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Ignatius Neville Noronhachief executive officer of Avenue Supermarts who owns dmart The retail chain, and his wife Kajal Noronha have bought two super premium apartments Mumbai‘s Bandra Localities for over Rs 66.25 crore.
The couple bought these apartments spread over a total of 8,379 sq ft from a real estate developer Rustomjee GroupKeystone Realtors subsidiary (Keystone Realtors) in its project Rustomjee Seasons in Bandra (East) close to Bandra-Kurla Complex, Mumbai’s business districtbkc,
Noronha bought the apartment on the 24th floor spread over a carpet area of 4,522 sq ft for Rs 34.86 crore, while his wife bought the 4,117 sq ft apartment on the 25th floor for Rs 31.38 crore.
Both the buyers have paid Rs 3.3 crore as stamp duty alone for the registration of their deals that took place on July 29. As part of the agreement, they will get access to a total of 10 car parking slots.
The apartment also has a deck and terrace area of 912 sq ft, with a total size of 9,552 sq ft.
Project Rustomjee Seasons is currently in advanced stages of construction. residential Against the backdrop of increasing preference for BKC as Mumbai’s de facto business district and improving social infrastructure, the Bandra (East) property market is witnessing increased interest from corporate esteem and high-net-worth individuals.
Noronha came into the limelight last year after becoming a billionaire and the richest professional manager living in India due to the continuous sharp rise in the share price. Avenue Supermarts, As of the end of June, Noronha held approximately 1.31 crore shares or 2.02% stake in the retail company.
ET’s email query and text message sent to Noronha remained unanswered till the time of going to press. Boman Irani, CMD of Rustomjee Group, declined to comment for the story.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks and records regarding property transactions for over a year since September 2020, when the state government reduced the limited window stamp duty was announced.
The crucial but limited period stamp duty reduction window that ended on March 31, 2021 was a major catalyst for the city’s residential market. While the benefit of lower stamp duty is no longer available, deals continue to flow.
Many corporate personalities, business founders, industrialists and Bollywood actors including Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukerji, Alia Bhat, Disha Patani, corporate stalwarts, investment bankers and cricketers have bought luxury apartments and entered their deals in the last . A few months.
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