Enam Asset Management Company’s cofounder, Jiten Doshi, has bought two luxury duplex apartments in a marquee project on South Mumbai’s Peddar Road by paying Rs 1.67 lakh per sq ft, totalling Rs 61 crore.

The transaction for these apartments, spread over a total of 3,657 sq ft, ranks among the most expensive residential property deals in the country on a per sq ft basis.

The apartments with views on both the sea and city sides are on the 27th and 28th habitable floor of the 33 South Condominium tower.

The deals registered recently have attracted a stamp duty of Rs 1.83 crore. As part of the deal, Doshi will also get access to five car parks in the project.

Doshi has purchased the apartment jointly with his wife from the project’s developer, Sameer Bhojwani, showed data accessed by Zapkey.com. The transaction has been conducted through two agreements for the apartments of 1,826 sq ft and 1,831 sq ft in the tower’s South and North wings.

Doshi declined to comment for the story, while calls and text messages to Bhojwani did not elicit any response till the time of going to press on Wednesday.

Enam AMC, launched by the Enam Group in 1997, is an independent asset management firm with clients including wealthy individuals, Indian corporates, global family offices and global institutional investors including sovereign wealth funds and pension funds. Doshi is a cofounder and the chief investment officer of the firm that has more than $2 billion of assets under management.

In December, the Motilal Oswal family trust had bought two duplex apartments together spread over 6,800 sq ft on the 13th and 17th floors of the same high-rise building for Rs 101 crore, valuing the deals at Rs 1.48 lakh per sq ft.

While the total value of the Motilal Oswal transaction was higher, it was relatively lower on a per sq ft basis as the flats were nearly double the size and located on lower floors. Higher floors, given the better view, usually fetch higher rates.

The reduction in stamp duty, as announced by the Maharashtra government in August, has not only helped convert pent-up demand in the mid-income and affordable segments but also prompted the conclusion of several large-ticket transactions in Mumbai over the last few months.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had announced a reduction in stamp duty charges to 2% from 5% from September to December-end. Stamp duty is being charged at 3% of the agreement value from January to end-March. Apart from industrialists, corporate honchos, movie stars, cricketers and several other high-profile personalities have been setting the country’s most expensive property market’s luxury segment abuzz again.

Benefits of price correction and lower stamp duty on such high-value transactions are driving the volume in the luxury segment, which had remained sluggish for almost four-five years due to an oversupply situation in Central and South Mumbai.

Source link

Leave a comment

Your email address will not be published. Required fields are marked *