Former HDFC Bank MD Aditya Puri’s family buys Rs 50 crore flat in Malabar Hill – ET RealEstate

MUMBAI: Former HDFC Bank Managing Director Aditya Puri’s family has bought a Rs 50-crore apartment in South Mumbai’s plush Malabar Hill locality. Puri’s wife Anita Puri and daughter Amrita Puri have jointly purchased this nearly 5,000 sq ft sea-view luxury house next to Raj Bhavan on Walkeshwar Road.

The family has paid Rs 1 crore as the stamp duty for the property’s registration that was executed on November 25, showed documents accessed by ET.

Puri joined the US-based global investment firm the Carlyle Group as a senior advisor in November after retiring from HDFC Bank in October.

The family has bought the apartment on the 19th floor of Lodha Seamont and has got access to 7 car parks as part of the deal.

Aditya Puri could not be reached immediately for a response.

Luxury apartments in south and south-central Mumbai, an area that was saddled with supply, has been witnessing a sharp pickup in sales in the last few months, providing relief to developers who were struggling to offload inventory after Covid-19 pandemic disrupted the real estate market.

A reduction in stamp duty by the government of Maharashtra, festive offers, ready stock and minimal impact of Covid-19 on its target buyers helped boost sales in this upscale area.

The Maharashtra government had reduced stamp duty to 2% from 5% till December-end and 3% between January and March 2021 in a bid to encourage home sales.

According to property brokers, the pandemic’s impact on clientele for such properties has been limited and these prospective buyers are largely scouting for ready homes or those nearing completion.

These micro markets are known for their proximity to business hubs and traditional luxury pin codes of south Mumbai. These also house many high-profile names including industrialists, sports people, start-up founders and C-Suite professionals, and therefore the preference of this buyer segment continues to be in favour of the micro market.

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