Members of the Rahul Bajaj family have bought five sea-view apartments in luxury residential project Raheja Vivarea in south Mumbai’s Mahalaxmi locality for nearly Rs 104 crore.
Two apartments have been bought through the Nirvaan Family Trust, while Shefali Bajaj, Sanjali Bajaj and Manish Kejriwal have bought one apartment each.
Bajaj’s son-in-law Kejriwal is also founder and managing partner of Kedaara Capital. Shefali is wife of Sanjiv Bajaj, MD and CEO of Bajaj Finserv, and Sanjali is their daughter.
The family has purchased these apartments from project developer K Raheja Corp’s subsidiary Genext Hardware & Parks and its partner Capricorn Realty.
The buyers have paid Rs 6.21 crore as stamp duty for the registration of these deals that took place between October and November.
All the apartments are in tower E of the complex and the most expensive of these is a 3,400 sq ft one on the 39th floor. It was bought by Shefali Bajaj for Rs 28.31 crore. Sanjali Bajaj has purchased an apartment of similar size on the 38th floor for Rs 28.27 crore.
Kejriwal has bought a 2,433 sq ft apartment on the 36th floor for Rs 15.47 crore, while the Nirvaan Family Trust has purchased two apartments of similar size for Rs 15.84 each, showed documents accessed through Zapkey.com, which aggregates publicly available registration data.
Bajaj Finserv and K Raheja Corp didn’t respond to queries.
Raheja Vivarea, with five luxury residential towers on 4 acres of prime real estate, is among the marquee developments in south Mumbai and counts several corporate bosses and CXOs as residents. The project has been developed by realty developer K Raheja Corp and has been handed over to buyers.
Mumbai, the country’s biggest and most expensive property market, recorded its best November by way of revenue collection in stamp duty charges, reflecting limited demand and interest rates on their way up.
Property transactions in Mumbai have been setting new benchmarks for more than two years following the state government’s decision to provide a limited window for reduced stamp duty starting in September 2020.
This window, which was shut in March 2021, proved to be a catalyst for the city’s housing market, with deals continuing to tick over although the benefit has ended.
Property registrations in the country’s commercial capital have continued to expand and recorded a 17% on-year rise during the month. The exchequer fetched 23% higher revenue of Rs 678 crore through stamp duty collections. Registrations in the first 11 months of 2022 have surpassed the aggregate of 2021, recording 112,000 deals in the city so far.