Pharm Easy Co-founder buys duplex apartment at Rs 40 cr in Mumbai

26 Aug 2021 CW Team

The Co-founder of PharmEasy, Siddharth Shah, bought a 40 crore premium duplex apartment in Khar, Mumbai, which spreads across 5,445 sq ft. The sixth floor of the apartment of the Wadhwa Samarpan will provide him exclusive access to three car parks.

Siddharth, an IIT-Ahmedabad graduate, is the chief executive of API Holdings that runs PharmEasy. The pharmacy has become India's largest online e pharmacy after the acquisition of Medlife and the first Indian start-up e-pharmacy to enter the unicorn club.

On 31 March, the property transaction was concluded, which was the last date to get the benefit of the lower stamp duty by the Maharashtra government. The final registration was made on 20 August. Shah paid Rs 1.50 crore as stamp duty for the transaction.

With the aim to boost the real estate sector, about 260 linked industries encouraging housing sales, the state government has announced stamp duty reduction from 5% to 2% from September to December. Between January and March, the stamp duty was charged at 3%.

Since last year, Mumbai's real estate market has seen several high-value property transactions for several luxury apartments.

Several corporates, business founders, bollywood actors, industrialists, investors, bankers and cricketers have bought luxury apartments during the period.

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Also read: Promoters of JB Chemicals buy luxury property in Mumbai at Rs 138 cr

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