Shekhar Bajaj, Chairman and Managing Director of Bajaj Electricals, and his family have bought an entire floor with two large apartments in a luxury residential project on South Mumbai’s Carmichael Road for more than Rs 94 crore.
The deals for both the apartments in Carmichael Residences, with a total 6,344 sq ft of area, is valued at nearly Rs 1.48 lakh per sq ft, a record price being paid for a house anywhere in the country this year. The transaction for the entire 8th floor with 8-bedrooms in total will also be counted among the most expensive deals ever in terms of pricing.
The apartments in the 20-storey tower have been bought in the name of Shekhar Bajaj’s wife Kiran and daughter-in-law Pooja Bajaj. The stamp duty paid for both the transactions totalled Rs 5.64 crore.
The transactions for both apartments were registered on April 28, showed the registration documents accessed through Zapkey.com, which aggregates publicly available property registration data. The Bajaj family will also get exclusive access to eight car parking slots as part of the transactions.
The super-premium Carmichael Residences, spread over half an acre, has come up on Altamont Road-Carmichael Road, known for hosting billionaires Mukesh Ambani and KM Birla.
The luxury residential tower is being developed by RA Realty Ventures, formed by the Khemchand B Kothari Group and Ashok Piramal Group’s realty development company Peninsula Land. The project has already received its occupancy certificate from the civic body and the homebuyers are currently undertaking interiors of their apartments.
ET’s email query to Peninsula Land remained unanswered. Shekhar Bajaj declined to comment.
Several high-profile corporate personalities have bought properties in this skyscraper that has 28 apartments across 14 habitable floors.
Anurang Jain, the billionaire nephew of Bajaj Auto patriarch, the late Rahul Bajaj, had bought three apartments in this tower in 2020. The managing director of auto component maker Endurance Technologies had bought two apartments in July 2020 for Rs 100 crore and one more in October 2020 for Rs 39 crore.
In December 2020, Bharat Serum & Vaccines’ Gautam Daftary had also bought an entire floor with two large sea-view apartments in this project for Rs 101 crore.
Several high-value transactions are being concluded in the luxury segment of the country’s most expensive property market of Mumbai that has been buzzing since the state government announced a limited-window stamp duty reduction mid-2020.
The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. Although stamp duty rebates are not available now, the deals have continued to flow in.
While the registration data has been suggesting more traction in housing sales in suburban localities, these luxury deals in south- and south-central Mumbai are also taking the country’s most expensive property market to new highs.