Amit Bakshi, Chairman & Managing Director of listed pharmaceutical company Eris Lifesciences, has purchased a super-luxury sea-view apartment in a nearly-completed mixed-use skyscraper Three Sixty West in Mumbai’s plush Worli locality for Rs 61 crore.
Bakshi has purchased the apartment spread over a carpet area of 64,50 sq ft on the 46th floor of the project from the developer, Oberoi Realty’s subsidiary Oasis Realty, that is executing the project.
The deals value the apartment on the 30th habitable floor of the tower at around Rs 94,500 per sq ft, pushing it in the tally of the largest deals for residential apartments in terms of value anywhere across the country so far this year.
The buyer has paid Rs 3.66 crores as stamp duty alone for the registration of this transaction that took place on September 6. As part of the agreement, Bakshi will get exclusive access to a total 3 car parking slots, showed the documents accessed through zapkey.com that aggregates publicly available registration data.
Earlier this month, IGE India, one of the investment vehicles of the Dabriwala family, bought two super-luxury sea-view residential apartments in the same project for a total of Rs 151 crore. These deals had valued the apartments on the 42nd and 43rd habitable floors of the tower at nearly Rs 94,000 per sq ft.
This project has seen several industrialists and high-profile professionals picking up properties. Recently, veteran banker and former MD & CEO of IndusInd Bank Romesh Sobti also bought two sea-view apartments for over Rs 76.30 crore in this super-luxury project.
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.
Last month too, the property market clocked the best August performance ever in terms of both number of deals and stamp duty revenue despite rising interest rates and prices.
The number of deal registrations in August rose 22% from a year ago and 41% from even the pre-pandemic period. The revenue collection also increased over 50% from a year ago owing to increased contribution from higher value segments and one percentage point higher stamp duty rate.
