HDFC chairman’s family buys Rs 50-crore sea-view apartment in Mumbai’s Worli – ET RealEstate

Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh’s family has purchased a sea-view apartment spread over 7,450 sq ft in K Raheja Corp’s super-premium project Raheja Artesia in Mumbai’s plush Worli locality for Rs 50 crore.

The deal was registered in the name of his wife Smita Parekh on March 30, just a day before the reduced stamp duty benefit announced by the government of Maharashtra was about to come to an end. The buyer has paid Rs 1.50 crore as stamp duty for the registration of the apartment.

As part of the deal, Parekh will get access to six car parks along with the apartment, which includes a 6,770 sq ft carpet area and balcony area of 273 sq ft. According to documents accessed by, the apartment is on the 25th floor of the under-development project that offers views of Arabian sea and the Bandra-Worli Sea Link.

“Yes, it is true. There was an independent valuation done by two valuers to ascertain the value of the property so as to confirm that the purchase was at market value. This was shared with the HDFC Board to seek their prior approval before committing to buy the property,” HDFC spokesperson said in response to ET’s email query.

K Raheja Corp declined to comment for the story.

In November, HDFC’s Vice Chairman and CEO Keki Mistry also bought an apartment in the same building Raheja Artesia for Rs 41.23 crore. Mistry’s apartment is spread over 7,390 sq ft on the 35th floor of the tower and will provide him access to eight car parks.

In March, HDFC Securities’ Managing Director Dhiraj Relli also bought an apartment in the same tower Raheja Artesia for Rs 30.31 crore. Relli’s apartment has a carpet area of 3,702 sq ft and a balcony measuring 173 sq ft.

Over the last few years, Worli has become a hotspot for large-ticket transactions. Several top businessmen, and high net worth Individuals in the recent past bought premium properties in the locality.

This micro market is known for the proximity to business hubs and traditional luxury pin codes of south Mumbai. The vicinity also houses many high-profile names including industrialists, sports personalities, start-up founders and C-Suite professionals.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had announced a reduction in stamp duty charges to 2% from 5% from September to December-end.

Stamp duty was charged at 3% of the agreement value between January and March 31.

Apart from helping convert pent-up demand in the mid-income and affordable segments, the stamp duty reduction has also prompted the conclusion of several large-ticket transactions in the city.

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Draft coastal zone management plans get nod in Mumbai – ET RealEstate

MUMBAI: The draft Coastal Zone Management Plans (CZMP) for the city and suburbs have been approved by the Maharashtra Coastal Zone Management Authority (MCZMA).

As per the minutes of the meeting, the CZMPs have been updated in line with the provisions of the Coastal Regulation Zone Notification, 2019.

The draft CZMPs show the demarcation of the high tide line, low tide line and hazard line along with the various classification of CRZ categories as well coastal land use maps indicating eco-sensitive areas.

Land use information pertaining to fishing villages, fishing infrastructure, highways and roads would be superimposed on the CZMP by local bodies, said the MCZMA.

With regard to any disparity in the CZMPs, the issue is to be referred to the ministry of environment, forest and climate change for rectification along with valid reasons for the same. The ministry will, in turn, refer the matter to the National Centre for Sustainable Coastal Management for verification based on latest satellite imagery and ground truthing.

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Over 10.75 lakh homes constructed under PMAY-U during pandemic: Housing Minister – ET RealEstate

NEW DELHI: Over 10.75 lakh houses have been constructed under the Pradhan Mantri Awas Yojana (Urban) during the COVID-19 pandemic so far, and Uttar Pradesh tops the chart with more than 2.55 lakh such units, Parliament was informed on Wednesday.

In a written reply to a question in Rajya Sabha, Union Housing and Urban Affairs Minister Hardeep Singh Puri said under PMAY-U, construction of 43,32,651 houses have been completed till date.

In Uttar Pradesh, 2,55,227 houses have been constructed under the ambitious scheme since March last year, followed by 1,25,108 in Gujarat, 1,10,633 in Maharashtra and 58,427 in West Bengal, Puri said.

