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Mumbai industrialist buys four luxury apartments in Mumbai for Rs 80 crore Several high-value deals were concluded in December to meet the state’s deadline for a 2 percent stamp duty cut. Representative image A leading industrialist has bought four luxury apartments in Mumbai’s upmarket Worli area for Rs 80 crore, joining the list of celebrities and industrialists who are making the most of the stamp duty cut in India’s financial capital. Amit Mahendra Mehta, chairman, Diamines & Chemicals Ltd, has bought four apartments in Raheja Artesia located on the 31st floor for Rs 80 crore. These are: Unit number 3102 with carpet area 3,875 sq ft for Rs 22.5 crore; unit number 3101 with area of 3,064 sq ft for Rs 17.8 crore; house number 3103 with an area of 3,875 sq ft for Rs 22.5 crore and unit number 3104 with an area of 3064 sq ft for Rs 17.8 crore. These units come with three car parks each. ....
Stamp duty cut, discounts by developers drive property sales worth Rs 34,000 crore in Mumbai in December The surge in December sales, which is more than double the volume sold in November 2020 or December 2019, is unlikely to be sustained as stamp duty rose from 2% to 3% from January 1. However, another spurt is likely in March when stamp duty will be hiked to the original level of 5 percent A stamp duty cut by the Maharashtra government, low interest rates, discounts offered by developers and the Covid-19 induced price correction saw the Mumbai registrar’s coffers swell as homebuyers made the most of the opportunity and came forward to buy property. ....