3 duplex flats for 427 crore from its development firm in Mumbai

May 30, 2021 01:28 AM IST

In one of the largest real estate transactions of recent time, the family members of real estate developer Raheja have purchased three duplex apartments spanning across 66,811 square feet at a high-end Worli area for ₹427 crore

In one of the largest real estate transactions of recent time, the family members of real estate developer Raheja have purchased three duplex apartments spanning across 66,811 square feet at a high-end Worli area for 427 crore. The project is being developed by the group’s development firm K Raheja Corp.

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The 45-storeyed skyscraper Astesia is located near Worli coast and offers a breath-taking view of the Arabian Sea.

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Owing to the reduction in the stamp duty introduced by the state government to boost the sales, the Rahejas saved a staggering 12.75 crore. The group paid 8.55 crore (2%) as stamp duty.

The Rahejas had purchased the apartments last year on December 31 and registered documents on April 22.

In the transaction, the promoters of K Raheja Corp – Ravi, Neel and Jyoti Raheja – have purchased the 41st, 43rd and 44th floors as well as some apartments on the 42nd and 45th floors.

Despite repeated attempts, K Raheja Corp refused to respond to the development.

The other high-profile buyers in Astesia include Smita D Parekh, the wife of banker Deepak Parekh, who has shelled out 50 crore to buy a sea-view flat. HDFC Bank’s vice-chairman and chief executive officer Keki Mistry has also purchased an apartment for 41.23 crore.

The real estate sector has been facing a downturn for several years owing to economic slowdown, with the pandemic making the situation worse.

Last August, the government had announced to reduce stamp duty levied on the sales of apartments to 2% from September 1 to December 31 and then further reduced it to 3% from January 1 to March 31 this year. The move had played a huge role in boosting sales of both primary and secondary markets. The state, however, refused to extend the stamp duty cut further despite several requests from the industry.

According to Sandeep Reddy, co-founder of real estate data analytics research firm Zapkey.com, “The stamp duty cuts really had a profound effect on the luxury segment as we witnessed several high-value transactions in south and south-central Mumbai during that time [till March 31],” said Reddy.

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

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