The family of Vedanta Resources founder and chairman Anil Agarwal has bought a luxury apartment in a super-premium residential tower Raheja Legend on Dr. Annie Besant Road in Mumbai’s plush Worli locality for Rs 45 crore.
The sea-view apartment on the 36th floor of the super-structure has been acquired by Agarwal’s wife Kiran, who is chairman of Hindustan Zinc and a trustee of Vedanta Foundation.
The deal is valued at nearly Rs 1.46 lakh per sq ft, putting it in the tally of most expensive residential apartment transactions in the country.
Agarwal will also get control of nearly 5.54% undivided share of right, title and interest in the entire property built on the plot besides access to five car parking slots, as per the registered agreement.
Rahul Narang, founder and chairman of the Narang Group has sold the apartment spread over 3,084 sq ft to Agarwal. She has paid Rs 2.25 crore as stamp duty alone for the deal that was concluded and registered on July 1, showed the documents accessed through Zapkey.com that aggregates publicly available property registration data.
The newly acquired property in Raheja Legend, many believe, is an investment and may not be put to use immediately. The Agarwal family currently lives in the iconic Samudra Mahal, which is counted amongst the most expensive residential properties in the country. Agarwals own a bungalow inside the Samudra Mahal property.
The luxury tower Raheja Legend was recently in the news after Siddharth Jain, part of Inox Group’s promoter family, bought a sea-view quadruplex apartment here for Rs 144 crore, in one of the most expensive deals for a single apartment anywhere in the country.
At Rs 1.36 lakh per sq ft, the deal makes the amalgamated apartment spread across 10,567-sq-ft on 42nd, 43rd, 44th and 46th floors of the tower one of the costliest houses in India. However, the deal concluded by Agarwal ranks even higher than this transaction given its higher per sq ft rate at nearly Rs 1.46 lakh.
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, deals have continued to flow in.
Several large-ticket record-setting transactions have been taking place in the city. Recently, Bollywood actor Ranveer Singh bought a sea-view luxury quadruplex apartment on Bandstand in Mumbai’s plush Bandra locality for Rs 119 crore, making it one of the most expensive deals for a single residential apartment anywhere in the country.
Property registration in Mumbai has continued its record-setting spree by scaling a new peak in June notwithstanding an increase in interest rates and withdrawal of lower stamp duty benefit.
The city recorded over 9,919 property registrations during the month of June, up 26% from a year ago, marking a new high for June both in terms of number of deals and stamp duty collection that stood at Rs 733 crore.
