Ajoy Mehta’s Son bought Prabhadevi Flat for Rs 2.86 Cr within a month of Nariman Point deal

Ajoy Mehta pic credit MahaRERA website
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Ajoy Mehta is in news for a real estate deal that he carried out in October 2020 in Nariman Point’s Samata Apartments, in the first week of November 2020, his son inked a real estate deal in Prabhadevi.

By Varun Singh

MahaRERA Chairman, Ajoy Mehta bought the Samata Apartment flat in October 2020, within a month his son Shivaji bought another apartment in Prabhadevi.

The flat that Ajoy Mehta’s son bought measures 750.92 sqft carpet area and 1300 sqft built-up area, and the total amount paid for this flat is Rs 2.86 crore.

The flat is located on the 10th floor of the building named Sidhivinayak Horizon, Prabhadevi. The documentation for the deal was carried out on November 2, 2020, while the registration was done on November 6, 2020.

Screen grab of the agreement of Ajoy Mehta's son Shivaji's real estate deal.
Screen grab of the agreement of Ajoy Mehta’s son Shivaji’s real estate deal.

The flat was sold by Sachin Khanolkar and his wife (the current sellers). Mehta’s son while registering the apartment, gave the address of the Samata Apartments.

A detailed SMS sent to Ajoy Mehta seeking his and his son’s comment got us no response. Mehta in the past has occupied the chair of BMC commissioner, state’s Chief Secretary, and even that of the Principal Advisor to the Chief Minister, Uddhav Thackeray.

About the flat.
The flat was bought by the current seller Sachin and his wife via an agreement for sale dated February 2, 2012, admeasuring 1300 sqft of the built-up area including balcony.

Under an agreement for sale dated March 26, 2016, between the current sellers and one D K Saigal, the current sellers had agreed to sell the flat to Saigal.

Saigal then leased out the apartment via a leave and license agreement dated March 20, 2018. This agreement commenced on April 1, 2018, and was to expire on March 31, 2021.

The sale between the current sellers and Saigal was to be completed within a period of 373 days from the date of agreement that is March 26, 2016. However, the deal couldn’t be completed hence after due discussion the parties mutually agreed not to proceed with the sale transaction and canceled the agreement dated March 26, 2016.

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A cancellation deed dated October 27, 2020, was registered between both parties. Even the leave and license agreement was canceled.

After this Ajoy Mehta’s son bought the apartment from the current sellers and registered the deal on November 6, 2020.

Payment
Prior to the execution of the agreement, the buyer paid to the sellers the entire agreed consideration by a cheque dated November 5, 2020, for Rs 24 lakh and by an RTGS of Rs 2,59,85,500 (Rs 2.59 crore). TDS of Rs.2,14,500 (Rs 2.14 lakh) was to be deposited with the income tax department.

The flat was put on rent the same day of registration
On November 6, 2020, Ajoy Mehta’s son gave the apartment on rent for a period of two years to the tenant with whom Saigal had carried out leave and license agreement earlier. The rent per month for the first year is Rs 1.38 lakh, for the second year, it is Rs 1.46 lakh per month.

Stamp duty paid by Transferor
All expenses towards stamp duty and registration charges were borne and paid by the transferor in this case the sellers alone. The transfer premium charged and chargeable by Siddhivinayak Horizon and any other charges were also to be paid by the transferor alone without recourse to the transferee.

A stamp duty of Rs 5.72 lakh was paid for the registration of the flat. Along with the flat, the buyer got access to two car parks in this building.

Plot owned by Municipal Corporation
Prior to the year 1995, the plot of land owned by the Municipal Corporation of Greater Mumbai was occupied by various slum dwellers. With the intention of redeveloping the Slum under the provisions of DCR 33(10), the slum dwellers incorporated a housing Society in the name of Akanksha SRA cooperative housing society limited. The society appointed Siddhivinayak Construction Private Limited as the developer for effecting redevelopment of the slum.

The developer was issued a letter of intent dated July 26, 1996, by the Slum Rehabilitation Authority for the redevelopment. After obtaining the necessary building permission the developer effected the redevelopment and constructed on the municipal slum land various units forming part of the rehabilitation component as well as the free sale component.

The building constructed by the developer on the land comprising of free sale units is known as Siddhivinayak Horizon the Slum Rehabilitation Authority issued an occupation certificate dated August 21, 2007, for the sale building.

Nariman Point Deal
In October 2020, Ajoy Mehta bought the flat located on the 5th floor of Samata Co-operative Housing Society, on General Jagannath Bhosale Marg near Mantralaya, Nariman Point. The carpet area of the flat is 1,076 square feet and he had paid Rs 5.3 crore for the apartment.

Also Read: Avinash Bhosale Buys Rs 103 Crore Duplex In Mumbai

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