However, Andaman & Nicobar Islands and Ladakh have constructed 21 housing units each during the same period, he added.

“Under the scheme of Pradhan Mantri Awas Yojana–Urban (PMAY-U), construction of a total of 43,32,651 houses have been completed so far. This includes 10,75,474 houses constructed during the COVID-19 pandemic (from March 2020 to till date),” the minister said.

In Delhi, 5,263 houses have been constructed during the COVID-19 pandemic under the scheme.

According to the ministry, a total of 1,10,70,970 houses have been sanctioned under Pradhan Mantri Awas Yojana (U), of which 74,83,896 are at various stages of construction and 43,32,651 are complete or delivered.

Replying to another question, the minister said sanctioned houses under PMAY-U involve central assistance of Rs 1,78,076 crore, of which Rs 90,538 crore have already been released to states, union territories and central nodal agencies.

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Tenant can’t be denied flat owner’s parking space: Maharashtra court – ET RealEstate

MUMBAI: The Maharashtra state cooperative appellate court has said a tenant or a leave and licence holder has the right to park their car in the space allotted to a member on the society premises. It has “temporarily restrained” a cooperative housing society at Nepeansea Road from preventing a flat owner from allowing a person who had rented his flat to use his parking slot, reports Swati Deshpande.

The February 9 judgment said that the only question that arose for consideration was “whether the licensee can enjoy the alloted parking space which is allotted to…the member of the society?” It added, “A car parking space allotted to the owner can be used by the tenant as he has full rights over it.”

“As per Development Control Rules framed under the MRTP Act, 1966, the tenant cannot be denied parking,” stated the judgment in an appeal filed by a member of the south Mumbai society.

The February 9 judgment by appellate court member S S Kakade said, “The society should not discriminate, as parking rules are governed by DC Rules and if the owner is eligible to get parking space, then the tenant should also get the benefit of that space.”

Retired Army Brigadier S S Kadan (68) had appealed against a cooperative court order last year rejecting his plea for interim relief. He had challenged the society’s 2014 car parking policy as “arbitrary and unreasonable”.

When he decided last year to let out his flat, he said the society showed him the 2014 policy that sets out priority for car parking and rejected his request to permit his licensee to park a car in the society premises.

The society has 110 members and 101 parking slots, he said. The society, though, said there were only 70 parking slots for 110 flats.

His counsel, Aditya Chitale and Prathamesh Bhosle, said Kadan purchased a flat in the building in 2006 and was allotted an open-to-sky car parking slot by the society. He sought a declaration that his licensee was entitled to use his open car parking slot in the society premises. He also sought to prevent the society from obstructing such prospective tenants from using his parking space for a temporary period.

The society, through law firm AAK Legal, argued its car parking policy approved by the AGM was fair to all members and “well within the ambit of Bye Law 78 (B), which specifically states that if a society has the right to allot parking, then no other member can transfer or assign it to any other person”.

The society’s counsel said priority to parking space was based on three preferences–first to members not allotted any, second to members who owned a second vehicle and also have one parking, and third is for temporary parking to guests and tenants, provided space is available.

The society admitted the Brigadier’s licensees were allowed car parking till 2014. From then, till 2020, the family occupied it.

The court said the flat owner was only seeking relief to “not to prevent his licensee from enjoying’’ his parking space for a temporary period, “hence the question of non-availability of space as alleged by the society does not arise”.

“The trial court failed to consider that the licensee has the right to enjoy the facilities and amenities attached to the flat, which he/she has taken on a license basis till the license period is over,’’ said the cooperative appeal court judgment, setting aside the trial court order. The judgment also said trial court failed to consider that since September 2020, the society allowed Kadan’s licensee to park her vehicle in the slot on payment of daily charges.

It also said the flat owner has a right to seek inspection of the society records free of cost under the Maharashtra Cooperative Societies Act, and directed the society to allow him such inspection.

The court directed the trial court to decide the dispute over levy of any penalty, other than appropriate parking charges, expeditiously, within eight months.

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