Realtor Devvrat Developers has purchased a total five sea-facing luxury apartments in prime under-construction sea-facing residential project 25 South in Central Mumbai’s Prabhadevi for more than Rs 113.26 crore.
The transaction includes a duplex on the 45th and 46th habitable floor and four spacious apartments on the 45th floor measuring a built-up area of nearly 20,000 sq ft in the project being developed by realty developer Hubtown.
The buyer has paid Rs 6.78 crore as stamp duty alone for the registration of these deals.
Of these apartments, the duplex is spread over 8,094 sq ft built up area and the buyer has paid Rs 44.69 crore for the same while paying stamp duty of Rs 2.68 crore for the registration of the deal.
Two other apartments on the 45th floor are spread over 3,355 sq ft each for which the buyer has paid nearly Rs 1.17 crore each. Two relatively smaller apartments with built up area of 2,761 sq ft and 2,357 sq ft were sold for Rs 16 crore and Rs 13.66 crore, respectively.
As part of the deal, Devvrat Developers will get exclusive access to 11 car parking slots, showed the documents accessed through IndexTap.com. All five transactions were registered on the same day on November 28.
Devvrat Developers is engaged in real estate activities including buying, selling, renting and operating of self-owned or leased properties such as apartment buildings, non-residential projects etc.
Global alternative investment management firm Oaktree Capital Management had recently invested Rs 425 crore in this prime luxury residential development spread over 5.3 acres in Prabhadevi. Part of the funds raised through this transaction were utilised to complete the project and partly to retire the existing debt facility of Indiabulls Housing Finance.
In 2007, Hubtown and DLF had jointly acquired this land parcel from the Thackersey family-owned Hindustan Mills. The plot is estimated to have a total development potential of half a million sq ft.
DLF moved out of the project just before the entry of private equity firm Rising Straits as an investor in the subsidiary developing the project. However, the project is now completely managed by Hubtown Group as Rising Straits also exited the project earlier this year.
Last year, Shrikanth Venkatachari, the joint chief financial officer of Reliance Industries, had bought two adjacent apartments in this project for more than Rs 40 crore. Several personalities from the banking and financial services industry have purchased apartments in these upcoming towers of the project.
Mumbai, the country’s biggest and most expensive property market, recorded its best November performance by way of revenue collection in stamp-duty charges, reflecting limited demand impact of hardening interest rates.
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.
Property registrations in the first 11 months of 2022 have surpassed the aggregate of 2021, recording 112,000 deals so far.