Promoters of JB Chemicals buy luxury property in Mumbai at Rs 138 cr
Real Estate

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

J B Chemicals and Pharmaceuticals, a leading pharmaceutical firm's promoters Purvi Asher and Pranabh Mody, purchased a two sea-view luxury apartment worth Rs 138 crore.

The luxury apartment is established on Carmichael Road in South Mumbai and is a JSW Realty's project, known as the Morena House project.

It is one of the most expensive property deals in the country, as the deals are priced at approximately Rs 1.31 lakh per sq ft. The stamp duty for these transactions is nearly seven crore.

The former President of the pharmaceutical company Pranabh Mody bought an apartment spread across 5,341 sq ft on the 5th floor worth Rs 70 crore. On the other side, Purvi Asher, his sister, purchased the 5,284 sq ft apartment on the 4th floor for Rs 68 crore. For their property purchases, Asher and Mody had to pay stamp duty worth Rs 3.40 crore and 3.50 crore each.

The deals are significant for their high value and also because they were executed and finalised within this week. Unlike most big property investments that are reporting now but settled before March 31, which was the last day to avail the advantage of decreased stamp duty.

According to the agreement, both the buyers would get access to four car parks, including the apartment.

The Morena House project of JSW is likely to be finished by 2023. Carmichael Road is one of the most elite addresses in India. It is home to different colonial-era homes and large art-deco apartment units constructed between the 1920s and 1950s.

According to media sources, housing sales in suburban localities are likely to increase. The luxury deals in the south- and south-central Mumbai are becoming the most expensive property market to new highs.

Image Source


Also read: Essar’s Arkay Holdings sells bungalow in Mumbai for Rs 185 cr

Also read: Joinwood Reality director buys Sunteck penthouse in Mumbai at Rs 90 cr

J B Chemicals and Pharmaceuticals, a leading pharmaceutical firm's promoters Purvi Asher and Pranabh Mody, purchased a two sea-view luxury apartment worth Rs 138 crore. The luxury apartment is established on Carmichael Road in South Mumbai and is a JSW Realty's project, known as the Morena House project. It is one of the most expensive property deals in the country, as the deals are priced at approximately Rs 1.31 lakh per sq ft. The stamp duty for these transactions is nearly seven crore. The former President of the pharmaceutical company Pranabh Mody bought an apartment spread across 5,341 sq ft on the 5th floor worth Rs 70 crore. On the other side, Purvi Asher, his sister, purchased the 5,284 sq ft apartment on the 4th floor for Rs 68 crore. For their property purchases, Asher and Mody had to pay stamp duty worth Rs 3.40 crore and 3.50 crore each. The deals are significant for their high value and also because they were executed and finalised within this week. Unlike most big property investments that are reporting now but settled before March 31, which was the last day to avail the advantage of decreased stamp duty. According to the agreement, both the buyers would get access to four car parks, including the apartment. The Morena House project of JSW is likely to be finished by 2023. Carmichael Road is one of the most elite addresses in India. It is home to different colonial-era homes and large art-deco apartment units constructed between the 1920s and 1950s. According to media sources, housing sales in suburban localities are likely to increase. The luxury deals in the south- and south-central Mumbai are becoming the most expensive property market to new highs. Image Source Also read: Essar’s Arkay Holdings sells bungalow in Mumbai for Rs 185 cr Also read: Joinwood Reality director buys Sunteck penthouse in Mumbai at Rs 90 cr

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?