There is a jump in sales of luxury apartments in Mumbai as most buyers want to beat the March 31, 2023, deadline, according to property market experts. This comes close on the heels of a provision in the 2023 Budget announced a few days back that was expected to have an impact on the sale of uber luxury properties from April 1. A Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including housing property. No such cap is applicable at the moment.
In the latest major real estate deal, an 18,000 sqft triplex has been sold for Rs 252 crore in an underconstruction tower at Walkeshwar in south Mumbai, according to a TOI report. The property has been bought by Niraj Bajaj, chairman of Bajaj Auto.
The work on 31-storey Walkeshwar project, which is scheduled to be completed by June 2026, has just begun. Bajaj’s new pad will be on the 29, 30 and 31st floors of the tower, along with eight car parks. Currently, he resides with his family at Mount Unique building on Pedder Road.
The building, where the Bajajs have lived on the top two floors for decades, is over 50 years old, but without the amenities offered by new luxury towers. In Lodha Malabar, the industrialist and his family will have access to a private rooftop terrace with a swimming pool, according to the TOI report.
Recently, in what is perhaps the biggest property deals in the country, as many as 28 housing units worth Rs 1,238 crore have been bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai.
The total carpet area bought by one of India’s top retailers, his associates and companies amounts to 1,82,084 square feet, including 101 car parks.
All the transactions were registered on February 3, 2023. The buyers have purchased the apartments in Tower B of Three Sixty West located on Annie Besant Road in Worli, Mumbai. The seller is builder Sudhakar Shetty, who had partnered with real estate developer Vikas Oberoi to redevelop the project.
Apart from this, recently, real estate developer Godrej Properties Ltd said it has acquired Raj Kapoor’s Bungalow in Chembur to develop a premium residential project. Though the company did not disclose the deal value, a Moneycontrol report attributing property registration documents accessed by Zapkey.com said it is worth Rs 100 crore.
The land and building is located at Deonar Cottage, Deonar Farm Road, Deonar, in Mumbai and the land area is 4,265.50 sq metre, according to the Index 2 document.
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