Rani Mukherjee, Disha Patani buy premium apartments in Mumbai’s Khar – ET RealEstate

Disha Patani

Bollywood actors Rani Mukherjee and Disha Patani have bought two premium residential apartments, in separate deals, in Khar locality of Mumbai from Rustomjee Group in its project Rustomjee Paramount.

Mukherjee has bought the 22-storey apartment spread over 1,485 sq ft carpet for Rs 7.12 crore, while Patani has purchased the flat with 1,118.59 sq ft carpet area for Rs 5.95 crore.

Mukherjee will get access to two car parks along with her apartment in E wing and she has paid stamp duty of Rs 21.37 lakhs for the registration of the deal that took place on July 15.

Patani’s deal was registered on June 16 and she paid stamp duty of Rs 17.85 lakhs for the apartment on 16th floor of F wing of the project along with two car parks, showed documents accessed through Zapkey.com.

Both the agreements were finalised on March 31, the last date the last day to avail the benefit of reduction in stamp duty.

ET’s separate queries to Patani and Mukherjee’s team remained unanswered until the time of going to press.

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.

In December, the Maharashtra government had offered a leeway of four months to homebuyers to register a property after the payment of stamp duty in order to prevent crowding of registration offices.

This ensured that homebuyers who had purchased properties and paid stamp duty on or before 31st March 2021, have a maximum window of four months until July 31 from the respective date of payment of stamp duty for registering their apartments.



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Joinwood Reality’s director buys Mumbai’s apartment for Rs 90 crore – ET RealEstate

Rajesh Agarwal, director with Joinwood Reality Private Limited has purchased a penthouse at Sunteck’s Signature Island in Mumbai’s Bandra Kurla Complex (BKC) for Rs 90 crore, three people aware of the deal told ET.

Agarwal paid the stamp duty on March 31 and the deal was registered on July 23rd, as per the documents accessed by ET.

“Agarwal, who serves as a director in five companies in India, had paid Rs 2.7 crore as stamp duty for this apartment on the 15th floor,” said one person who is aware of the transaction.

In December, the Maharashtra government had given a leeway of four months to homebuyers to register a property after payment of stamp duty, to prevent crowding at registration offices.

This ensured that homebuyers who had purchased residences and paid stamp duty on or before March 31, had a maximum window of four months — until July 31 — from the respective date of payment of stamp duty for registering their apartment.

Agarwal paid the duty on the last day of the reduced rates and got it registered days before the extension.

India Sotheby’s International Realty has the mandate to sell the apartment of Signature Island, which comprises 64 exclusive duplex apartments.

Agarwal did not respond to text messages and email.

The 17,000 sq ft apartment comes with four parkings.

The property has seen some high-value transactions in the past and from Bollywood actors to bankers and CEOs of MNCs have taken apartments here.

Bollywood actress Aishwarya Rai Bachchan had bought a luxury apartment spread over 5,500 sq ft at the same complex for Rs 21 crore in 2015.

Around the same time, actress Sonam Kapoor bought a 7,000 sq ft duplex apartment in Signature for over Rs 35 crore. This is the same apartment where billionaire and banker Uday Kotak had bought an apartment.

Sunteck Realty did not comment on the story.

Luxury property segment in Mumbai witnessed buoyancy in the first half of the year, according to a report by Square Yards.

Most of the high-value transactions have been concluded in the backdrop of the stamp duty reduction announced by the state government and discounts offered by realty developers.

The country’s financial capital has recorded transactions worth over Rs 4,000 crore in the first half of 2021, showed data from Square Yards.

According to the report, more than 45% of the homes purchased in the above Rs 15 crore category were priced between Rs 15-20 crore while 40% were priced at Rs 20-30 crore. Less than 10% of the transactions fell in the Rs 30-50 crore budget bracket while homes priced above Rs 50 crore formed 7% of the total share.

Nearly 60% of the total transactions captured came from residential projects in Lower Parel. Around 60% of the total transactions were registered at 2% stamp duty indicating that the slashed stamp duty charges spurred a major uptick in the luxury segment in Q1, 2021.



