Ultra-luxury Malabar Hill flats fetch ₹369.55 cr | Latest News India - Hindustan Times
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Ultra-luxury Malabar Hill flats fetch 369.55 cr

BySatish N, Mumbai
Mar 31, 2023 10:07 PM IST

Ultra-luxury flats in Mumbai are in high demand as a new rule limiting the deduction on capital gains from real estate to INR10 crore ($1.3m) comes into effect from Saturday. The JP Taparia family, the promoters of contraceptive maker Famy Care, purchased six apartments in the Lodha Malabar project for INR369.55 crore. Meanwhile, the Rajkamal Bajaj-promoted Avener Capital and Bajaj Consultants bought a 9,500 sq ft duplex in Oberoi Three Sixty West for a little over INR100 crore. The flurry of big-ticket purchases in February and March is attributed to the change.

There’s a rush for ultra-luxury flats in Mumbai, with a new rule limiting the deduction on capital gains from real estate to 10 crore, coming into effect from Saturday.

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In the latest deals that have come to light, the JP Taparia family, the promoters of contraceptive maker Famy Care Ltd, purchased six apartments spanning a net area of 27,160.6 sq ft in both towers in the Lodha Malabar project in south Mumbai’s Malabar Hill for 369.55 crore, and the Rajkamal Bajaj-promoted Avener Capital Pvt Ltd and Bajaj Consultants, financial advisories in private equity, mergers and acquisitions, have bought a 9,500 sq ft duplex in Oberoi Three Sixty West in Worli in central Mumbai for a little over 100 crore.

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Jyoti Prasad Taparia, chairman of Famy Care Ltd, purchased a 4,424 sq ft apartment (#2601) in Tower B, while Anjali Ashutosh Taparia purchased units on the 26th, 27th and 28th floor of Tower A and the 27th and 28th floor of Tower B, spread across 22,736.6sq ft, according to registration documents accessed and shared by IndexTap.com and Zapkey.com. The deal includes a total of 20 car parking slots and the Taparias paid a cumulative stamp duty of 19.07 crore.

According to people familiar with the matter, the deal between the Taparia family and Macrotech Developers Ltd , the developer of the project, was finalised six months ago, but the deal was registered on March 29. An email to Taparia remained unanswered.

In the other big-ticket deal, Avener Capital Pvt Ltd and Bajaj Consultants Pvt Ltd purchased a 9,593 sq ft duplex on the 21st and 22nd floors of Oberoi Three Sixty West for 100.70 crore, according to documents accessed by IndexTap.com. The purchasers paid a stamp duty of 2.90 crore for the deal registered on March 24, and the apartment comes with five parking slots.

Earlier this month, on March 10, Bajaj Auto chairman Niraj Bajaj purchased a 18,004 sq ft triplex on the 29th 30th, and 31st floor of Lodha Malabar for 252.50 crore. While the Taparia deal was struck at 1,36,061 per sq ft, the Bajaj purchase fetched a higher rate of 1,40,277 per sq ft .

“The real estate market is unanimously bullish towards these transactions owing to the retraction/revision of the Section 54 F capital gains clause. However, the actual scenario can only be judged after the deadline of March 31st ends. The luxury market sentiment may be approaching stagnation across the industry,” said Ritesh Mehta, senior director and Head, West and North India, Residential Services, at real estate advisory JLL.

February and March have seen a clutch of similar deals across Delhi and Mumbai. One reason for that is the change made in the Budget presented on February 1 that restricted to 10 crore, the deduction on long-term capital gains tax for reinvestment in residential properties under Sections 54 and 54F of the Income Tax Act.

Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix and IndexTap.com attributed the flurry of big-ticket purchases in February and March to the change.

Two days after Union finance minister Nirmala Sitharaman’s announcement, D Mart owner Radhakishan Damani set the residential market in Mumbai abuzz by purchasing 28 apartments in Oberoi Three Sixty West for his immediate family and close associates for 1,238 crore. The deal was for 182,000 sq ft of carpet area with 101 car parking slots.

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