Chief Executive Officer R. Sridhar’s family has bought three apartments in an under-construction premium residential development on Mumbai’s Chembur suburb for Rs 27.25 crore in one of the most expensive transactions in Mumbai’s eastern suburbs.
Along with Sridhar, his wife and son have purchased these apartments on the 24th and 25th floors.
These apartments have 14 bedrooms in total and a usable carpet area of 7,500 sq ft with 8 covered car parking slots.
Sridhar and his family have paid stamp duty worth Rs 1.35 crore for these deals, which were registered on 6th September, showed the documents accessed by ET.
They have bought these apartments jointly in the 32-storied project Aranya being developed by realty developer Tridhaatu Developers in Chembur’s Farm Road.
The deal has created a stir in the broker community as most of such transactions are usually known to be executed in either south central part of the city or western suburbs like Bandra-Khar and Andheri belt.
Sridhar is the Executive Vice-Chairman and CEO of the Brookfield and Everstone Group-backed non-banking finance company, IndoStar.
He has over three decades of experience in the financial services industry and prior to IndoStar. He was associated with the Shriram Group since 1985 and held the position of Managing Director & CEO of
Finance Company Limited for over a decade since the year 2000.
ET’s email query to Sridhar remained unanswered until the time of going to press.
Premium and luxury property segment in Mumbai, the country’s most expensive real estate market, has been witnessing buoyancy for the last few quarters as corporate honchos, CXOs, Bollywood stars and high networth individuals continued to lap up properties.
Most of them have concluded their high-value transactions in the backdrop of the stamp duty reduction announced by the state government and discounts offered by realty developers.
However, Sridhar family’s transactions have not received this benefit as these are concluded and registered last week and the lower stamp duty was available until August end with an extended four-month window.