Construction Industry News
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.
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