The apartment is part of an under-construction project called 'Lodha Malabar Palaces by the Sea,' which is being developed by Macrotech Developers in the affluent neighborhood of Walkeshwar in South Mumbai.
Bajaj Auto Chairman Niraj Bajaj has made the most expensive penthouse purchase in the country to date, acquiring a luxurious sea-facing apartment located in Mumbai's prestigious Malabar Hill area for a staggering Rs 252.5 crore.
The apartment is part of an under-construction project called 'Lodha Malabar Palaces by the Sea,' which is being developed by Macrotech Developers in the affluent neighborhood of Walkeshwar in South Mumbai, opposite Governor’s estate, touching both the Arabian Sea and the Hanging Gardens.
The buyer paid a whopping Rs 15.15 crore in stamp duty and registration fees for the apartment, the property registration documents showed. Experts in the real estate industry speculate that there is a growing sense of urgency to finalize high-value ultra-luxury property transactions, as starting from April 2023, capital gains exceeding Rs 10 crore will be subject to taxation.
The Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including property, by the Union Finance ministry in Budget 2023-24.
In the latest budget for the financial year 2023-24, the Union Finance Ministry has introduced a cap of Rs 10 crore on the reinvestment of capital gains from the sale of long-term assets, such as property.
Bajaj's recent acquisition includes three spacious apartments measuring a total of 18,008 square feet, along with the added convenience of eight dedicated car parking spots. This property is part of a towering 31-story building project.
In February, the Welspun Group Chairman, B.K. Goenka, made headlines when he purchased a lavish penthouse in Oberoi Realty's exclusive Three Sixty West project located in the upscale area of Worli for a staggering Rs 230 crore.
Meanwhile, Radhakishan Damani, the founder of Avenue Supermarts and the operator of DMart, reportedly acquired 28 luxurious apartments for around Rs 1,238 crore, making it the largest real estate deal in India to date.
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