Bangalore Rachna Jain, wife of Harsh Jain, co-founder and CEO of Dream Sports, has bought a luxury duplex apartment in Pedder Road, South Mumbai. 72 crores, or more one lakh per square foot
The duplex apartment, spread over 29th and 30th floors, has been bought from Jeevesh Developers & Properties Pvt Ltd, promoted by Sameer Bhojwani. The sale deed was signed this week and Jain paid the stamp duty 2.88 crore, show documents accessed through Zapkey.com that collect publicly available property registration data. Jain will also get seven car parks as part of the transaction.
Mint has reviewed a copy of the sale deed.
The upscale project is a joint development between JSW Group and Mumbai-based developer Sameer Bhojwani. The transaction is one of the most expensive residential property deals in the country.
“We are seeing many deals in the tech startup space, where promoters are either selling or raising a lot of money seeing the huge demand from investors. Such deals provide good liquidity to promoters and early employees who buy luxury homes to meet their aspirations and deduct some tax expenditure resulting in capital gains,” said Sandeep Reddy, Co-Founder, Zapki .
Jain did not respond to an email sent on Tuesday evening.
Dream Sports, the parent of the popular fantasy gaming company Dream11, said in November that it had raised $840 million from investors in a deal valued at $8 billion.
South Mumbai Highrise has seen a slew of high-value transactions in recent months.
In December, Videocon Ltd chairman Venugopal Dhoot’s daughter-in-law Pooja Dhoot bought a luxury duplex apartment in Pedder Road, south Mumbai. 52 crores, or approximately 1.5 lakh per sq ft. Dhoot purchased a 3,400 sq ft property in the ’33 South’ housing complex from Pedder Realty Pvt Ltd and JSW Steel, subsidiaries of the JSW Group, documents accessed via Zapkey.com showed which show publicly available property registration data. collects.
The ’33 South’ condominium has seen a series of high-profile sales transactions in recent months. In December itself, JSW Energy CEO Prashant Jain bought a duplex apartment in a high-rise building 45 crores, or more 1.32 lakh per sq ft.
Motilal Oswal Parivar Trust recently bought two duplex apartments spread over 6,800 sq ft on the 13th and 17th floors of the same building. 101 crores. In March this year, Jiten Doshi, co-founder of Inam Asset Management Company Pvt Ltd, bought two duplex apartments in the project. 61 crores.
Mumbai, the country’s most valuable property market, has seen a steady pace in residential sales over the past year or two due to stamp duty exemptions, apart from low interest rates and stagnant demand. The Maharashtra government had reduced the stamp duty duty from 5% to 2% from September to December-end 2020. Stamp duty was levied at 3% of the contract value from January to the end of March this year.
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