Rahul Bajaj’s nephew Anurang Jain buys Rs 39 crore flat in South Mumbai – ET RealEstate

MUMBAI: After picking up two luxury apartments in an upcoming project on South Mumbai Carmichael Road for Rs 100 crore in one of the largest residential transactions this year, Anurang Jain, managing director of auto component maker Endurance Technologies has bought one more apartment in the same tower for Rs 39 crore.

This purchase is also among the costliest transactions based on the per sq ft rate of Rs 1.22 lakh paid by the billionaire nephew of Bajaj Auto patriarch Rahul Bajaj. The 3,185-sq ft apartment is on the 7th floor of under-construction project Carmichael Residences spread over half an acre. Jain had earlier paid Rs 1.57 lakh per sq ft for two apartments on the 19th floor.

The super-premium tower is coming up on Altamount Road-Carmichael Road, known for housing billionaires including Mukesh Ambani and Kumar Mangalam Birla.

Jain has paid stamp duty of Rs 78 lakhs for the deal registered earlier this week, showed the registration documents reviewed by ET. He will also get a total of four car parks as per the terms of the agreement.

Ranked 84th on the Forbes India rich list in 2019, Jain is one of Rahul Bajaj’s twin nephews. They operate their non-competing auto components businesses Endurance Technologies and Varroc Engineering out of Aurangabad.

Endurance, which has a market capitalisation of over Rs 12,500 crore, supplies parts for two-wheelers and three-wheelers in India and car components in Europe. The promoters including Jain and his family own 75% of the company.

The 22-storey luxury residential tower, where Jain has bought these three apartments for a total Rs 139 crore, is being developed by RA Realty Ventures, formed by the Khemchand B Kothari Group and Ashok Piramal Group’s realty development company Peninsula Land.

Calls and text messages to buyer Jain remained unanswered. Vivek Kothari, director of KBK Group, the joint developer of the project, declined to comment for the story.

The Maharashtra government has reduced stamp duty from 5% to 2% up to December end and 3% between January and March in a bid to encourage home sales. Residential property sales in Mumbai is witnessing a major push on account of the state government’s decision to reduce stamp duty and is expected to pick up further during the ongoing festive season.

Several large transactions are getting concluded in Mumbai, the country’s most expensive property market, in the backdrop of reduced stamp duty charges and various offers. Earlier this week, ET reported that lawyer Cyril Shroff and his daughter Paridhi Karan Adani, daughter-in-law of Gautam Adani, have jointly bought a sea-view apartment in an almost ready super-luxury project in central Mumbai’s Worli locality for about Rs 36.33 crore.



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Cyril Shroff, Paridhi Karan Adani buy Rs 36 crore flat in Mumbai’s Worli – ET RealEstate

Lawyer Cyril Shroff and his daughter Paridhi Karan Adani, daughter-in-law of business tycoon Gautam Adani, have jointly bought a sea-view apartment in an almost ready super-luxury project in central Mumbai‘s Worli locality for about Rs 36.33 crore.

This is the third apartment they have jointly purchased in Oberoi Realty’s project Three Sixty West on Dr Annie Besant Road.

The earlier two deals were valued at Rs 74.66 crore, pushing the total value to nearly Rs 111 crore. Two of the apartments are on the 38th floor of a 65-storey tower while the third one is one floor below in the same tower.

All three apartments have been registered under APC Benefit Trust, which counts Paridhi Adani and Cyril Shroff as its trustees.

Paridhi is a partner in the Ahmedabad office of law firm Cyril Amarchand Mangaldas and is currently a part of its general corporate practice group.

Total built up area the father-daughter duo own in the super luxury project is more than 18,600 sq ft, and they have parking space for 12 cars.

Stamp duty paid for the latest deal registered on September 21 stood at Rs 72.66 lakh, much less than the stamp duty for the other two apartments registered in September 2018 that totalled Rs 3.74 crore. ET has reviewed copies of registration documents of these transactions.

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

Shroff responded to ET’s query with a “no comment”, while queries to Adani Group and Oberoi Realty remained unanswered until the time of going to press.

Residential property sales in Mumbai is witnessing a major push on account of the state government’s decision to reduce stamp duty and is expected to pick up further during the ongoing festive season.

Three Sixty West is a mixed-use development comprising two towers. One of the towers will house The Ritz-Carlton Hotel and the other will have luxury residences managed by Ritz-Carlton.

The project is nearly ready for possession and has applied for an occupation certificate from the civic authority. Many buyers have taken possession to start their interior and fit-out work.

The project has seen several industrialists and high-profile professionals picking up properties. Romesh Sobti, former MD and CEO of IndusInd Bank, recently bought two sea-view apartments for over Rs 76.30 crore.



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