News: HDFC Mutual Fund's CIO buys luxury apartment in Mumbai for Rs 19.36 crore-23-03-2022
The apartment spread over a carpet area of 3,692 sq ft is on the 30th floor of the super-premium under construction tower Marina Bay Worli Sea Face.
Prashant Jain, chief investment officer of HDFC Mutual Fund, has purchased a luxury apartment on Mumbai’s plush Worli Sea Face for Rs 19.36 crore. The apartment spread over a carpet area of 3,692 sq ft is on the 30th floor of the super-premium under construction tower Marina Bay Worli Sea Face. Jain has bought the apartment jointly along with his wife and has paid stamp duty worth Rs 96.82 lakh for this transaction. As per the agreement, the couple will get exclusive access to three car parking slots.
The transaction was concluded and registered on March 9, showed documents accessed through Zapkey.com that aggregates publicly available property registration data. ET’s email query to Prashant Jain remained unanswered. Over the last few years, Worli has become a hotspot for large-ticket transactions. Several top businessmen and wealthy individuals have bought premium properties in the locality. This micro market is known for the proximity to business hubs and the traditional luxury pin codes of South Mumbai. Many high-profile names including industrialists, sports personalities, startup founders and C-suite professionals also have their residences in the locality. Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions since last year after the state government announced a limited-window stamp duty reduction. The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in. Property registrations in Mumbai have continued to show strong growth in February, well above the levels seen two years ago when the city was still recovering from the pandemic. In March too, the sales momentum across segments including luxury, mid-income and affordable housing has remained robust.
