This purchase is also among the costliest transactions based on the per sq ft rate of Rs 1.22 lakh paid by the billionaire nephew of Bajaj Auto patriarch Rahul Bajaj. The 3,185-sq ft apartment is on the 7th floor of under-construction project Carmichael Residences spread over half an acre. Jain had earlier paid Rs 1.57 lakh per sq ft for two apartments on the 19th floor.
The super-premium tower is coming up on Altamount Road-Carmichael Road, known for housing billionaires including Mukesh Ambani and Kumar Mangalam Birla.
Jain has paid stamp duty of Rs 78 lakhs for the deal registered earlier this week, showed the registration documents reviewed by ET. He will also get a total of four car parks as per the terms of the agreement.
Ranked 84th on the Forbes India rich list in 2019, Jain is one of Rahul Bajaj’s twin nephews. They operate their non-competing auto components businesses Endurance Technologies and Varroc Engineering out of Aurangabad.
Endurance, which has a market capitalisation of over Rs 12,500 crore, supplies parts for two-wheelers and three-wheelers in India and car components in Europe. The promoters including Jain and his family own 75% of the company.
The 22-storey luxury residential tower, where Jain has bought these three apartments for a total Rs 139 crore, is being developed by RA Realty Ventures, formed by the Khemchand B Kothari Group and Ashok Piramal Group’s realty development company Peninsula Land.
Calls and text messages to buyer Jain remained unanswered. Vivek Kothari, director of KBK Group, the joint developer of the project, declined to comment for the story.
The Maharashtra government has reduced stamp duty from 5% to 2% up to December end and 3% between January and March in a bid to encourage home sales. Residential property sales in Mumbai is witnessing a major push on account of the state government’s decision to reduce stamp duty and is expected to pick up further during the ongoing festive season.
Several large transactions are getting concluded in Mumbai, the country’s most expensive property market, in the backdrop of reduced stamp duty charges and various offers. Earlier this week, ET reported that lawyer Cyril Shroff and his daughter Paridhi Karan Adani, daughter-in-law of Gautam Adani, have jointly bought a sea-view apartment in an almost ready super-luxury project in central Mumbai’s Worli locality for about Rs 36.33 crore.