Madhav Prasad Aggarwal, promoter of agrochemicals company Sajjan India, has bought a sea-view luxury duplex in Mumbai’s Worli locality for more than Rs 153 crore, making it one of the most expensive residential apartment transactions of 2022.
Aggarwal has purchased the apartment with 15,337 sq ft built-up space in one of the towers of the super-premium residential project 360 West from Oasis Realty, a subsidiary of the project’s developer, Oberoi Developers, on Dr. Annie Besant Road.
The luxury pad on the 24th and 25th habitable floors of the tower is valued at over Rs 1 lakh per sq ft on a built-up basis, making it one of the priciest apartments anywhere in the country. The transaction also ranks among the costliest apartments on the basis of absolute value.
Aggarwal has jointly bought the apartment along with his wife, Sushma.
Aggarwal has paid more than Rs 9.18 crore as stamp duty the deal registered on October 20, according to the documents accessed through Zapkey.com that aggregates publicly available registration data. As part of the agreement, the buyer will also get exclusive access to six car parking slots.
In February this year, private equity major CVC Capital Partners’ Singapore-based portfolio entity Sona Company received the Competition Commission of India’s (CCI) nod to acquire a stake in Sajjan India.
The company is engaged in the manufacture of chemical compounds, specialty chemicals, chemical compounds used in dyes and pigments, and chemical reagents.
In September, 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. The apartments on the 42nd and 43rd habitable floors of the tower were valued at nearly Rs 94,000 per sq ft in these transactions.
This project has seen several industrialists and high-profile professionals pick 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.
Several large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities have taken place in Mumbai in the last few quarters.
Recently, Siddharth Jain, part of Inox Group’s promoter family, bought a sea-view luxury quadruplex apartment in another super-premium residential tower, Raheja Legend in Worli, for Rs 144 crore.
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, deals have continued to flow in.
Property registration in Mumbai, the country’s largest and most expensive real estate market, has continued its record-setting spree by scaling a new peak in October, notwithstanding an increase in interest rates and the withdrawal of the lower stamp duty benefit.
