EBCO's promoter buys apartment in Mumbai's Worli for Rs 1.15 Bn

05 Sep 2024 CW Team

Ashley Biharilal Nagpal, promoter of furniture company EBCO, has purchased a luxury apartment in a super-premium residential tower in Mumbai's upscale Worli area for over Rs 115.5 crore. The transaction values the apartment at nearly Rs 1.62 lakh per sq ft, based on the carpet area of 7,139 sq ft, making it one of the country's most expensive residential property deals.

Nagpal, along with his wife Bianca A Nagpal, acquired the property on the 60th floor, or 44th habitable floor, of Oberoi 360 West from the developer, Oberoi Realty. In addition to the carpet area, the apartment includes an extra 164 sq ft of space. As the same apartment had been registered within the past three years, attracting a stamp duty of Rs 2.86 crore, the new buyer paid a differential stamp duty of Rs 4.55 crore, according to documents accessed via Zapkey.com. The deal, registered on 28 August, also grants the buyers exclusive access to five car parking spaces in the tower.

Residential property sales in India's top eight cities have been rising over the past three years, driven by strong demand across mid-income, premium, and luxury segments. Mumbai, the country's largest and most expensive real estate market, has led this trend, consistently breaking records in property transactions and achieving impressive monthly performance. Despite higher mortgage rates and rising property prices, the city recorded its best-ever August performance, driven by strong sales and stamp duty collections. Mumbai's sales momentum has remained robust, with over 10,000 units registered monthly for the first eight months of 2024, marking eleven consecutive months of annual growth since August 2023.

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