January 23, 2022

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

JSW Energy CEO Prashant Jain buys Rs 45-crore duplex in South Mumbai

chief executive Prashant Jain has bought a luxury duplex apartment in a project on South Mumbai’s Peddar Road for Rs 45 crore, or more than Rs 1.32 lakh per sq ft.

Jain has purchased the property in the 33 South project from two subsidiaries of the JSW Group, Peddar Realty and

. The project is a joint development between JSW and realty developer Sameer Bhojwani.

The transaction for the apartment, spread over 3,400 sq ft, ranks among the most expensive residential property deals in the country on a per sq ft basis.

The apartment with views on both the sea and city side is on the 9th and 10th habitable floors of the 33 South Condominium tower. Jain will also get access to seven car parks.

The buyer will also get a 7.14% ownership in the plot on which the project is built, showed documents accessed through Zapkey.com that aggregates publicly available property registration data.

The transaction, which was concluded and registered on December 1, has attracted a stamp duty of Rs 2.25 crore.

ET’s email queries to the JSW Group and Jain remained unanswered at press time Sunday.

The project 33 South is built on a site that came under the JSW Group’s ownership following its acquisition of Ispat Industries.

JSW Steel had acquired a 41% stake in debt-ridden Ispat Industries for about Rs 2,157 crore in December, 2010. Subsequently, Ispat was renamed JSW Ispat.

Later, JSW increased its stake in JSW Ispat to 46.75% and was the single-largest shareholder of the company. JSW Steel completed the merger of JSW Ispat in June 2013.

The project has witnessed several record-setting transactions in the last few months. In December, the Motilal Oswal family trust bought two duplex apartments together spread over 6,800 sq ft on the 13th and 17th floors of the same high-rise building for Rs 101 crore.

In March, Enam Asset Management Company’s cofounder, Jiten Doshi, bought two luxury duplex apartments in this project for Rs 61 crore. These transactions had attracted a stamp duty of Rs 1.83 crore as they were registered during the period when the Maharashtra government had offered a cut in stamp duty.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had cut stamp duty charges to 2% from 5% from September to December-end 2020. Stamp duty was charged at 3% of the agreement value from January to March end this year.

Apart from industrialists, corporate honchos, movie stars, cricketers and several other high-profile personalities have been setting the luxury segment of the country’s most expensive property market abuzz again. The segment that remained sluggish for four-five years due to an oversupply situation in Central and South Mumbai has turned active since then.

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