In yet another high value transaction, a luxury duplex apartment in 33 South on Pedder Road has been bought by Rachana Jain for Rs 72 crore. The sale deed was signed on Monday and the buyer paid the stamp duty of Rs 2.88 crore.
According to the documents accessed by The Free Press Journal, the duplex apartment is on 29th and 30th floors of the 33 South highrise.
It is 3,400 sq ft and has an additional area of 3,925 sq ft, taking the apartment size to 7,325 sq ft at the price of Rs 1 lakh per sq ft. Jain has also received seven car parking slots in the deal.
The Municipal Corporation of Greater Mumbai has sanctioned plans for additions and alterations of flats in existing buildings by availing additional Floor Space Index (FSI)/Transfer of Development Rights and 35 per cent fungible FSI as per the Development Control and Promotion Regulations (DPCR) 2034 and in consonance with the existing policy.
In February, the BMC’s standing committee approved a proposal for developers to pay premium charges payable to it at a concessional rate of 50 per cent for all new and ongoing projects regardless of size and type till December 31, 2021. With a few days left for the deadline to end, developers are rushing to avail the benefit, and maximise their transactions.
The move has not only helped the BMC to earn precious revenue, but it has also buoyed the realty sector struggling to recover from the impact of the pandemic. The Mumbai Metropolitan Region’s overall unsold inventory had touched 288,794 units in mid-2020 and the inventory overhang – the estimated time taken to sell the inventory – had risen sharply to 85 months.
The stamp duty cut in 2020 had reignited the real estate sales, and the premium concessions this year have helped the developers further offload inventory. 33 South, a joint development between JSW group and Mumbai-based developer Sameer Bhojwani, has witnessed several high value transactions. Earlier this month, Videocon Ltd chairman Venugopal Dhoot’s daughter-in-law Pooja Dhoot had purchased a luxury duplex apartment in the upscale project.
