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Maharashtra Realty Counting Music Composer & Singer Bappi Lahiridaughter of Rema Lahiri As a director, has sold his assets which include a half acre parcel of land and a ground plus three storeyed building Mumbailuxurious worli 40 crores Rs.
realty developer Harbor Front Properties LLPwho is part of Avighna Grouphas acquired the property and is planning to redevelop it.
Documents accessed through indextap.com show that the buyer has paid a stamp duty of Rs 2 crore for the transaction registered on July 21.
Confirming the execution of the deal, Nishant Agarwal, Managing Director, Avighna India said that the company is planning to develop a super-luxury residential project on the said plot.
“Avighna India will invest over Rs 200 crore in this project, which envisages a 25-storey tower facing the Arabian Sea and Mahalaxmi Race Course on the other side,” Agarwal told ET.
Rema Lahiri could not be reached for comment.
The developer is looking to complete the entire project in the next 18 months and has already started the demolition work at the site.
The non-cess category property has a total of three tenants and will be settled by the company with compensation either through built up space or consideration. In Mumbai, cess assets are old buildings whose tenants pay tax to the Maharashtra Housing and Area Development (MHADA) which makes special provisions for repair and reconstruction of such structures.
The number of land deals has increased in the last few quarters against the backdrop of recovery in most of the realty segments including residential, commercial, data center and even warehousing.
According to a CII-CBRE report, deals worth $1.1 billion have been concluded in nearly 700 acres in key Indian property markets in the first half of 2022. The prices have increased in view of the high number of deals and the increasing demand for land parcels. ,
Realty developer K Raheja Corp has acquired over 1.5 acres of land in central Mumbai’s Sion area from KJ Somaiya Trust, a public charitable trust, for over Rs 120 crore.
An additional 0.4-acre land parcel adjacent to this plot will also be acquired by the developer later through a separate transaction, as per the terms agreed between the two parties. With the second tranche of the deal, K Raheja Corp will have around 2 acres of land at this location.
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