Raamdeo Agarwal, stock market investor and co-founder of Motilal Oswal, has bought a sea-facing luxury duplex apartment at Samudra Mahal in Mumbai’s posh neighbourhood of Worli for Rs 46.29 crore.
The apartment has been purchased jointly by Agarwal, his wife Sunita and son Vaibhav. The family has paid stamp duty of nearly Rs 2.40 crore on this transaction.
The deal values the luxury pad at more than Rs 1.27 lakh per sq ft, making it one of the costliest apartment transactions in the country. The duplex spread over 3,638 sq ft carpet area is on the 17th and 18th floor of the sea-facing building on Dr. Annie Besant Road, showed the documents accessed through Indextap.com.
Agarwal’s family already resides in the tower that is home to several industrialists, CXOs and corporate bosses.
Raamdeo Agarwal declined to comment.
Samudra Mahal usually features in the national leader-board for record-setting property deals. The sea-facing luxury complex is named after the Gwalior royal family Scindia’s original palace the plot housed until the late 1960s.
It is one of the most expensive residential properties across India and is home to the Scindia family, Vedanta Group chairman Anil Agarwal (he owns a bungalow in the complex apart from duplex apartments), Infosys co-founders NR Narayana Murthy and Nandan Nilekani, Xander Group founder Sidhharth Yog and several other leaders from the financial services industry.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions lately after the state government announced a limited-window stamp duty reduction.
The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in.
Property registrations in the country’s commercial capital have recorded a 10-year high in September as the surge in deal conclusions continued, led by record-low home loan rates and incentives offered by realty developers.
Both property registrations and stamp duty revenue scaled a new peak during the month, making it the best September in a decade. The monthly performance even surpassed the pre-Covid registration levels witnessed in September 2019. The recently concluded Navratri festival has also witnessed a surge in property registrations.
Several corporate personalities, business founders, industrialists and Bollywood actors, including Amitabh Bachchan, Hrithik Roshan, Rani Mukherjee, Alia Bhat and Disha Patani, have bought luxury apartments and registered their deals in the past few months.
Motilal Oswal Group’s co-founder buys duplex in Mumbai for Rs 46.29 crore
The apartment has been purchased jointly by Agarwal, his wife Sunita and son Vaibhav. The family has paid stamp duty of nearly Rs 2.40 crore on this transaction.
