MUMBAI: Apoorva Mehta, CEO of Karan Johar’s Dharma Productions, bought a 2,691 sq ft luxury sea view apartment in Marquee Tower in Khar City, Mumbai for Rs 24.60 crore.
The deal valued at over 94,400 rupees per square foot is one of the most expensive in the Bandra to Juhu belt, which is known to be the home of CXO characters, movies, and the media.
Mehta bought the apartment in the same tower as The Residency, where Karan Johar also owns an attic.
The deal was recorded on December 24, a week before the first deadline of December 31 that the state government had set for homebuyers to take advantage of paying a reduced stamp duty of 2%.
Mehta bought the apartment from project developer Samir Bojwani and paid stamp duties and registration fees of 49.50 lakh rupees.
As part of the deal, you will have access to two parking spaces on stilts in the tower.
The Mehta deal was recorded on the same day that in one of the most expensive residential dealings concluded in 2020, Gautam Daftary from Bharat Serum & Vaccines bought a whole apartment with two large apartments with a sea view in a semi-finished project in South Mumbai Carmichael Road for Rs 101 crore.
With a view to revitalizing the real estate sector and about 260 related industries by encouraging home sales, the Maharashtra state government announced a reduction of stamp duty to 2% from 5% in September to the end of December.
Stamp duty will be levied at 3% of the agreement value from January to the end of March.
Several high-value transactions have been completed and registered in the luxury segment of the country’s most expensive real estate market, Mumbai, due to lower prices and lower stamp duty benefits.
The deals are helping to further expand the luxury sector, which has been slow for nearly half a decade.
In October, Bollywood actor Hrithik Roshan bought two luxury beachfront apartments at Juhu Versova Link Road in Mumbai for a total of Rs 97.50 Crore while Actress Alia Bhatt bought a house in Bandra in Bali Hill for Rs 32 crore.
In December, Actress Janhvi Kapoor also bought a trilogy in Juhu for 39 crore rupees.
Not only are movie stars, CXOs, cricketers, and industrialists among those who have brought the hustle and bustle of luxury Mumbai real estate back on the right track. In addition to helping shift pent-up demand into affordable and middle-income segments, the stamp duty reduction has also resulted in the completion of many high-value transactions in the city.