Siddharth Jain, part of INOX Group’s promoter family, has bought a sea-view luxury quadruplex apartment in a super-premium residential tower Raheja Legend on Dr. Annie Besant Road in Mumbai’s plush Worli locality for Rs 144 crore, making it one of the most expensive deals for a single residential apartment anywhere in the country.
At Rs 1.36 lakh per sq ft the deal enters the tally of costliest houses in India. The amalgamated apartment in Raheja Legend is spread across 10,567-sq-ft on 42nd, 43rd, 44th and 46th floor.
Jain has bought the apartment as a legal guardian of his three minor daughters, showed the registered agreement.
As per the agreement, the buyer will also get control of nearly 19% undivided share of right, title and interest in the entire property built on the plot. Along with the apartment, Jain will get access to a total 12 car parking slots.
Jain has paid stamp duty of Rs 7.20 crore for the registration of this transaction that took place on March 31, showed the documents accessed through Indextap.com.
In 2018, the residential tower was in the news following Indian cricketer Virat Kohli renting an apartment here for Rs 15 lakh a month.
INOX Leisure is India’s leading multiplex chain with 146 multiplexes and 612 screens in 68 cities and is counted amongst the country’s largest cinema exhibition companies.
ET’s calls and text message to Jain remained unanswered until the time of going to press. Ashish Raheja, the seller of the apartment and Managing Director of Raheja Universal that has developed the project could not be reached.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions lately after 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 catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in.
Property registration in Mumbai has continued its record-setting spree by scaling a new peak with the highest-ever monthly stamp duty collection at nearly Rs 1,131 crore in March.
The performance has surpassed the previous high of Rs 875 crore touched in March 2021, when homebuyers had taken advantage of lower stamp duty benefit.
The country’s commercial capital witnessed registration of over 16,152 residential deals in March, making it the third highest performance ever, showed data from the Inspector General of Registration, Maharashtra. This registration number is up 98% from January, which itself was a 10-year record.
This is also the only time the number of registrations has surpassed 15,000-mark barring the exception of December 2020 and March 2021, which was attributed to the government’s stamp duty reduction benefit that was in force then.