Raheja's purchase three duplexes at Rs 427 cr from own project in Worli

31 May 2021 CW Team

Family members of real estate developer Raheja have purchased three duplex apartments spread over 66,811 sq ft in Worli area for Rs 427 crore.

K Raheja Corp, the group's development firm, is developing the project. The Rahejas purchased the apartments the previous year on December 31 and filed documents on April 22.

Owing to the decrease in the stamp duty added by the state government to increase the sales, the Rahejas saved Rs 12.75 crore. The group paid Rs 8.55 crore (2%) as stamp duty.

The 45-storeyed Artesia skyscraper is located near the Worli coast and offers a magnificent view of the Arabian Sea.

In the event, the promoters of K Raheja Corp, Ravi, Neel, and Jyoti Raheja purchased the 41st, 43rd, and 44th floors, including a few apartments on the 42nd and 45th floors.

The real estate sector has been suffering a downturn for several years leading towards an economic slowdown, and because of the pandemic, the situation got much worse.

In August 2020, the government reduced the stamp duty to 2% from September to December and further decreased it to 3% from January to March in 2021. According to Sandeep Reddy, co-founder of a real estate research firm, the stamp duty cuts had an enormous effect on the luxury division; they observed several high-value purchases in the South and South-central Mumbai during that time (March).

Other buyers in Artesia include Smita D Parekh, the wife of banker Deepak Parekh who purchased a Rs 50 crore sea-view flat.

Keki Mistry, HDFC Bank's vice-chairman and the chief executive officer, also purchased an apartment worth Rs 41.23 crore.

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Also read: Birla Estates will launch premium Worli project by October

Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

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