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originator of Creative Group Of Industries Bought eight sea-view luxury apartments in South for about Rs 155 crore MumbaiReal Estate Developer to Mahalaxmi Locality K Raheja Corp Homes,
The apartments are spread across a total of 24,100 sq. ft. from the 16th floor to the 21st floor of the luxury residential tower. Raheja Modern Vivaria On Jacob Circle, documents accessed by ET showed.
Vikaschand Agarwal, Kailashchand Agarwal, Ritesh Agarwal, Vinay Agarwal, and Pankaj Agarwal – promoters of the Mumbai-headquartered multipurpose plastics manufacturer – bought these apartments in February and March.
Apart from promoters, group companies including creative Plastics Limited and Mega Plastics Ltd. has purchased apartments before the income tax deduction from capital gains on investment in residential properties is limited to Rs 10 crore from April 1, 2023.
The buyers have paid a stamp duty of Rs 9.28 crore for the registration of these apartments.
creative group is engaged in the business of custom plastic injection and blow moulders, specializing in manufacturing caps, closures and bottles for multipurpose use. It has five manufacturing plants across India including Daman, Indore, Haridwar, Assam and Pondicherry.
ET’s email query Creative Group Of Industries And K Raheja Corp remained unanswered till the time of going to press.
Raheja Modern Vivaria is an under construction project with a development of 1 million sq ft spread over a 3 acre land parcel. The project is being developed by the residential development arm of K Raheja Corp. K Raheja Corp Homes,
As part of the deal, Modern India will receive consideration for the sale of the land as a percentage of the sale revenue.
The land parcel previously had a private textile mill and is now being monetized by modern India.
The development of the entire project, for which the design and necessary approvals are already in place, is expected to be completed by 2028.
The said land parcel is adjacent to Raheja Vivaria, a super-premium residential project developed by erstwhile Raheja Corp Homes. Touted to be a residential hub for corporate dignitaries and CXOs, the project is spread over 14 acres and has five towers.
The price of the last completed and registered transaction in Raheja Vivaria was over Rs 90,000 per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja Vivaria for around Rs 104 crore.
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