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realtor Devvrat Developers has bought a total of five sea-facing luxury apartments in prime under-construction sea-facing Residential Project 25 in South Central Mumbai‘s Prabhadevi 113.26 crores for more than Rs.
The deal comprises one duplex on the 45th and 46th habitable floors and four spacious apartments on the 45th floor measuring a built-up area of approximately 20,000 sq ft in the project being developed by the realty developer. hubtown,
The buyer has paid Rs 6.78 crore as stamp duty alone for the registration of these deals.
The duplex of these apartments is spread over 8,094 sq ft of built-up area and buyers have paid Rs 44.69 crore for it while stamp duty of Rs 2.68 crore has been paid for registration of the deal.
There are two other apartments on the 45th floor, spread over 3,355 sq ft, for which buyers have paid around Rs 1.17 crore. Two relatively smaller apartments with a built-up area of 2,761 sq ft and 2,357 sq ft were sold for Rs 16 crore and Rs 13.66 crore, respectively.
Documents accessed through indextap.com reveal that as part of the deal, Devvrat Developers will get exclusive access to 11 car parking slots. All the five transactions were registered on a single day on November 28.
Hubtown spokesperson declined to comment on this news, while ET’s email query to Devvrat Developers remained unanswered till the time of going to press.
Devvrat Developers is engaged in real estate activities, which includes buying, selling, renting and operating self-owned or leased properties such as apartment buildings, non-residential projects, etc.
Oaktree Capital Management, a global alternative investment management firm, recently invested Rs 425 crore in this premier luxury residential development spread over 5.3 acres in Prabhadevi. A part of the funds raised through this transaction were used to complete the project and partly to draw down the existing line of credit Indiabulls Housing Finance,
In 2007, Hubtown and DLF acquired the plot from Hindustan Mills, jointly owned by the Thackeray family. The plot is estimated to have a total development potential of half a million sq. ft.
DLF exited the project just before the entry of private equity firm Rising Straits as an investor in the subsidiary company developing the project. However, the project is now fully managed hubtown group As Rising Straits also pulled out of the project earlier this year.
Last year, Srikanth Venkatachari, joint chief financial officer of Reliance IndustriesTwo adjacent apartments were bought in this project for more than Rs 40 crore. Several personalities from the banking and financial services industry have bought apartments in these upcoming towers of the project.
Mumbai, the country’s largest and costliest property market, recorded its best-ever November performance through revenue collection in stamp-duty charges, reflecting the limited demand impact of tighter interest rates.
Property registrations in the commercial capital of the country continued to expand and registered a growth of 17% year-on-year during the month. The exchequer got 23% more revenue of Rs 678 crore through stamp duty collection.
Property registrations in the first 11 months of 2022 have surpassed 2021’s total, registering 112,000 deals so far.
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