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MHADA’s housing lottery unlikely this year as well – ET RealEstate

BY: Ateeq Shaikh

MUMBAI: For families looking forward to participating in the government’s housing lottery for a home within Greater Mumbai limits, there is a dampener. The ongoing pandemic has affected the construction pace of the buildings, resulting in further delay in readying the homes to bring them out in the market through Maharashtra Housing and Area Development Authority’s (MHADA) lottery process.

“We are working towards readying the tenements within this year. The construction of buildings is in different stages. Once the construction is through, an application would be made to secure an Occupation Certificate. It is only thereafter the lottery draw would be held. We do not intend to hold the event by putting up under construction homes on the block,” said Yogesh P.

Mhase, Vice Chairman and Chief Officer, Mumbai Housing and Area Development Board (MHADB).

In 2020, people were looking forward to the lottery draw, but the pandemic’s outbreak derailed the plan. Secondly, there weren’t enough homes ready for the housing authority to call for applications and subsequently hold the lottery draw.

“Construction work slowed down leading to delays in the scheduled timelines. Had there not been this Covid-19 induced pandemic, we were confident of organising the lottery draw in 2021 itself,” added Mhase.

The construction of buildings is in different stages. Once the construction is through, an application would be made to secure an Occupation Certificate. It is only thereafter the lottery draw would be held. We do not intend to hold the event by putting up under-construction homes on the block­–Yogesh P Mhase, Vice Chairman and Chief Officer, Mumbai Housing and Area Development Board

Hence, the possibility of having one looks likely only sometime in the next calendar year – 2022. The entire lottery process – from inviting applications along with earnest money deposit to holding the draw – takes close to two or more months.

In 2022, around 5,000 units are likely to be up for sale in Pahadi in Goregaon East areas (about 4,000 units), Antop Hill (about 500 units), Powai (about 400 units) and a few at other locations.

Last year, too, MHADA did not include a single home in Mumbai under the scheme.



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Facebook expands office space with new lease, renewals in Mumbai’s BKC – ET RealEstate

Social networking major Facebook has picked up 90,000 sq ft office space at commercial tower One BKC in Mumbai’s business district Bandra-Kurla Complex (BKC) through renewal and new lease agreements with Blackstone Group, several persons with direct knowledge of the development, said.

The office space is being expanded while the company is planning a cautious return-to-offices for its employees. Several large companies are expanding office spaces to make social distancing adjustments.

Facebook, which has over 330 million active users in India, had initially leased over 20,000 sq ft in this tower in 2015 to set up its corporate office.

Following this, the company has been leasing additional space in this office building controlled by Blackstone Group-entity Nucleus Office Parks.

Interestingly, Facebook has renewed its existing agreements and leased new space at over Rs 320 per sq ft as against earlier rentals of around Rs 275 per sq ft.

“Both the deals including addition of new space and renewal have been concluded over the last few days and the deals have already been registered,” said one of the persons mentioned above.

This address is one of Facebook’s corporate offices in India and its FB Creator Studio is also housed here. FB Creator Studio is the backbone of all business monetisation at Facebook. The top management, operations and ideation team sits at this office in One BKC in Mumbai.

“We are indeed embarking on an effort to significantly expand our offices in Mumbai and NCR/Gurgaon. Our commitment to India is for the long term and the office expansion is in line with all the exciting work that is going on across our products in India. These spaces are being expanded even as we plan a cautious return to our offices in line with Facebook’s global return-to-work guidelines, Indian government’s regulations, and the evolving local environment,” said a Facebook spokesperson.

Nucleus Office Parks declined to comment for the story.

In one of the largest commercial property deals, Blackstone Group acquired 7 lakh sq ft office space that is part One BKC project for Rs 2,500 crore from Radius Group in 2019.

In addition to buying out One BKC’s entire A wing with 6.50 lakh sq ft, Blackstone also acquired an additional 50,000 sq ft in B wing of the project.
While the developer had leased the entire A wing, it had strata-sold B and C wing earlier. The total project has 1.5 million sq ft office space.

Facebook’s existing and additional office space is in A wing of the project. The office block already counts Bank of America, Trafigura Group, Amazon, Cisco and ICICI Prudential as its key tenants.

Facebook opened its first India office in Hyderabad 2010 with a total 20 employees. Since then, the company has grown rapidly in the country and now has five offices in Hyderabad, Delhi, Gurgaon, Bengaluru and Mumbai.



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