JSW's CEO buys a luxury apartment in South Mumbai for Rs 45 cr

14 Dec 2021 CW Team

Joint Managing Director and CEO of JSW Energy, Prashant Jain, has bought a luxury apartment in South Mumbai's Peddar Road worth Rs 45 crore or over Rs 1.32 lakh per sq ft.

He bought the property in the 33 South projects from two subsidiaries of JSW Group, Peddar Realty and JSW Steel. It is a joint venture (JV) project between JSW and Sameer Bhojwani, a realty developer.

The luxury apartment is spread across 3,400 sq ft, which is ranking as the most expensive residential property in the country based on per sq ft. The apartment is both sea and city faced. Jain will access seven-car parking. He will also get 7.14% ownership of the plot on which the apartment is built.

The transaction for the project was concluded on 1 December, with a stamp duty of Rs 2.25 crore.

The 33 South project is built on a JSW Group's owned site, followed by the acquisition of Ispat Industries.

In 2010, JSW Steel acquired a 41% stake in Ispat Industries for Rs 2,157 crore, after which the company was renamed JSW Ispat.

JSW increased its stake in Ispat Industries to 46.75%, becoming the single-largest shareholder of the company. JSW Steel completed the merger of JSW Ispat in 2013.

This project has had many record-setting transactions in the last few months. Motilal Oswal bought two duplex apartments of 6,800 sq ft for Rs 101 crore.

Jiten Doshi, the co-founder of Enam Asset Management Company, bought two luxury duplexes for Rs 61 crore. It attracted a stamp duty of Rs 1.83 crore, which was registered when the Maharashtra government lowered the stamp duty.

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Also read: JSW Steel raises prices of long, flat products by about Rs 3k per tonne
Also read: JSW Steel to cut down carbon emissions by 23% till 2030

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