Ignatius Navil Noronha, the chief executive officer of Avenue Supermarts that owns the DMart retail chain, and his wife Kajal Noronha have purchased two super premium apartments in Mumbai’s Bandra locality for over Rs 66.25 crores.
The couple has bought these apartments spread over a total 8,379 sq ft from real estate developer Rustomjee Group’s subsidiary Keystone Realtors in its project Rustomjee Seasons in Bandra (East) close to the Mumbai’s business district of Bandra-Kurla Complex (BKC).
Noronha has bought the apartment spread over carpet area of 4,522 sq ft on the 24th floor for Rs 34.86 crores, while his wife has purchased the apartment spread over 4,117 sq ft on the 25th floor for Rs 31.38 crores.
Both the buyers have paid Rs 3.3 crores as stamp duty alone for the registration of their deals that took place on July 29. As part of the agreement, they will get access to a total 10 car parking slots.
The apartments also has a deck and terrace area of 912 sq ft taking their total size to 9,552 sq ft.
The project Rustomjee Seasons is currently in advanced stages of construction. Residential property market of Bandra (East) has been witnessing rising interest from corporate honchos and high-networth individuals in the backdrop of rising preference for BKC as the de-facto business district of Mumai and improving social infrastructure.
Noronha had hit the headlines last year after turning a billionaire and the richest professional manager residing in India owing to sustained sharp rise in share price of Avenue Supermarts. As on June end, Noronha held nearly nearly 1.31 crore shares or 2.02% stake in the retail company.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks and records with respect to property transactions for more than a year since September 2020, when 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 key catalyst for the city’s residential market. While the benefit of lower stamp duty is not available anymore, the deals have continued to flow in.
Several corporate personalities, business founders, industrialists, and Bollywood actors, including Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhat, Disha Patani, corporate honchos, investment bankers and cricketers have bought luxury apartments and registered their deals in the last few months.
