HDFC Mutual Fund CIO buys Rs 19.36 cr luxury apartment in Mumbai

24 Mar 2022 CW Team

Chief Investment Officer (CIO) at HDFC Mutual Fund, Prashant Jain, has bought a luxury apartment worth Rs 19.36 crore in Mumbai, Worli Sea Face.

The luxury apartment has a carpet area of 3,692 sq ft on the 30th floor of the super-premium under-construction tower Marina Bay Worli Sea Face.

He bought the apartment jointly with his wife and has paid a stamp duty of Rs 96.82 lakh for this transaction. According to the transaction agreement, they will get exclusive access to three car parking slots.

The transaction was concluded and registered on 9 March.

In the past few years, Worli in Mumbai has become a hotspot for large-ticket residential transactions and has witnessed several premium property transactions.

The micro-market is known for its proximity to business hubs and the traditional luxury pin codes of South Mumbai. Many high-profiles, including industrialists, sports personalities, startup founders and C-suite professionals, also have their residences in this locality.

Mumbai has the most expensive real estate market in India and has set new benchmarks with property transactions since last year after the state government reduced the stamp duty.

The stamp duty reduction ended on 31 March 2021. It was a catalyst for the city’s residential market. While stamp duty rebates are now unavailable, the deals have a continuous flow.

The property registrations in Mumbai had witnessed robust growth in February from two years ago when the city was still recovering from the Covid-19 pandemic. In March, the property sales across various segments, including luxury, mid-income and affordable housing, remained robust.

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Also read: Chandler & Price buys Rs 93 cr Laburnum house in South Mumbai

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