Mukesh Gandhi, former director of stock brokerage firm Angel Broking, has bought a luxury duplex apartment in Khar locality of Mumbai for over ₹50 crore from S Raheja Realty, said persons familiar with the development.
Gandhi continues to be a key shareholder of Angel One, the listed company of Angel Broking, holding nearly 6% stake in the company. The deal values the apartment spread over 5,555 sq ft at over ₹90,000 per sq ft.
The apartment is on the top floors of luxury project Newlight, which is a 16-storey development comprising two residential towers of 12 storey, each built on 4 levels podium parking and lifestyle amenities. The total development area of the project is around 200,000 sq ft.
As part of the transaction, the buyer will get access to 10 car parking lots in the building. The deal was concluded and registered on July 14 and the buyer has paid stamp duty of around ₹2.5 crore for the same.
ET’s email query to Gandhi remained unanswered until the time of going to press. Ram Raheja, MD of S Raheja Realty Group declined to comment for the story.
Among these direct deals, Damani, a billionaire investor and founder of D-Mart, bought a bungalow in South Mumbai’s plush Malabar Hill locality for ₹1,001 crore last year. Damani bought the property along with his younger brother Gopikishan Damani. This was the third large property transaction undertaken by Damani in early 2021.
Enam Asset Management Company’s (Enam AMC) cofounder, Jiten Doshi, also bought two luxury duplex apartments in a marquee project on South Mumbai’s Peddar Road by paying ₹1.67 lakh per sq ft, totalling ₹61 crore last year.
The transaction for these apartments, spread over a total 3,657 sq ft, ranks among the most expensive residential property deals in the country on a per sq ft basis.
Stock market investor, co-founder and Chairman of Motilal Oswal Group Raamdeo Agarwal’s family also bought a sea-facing luxury duplex apartment at Samudra Mahal in Mumbai’s plush locality of Worli for ₹46.29 crore.
Integrated financial services group JM Financial has also bought two sea-view luxury apartments on Little Gibbs Road of South Mumbai’s plush Malabar Hill locality in separate transactions for ₹60 crore. Both the deals were among the most expensive residential transactions in the country as it valued the total 5,000 sq ft area of these apartments at ₹1.20 lakh per sq ft.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks and records with respect to property transactions for more than a year since September 2020, when the state government announced a limited window stamp duty reduction.
The significant but limited period stamp duty reduction window that ended on March 31, 2021, was a key catalyst for the city’s residential market. While the benefit of lower stamp duty is not available anymore, the deals have continued to flow in.