Jagdish Naresh Master, prominent stock market investor and director of financial services firm Deep Financial Consultants, has acquired a luxury sea-view apartment in a super-premium residential tower in Mumbai’s plush Worli locality for over Rs 106 crore.
Interestingly, his wife, Urjita Jagdish Master–also a stock market investor and director of Deep Financial Consultants–too acquired a luxury apartment on the 59th floor of the same tower for over Rs 105 crore just last month.
The newly purchased apartment is spread over a total of over 7,139 sq ft area in one of the wings of the tower Oberoi Three Sixty West on Dr Annie Besant Road and is on the 60th floor and 44th habitable floor.The transaction values the apartment at nearly Rs 1.50 lakh per sq ft ranking it among the most expensive deals for a residence anywhere in the country. The buyer has now paid over Rs 3.97 crore in stamp duty charges alone for the registration of the deal.
As the same apartment has been transacted within three years of earlier registration that attracted stamp duty of Rs 2.86 crore, the new buyer has paid the differential stamp duty, showed the document accessed through Zapkey.com.
As per the government regulations, if an apartment is sold within three years of its previous registration, the buyer is required to pay the differential stamp duty. This means that if the stamp duty applicable at the time of the new transaction is higher than the duty paid during the earlier registration, the buyer is expected to pay the difference to ensure compliance with the updated rates.
This rule is aimed at aligning stamp duty payments with current property valuation and preventing revenue loss for the state government exchequer.
ET’s email query to Jagdish Master’s team and Oberoi Realty remained unanswered until the time of going to press.
Residential property sales in the top eight cities have soared to an unprecedented high in 2024, fuelled by strong demand across mid-income, premium and luxury segments. The year is also expected to conclude with an all-time high sales activity.
Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals.South and central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years.
