Hindi film producer Renu Ravi Chopra has bought a premium residential apartment in the Pali Hill area of Mumbai’s Bandra suburb for nearly Rs 48 crore.
The deal values the apartment on a carpet-area basis at Rs 1.51 lakh per sq ft, pushing it in the tally of the country’s most expensive transactions for a residential apartment. The deal can be counted as an outlier as the rate is higher than the ongoing range of Rs 85,000 to Rs 1 lakh per sq ft in the vicinity.
This deal comes within a few months of Chopra selling BR House, the family house of B. R. Chopra, one of the foremost filmmakers of Bollywood, in Mumbai’s Juhu locality for Rs 183 crore. The 25,000-sq-ft bungalow spread over nearly an acre in a tony locality dotted with properties of actors, directors and producers of Hindi films, was sold to K Raheja Corp.
Renu Ravi Chopra is daughter-in-law of late director-producer BR Chopra.
The apartment that Chopra bought has a carpet area of 3,158 sq ft and is on the 11th floor of Supreme Artveda, a residential tower in Bandra (West). She paid Rs 47.89 crore for it.
The project was completed by realty developer Supreme Universal in 2020 and has received its occupancy certificate in March 2021. The 20-storey tower counts high-profile personalities like Asian Paints’ promoter Vakil family and Blue Dart founder Khushroo Dubash among its residents.
The buyer has paid more than Rs 2.87 crores in stamp duty for the registration of this transaction that took place on September 30.
As part of the agreement, she will get exclusive access to four car parking slots, showed the documents accessed through Indextap.com that aggregates publicly available registration data.
ET’s calls and text message to Chopra remained unanswered until the time of going to press.
Among the recent most-expensive residential transactions on a per sq ft basis, Enam Asset Management Company cofounder Jiten Doshi bought two luxury duplex apartments in a marquee project on South Mumbai’s Peddar Road by paying Rs 1.67 lakh per sq ft, totalling Rs 61 crore last year.
Integrated financial services group JM Financial bought two sea-view luxury apartments on Little Gibbs Road of South Mumbai’s plush Malabar Hill locality in separate transactions for Rs 60 crore. These deals valued the total 5,000 sq ft area of these apartments at Rs 1.20 lakh per sq ft.
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, deals have continued to flow in. Ends