According to documents provided to Squarefeatindia by Zapkey the deal took place on April 24. The consideration here is of ₹70 crore.

A Stamp Duty of ₹27.28 crore was paid for the registration of the deal.

Actually Neptune Ventures & Developers Pvt. Ltd. Was the borrower, the lender here was Housing Development Finance Corporation Ltd. (HDFC Ltd) and the buyer is Macrotech Developer Ltd.

The details of the property are here a land admeasuring 35,645 sq. meters (out of larger land admeasuring 88,299.89 sq. meters) situated at Lal Bahadur Shastri Marg (LBS Marg), Bhandup (West), Mumbai 400 078 bearing CTS Nos. 372 (part) and 372/1 to 372/65 of Village Kanjur, Taluka Kurla, Mumbai Suburban District in the Registration District and Sub District of Mumbai City and Mumbai Suburban (commonly known as Bhandup Residential Estate/Complex) (being Ward Nos. S3779, S3780, S3945, and S3963) and demarcated as per PLANS attached to the Unilateral Indenture of Mortgage but excluding the land and building in respect of the project “Flying Kite” and sold units in the building “Eleve”.

Area of larger land = 35645 sqmt,
Area of Land under building Flying Kite = 7853 sqmt, Area of remaining land sold to Macrotech = 27792 sqmt

Neptune Ventures & Developers Pvt. Ltd. borrowed INR 250 Cr from HDFC for the project Flying Kite and Eleve in Kanjurmarg. HDFC has sold a portion of land admeasuring 27792 sqmt to Macrotech Developer to recover the loan under SARFAESI Act.
As per the Sale Certificate, the immovable property/secured asset is being sold on a “without recourse” basis.

Building by the name of Eleve was to be constructed upon the sold land, construction of the said building has not yet started.
Any claims from the purchasers of the sold units prior to the date of sale certificate shall be on the borrower (Neptune Ventures & Developers) and/or as per applicable law.

Also Read: Directors of Kandoi Fabrics (Daman Polyfabs) buy 4 properties worth Rs 217 Cr in Lodha Malabar

The post Lodha (Macrotech) takes over property belonging to Neptune Developer appeared first on Square Feat India.

By Varun Singh

Several banks like the State Bank of India (SBI), Kotak Mahindra, Bank of Baroda (BoB) and Punjab National Bank (PNB) are offering loans at record low-interest rates to cash in the spending rush ahead of the festive season.

State Bank of India (SBI) will charge home loan borrowers an interest of 6.7% based on their credit score, irrespective of the loan amount. The offers are available to all segments of borrowers irrespective of the profession of the borrower. The 6.70% home loan offer is also applicable to balance transfer cases.

Kotak Mahindra Bank has reduced its home loan interest rates by 15 basis points (bps) from 6.65% to 6.50% p.a. This special rate of 6.50% p.a. is a limited period festive season offer beginning 10th September and ending 8th November 2021.

Bank of Baroda (BoB) is offering a waiver of @0.25% in the existing applicable rates for home and car loans. In addition to that, the bank is also offering a waiver of processing fees in home loans. Now, home loan rates will start at 6.75% and car loan rates start at 7.00%.

Punjab National Bank (PNB) too has slashed the repo-based lending rate by 25 basis points (bps) to 6.55%.

HDFC too, announced a festive offer with home loans starting from 6.70 per cent. This offer will be applicable to all new loan applications irrespective of the loan amount or employment category. The special festive offer at 6.70 per cent is for all loan slabs and for all customers with credit score of 800 and above.

Real estate experts feel that these interest rate cuts could be a major factor in boosting the home sales this festive season.

Vedanshu Kedia, Director, Prescon Group said, “It is an encouraging move by the leading banks to slash interest rates especially during the onset of the festive season. Even now, a low-interest rate by reputable banks is bound to catapult unimaginable economic growth in the country as a result of enhanced consumption. The initiative will surely make homeownership affordable and viable for the fence-sitters who can now plunge on the best opportunity to buy their dream home.”

Cherag Ramakrishnan, Managing Director CR Realty said, “Considering the auspicious festive season ahead, the timing of the reduction in interest rates by leading banks couldn’t have been better. The real estate market has seen decent sales this year and this reduction in interest rates would further help to keep up the sales momentum.”

Bhushan Nemlekar, Director, Sumit Woods Limited said“The reduction in home loan rates by leading banks is going to help the demand side immensely. The real estate sector has benefited immensely from the record low home loan rates. Currently, the all-time low, sub-7% interest rates are encouraging consumers to proceed with their purchase and quickly close their transactions. Low interest rates also help enhance eligibility for home buyers thereby bringing more customers into the marketplace.”

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI-MCHI said, “The reduction in home loan interest rates by leading banks for a limited period have extended the best buying opportunity for the homebuyers. The banks are competing to grab the home loan customers before the fiscal year ends. Currently, the home loan rates are at an historic 15 year low, as banks compete in a market with low credit demand. The benign interest rates environment will continue for some time and it is unlikely that interest rates will fall further from the current levels. For the next few days, the buyers can swoop in on good deals on the back of rock-bottom interest rates on home loans along with festive offers from good developers on the eve of expected price rise. We can already see that the demand for residential properties has picked up now as people are beginning to believe that this is the best time to buy a property.”

Ashok Mohanani – President, NAREDCO Maharashtra said, “There is already a growing desire of owning a home as consumers look at it as a necessity in this unprecedented time of the COVID-19 pandemic. With the onset of the festive season, there is a stiff competition amongst the financial institutions to provide the consumers with the best home loan interest rates. This is the best time to buy a home as it gives the aspiring homebuyers a lifetime opportunity to purchase their dream home with various festive offers as well as all-time low interest rates. These factors are also proving to help spur the real estate demand that was temporarily hit last year as a result of the pandemic.”

Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory said, “The move to reduce interest rates by few banks is encouraging and will create competitive housing finance options for the home buyers and eventually pave path for robust housing demand. We have been maintaining since long that banks need to pass on the benefits of the reduced repo rates to consumers and we are happy to see the same happen now. The low interest rate regime is going to be a game-changer for the whole real estate sector especially at a time when the economy is on a recovery trail. It will also augur well for ready-to-move-in homes and the affordable housing segment. Both of these categories will benefit immensely from the reduced rates. From the consumer perspective, this is going to be the last call to take advantage of the bank offers as a difference of even a half percentage on the interest rate on a housing loan can save lakhs of rupees of the prospective buyers.”

Also Read: Homebuyers Prefer This Period For Home Loans

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By Varun Singh

In the last few days, Mumbai has witnessed some big ticket real estate deals.

Entering the league of the luxury deals, is this one where a top real estate family has bought three duplexes in Worli.

The three duplexes are spread over five floors and consists of a total 18 flats.

The duplexes are located in the building Artesia, located in Mumbai’s Worli area.

The buyers are from real estate tycoon Raheja family, and the building is being constructed by K Raheja Pvt Ltd.

Here are the flat details:

Duplex apartment 4101 comprising of six flats is spread on 41st and 42nd floors measuring 2079 square meters, and it cost Rs 143.63 crore. The stamp duty paid for the registration of the duplex is Rs 2.87 crore. It has been bought by Neel Raheja and Jaya Raheja.

Of the three duplexes, the second duplex apartment is 4201 again comprising of six flats spread on 42nd and 43rd floors measuring 1989.71 square meters and cost Rs 137.78 crore. The stamp duty of Rs 2.75 crore was paid to register this duplex. It has been bought by Chandru Raheja and Jyoti Raheja.

The last of duplexes is duplex apartment comprising of six flats and numbered 4401 it spread on 44th and 45th floors measuring 2138.25 square meters and costs Rs 146.40 crore. The stamp duty paid is Rs 2.92 crore. This has bee bought by Ravi Raheja and Sumati Raheja.

The total consideration paid for the apartments stood t Rs 427.81 crore. The total area when calculated comes to 6202 square meters. This translates into 66811 square feet.

With every duplex the owners will also have access to 14 car parks, thus taking the total car parks available to 42.

The deal took place in December 2020, but were registered in April 2021. Maharashtra government had announced a stamp duty discount of 3% till December 2020 and 2% till March 2021.

Homebuyers could pay the stamp duty till this cut off date and register the documents within four months.

Raheja’s offered no comments on the deals.

Artesia at Worli has been attracting a lot of High Networth Individuals.

Some previous deals in this building includes, Dheeraj Relli and Archana Relli who had paid Rs 30.31 crore for an apartment in this building.

Keki Mistry had paid R 41.23 crore for an apartment in Artesia.

Smita D Parekh had paid Rs 50 crore to buy an apartment in this building.

Apart from Artesia, the most talked dead this year has been that of DMart’s Radhakishan Damani who shelled our Rs 1001 crore for a bungalow in Malabar Hill.

Also Read: Amitabh Bachchan Buys Duplex For Rs 31 Crore

The post 3 Duplexes Comprising Of 18 Flats, 42 Parking, Sold In Worli For Rs 427 Crore appeared first on Square Feat India.

By Varun Singh

Worli has become the destination that within a few years can boast housing a lot of HNIs.

On Wednesday another big ticket deal was registered in Worli.

This apartment we are talking about is located on the 12th floor of Raheja Artesia, Worli.

The deal was signed on March 24, between K Raheja Pvt Ltd and Dhiraj Relli along with Archana Relli. Dhiraj Relli is the Managing Director and Chief Executive Officer of HDFC securities.

The apartment costs Rs 30.31 crore. The carpet area of the flat is 3702 square feet, and it also has a balcony measuring 173 square feet.

Along with the apartment Relli shall have access to three car parks in the building.

According to documents accessed stamp duty paid for the registration of the apartment is Rs 90.95 lakh.

Last year HDFC’s another high ranking official Keki Mistry had bought an apartment in the same building located in Worli. 

Mistry had paid Rs 41.23 crore for the apartment he bought in this building.
Former HDFC boss Aditya Puri’s family members had also bought an apartment in Walkeshwar recently. 

The Puris had paid Rs 50 crore for an apartment in Lodha Seamont located at Walkeshwar.

The government has announced a stamp duty cut in the state. All apartments registered till March 31 shall get a 2% concession on stamp duty.

The luxury real estate market revived in the pandemic with many a big ticket deals taking place.

And Worli which had several mills has now become a hub for the HNIs and the recent deal is one such example.

We sent an email to Relli seeking his response, the article shall be updated when he replies. 

Also Read: Mumbai Is 2nd To This District In Terms Of RERA Registered Projects

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By Varun Singh

Former HDFC Bank Managing Director Aditya Puri’s family has bought a Rs 50 crore apartment in South Mumbai’s Walkeshwar area.

Puri’s wife Anita Puri and daughter Amrita Puri have jointly purchased the 4,958 sq ft sea-view luxury house next to Raj Bhavan on Walkeshwar Road.

The flat is located on the 19th floor of the building Lodha Seamont.

The family has paid Rs 1 crore as the stamp duty for the property’s registration that was executed on November 25, show documents.

Along with the apartment, the Puri family also has received 7 car parks.

Attempts to contact Puri didn’t yield any result. Puri joined the US-based global investment firm the Carlyle Group as a senior advisor in November after retiring from HDFC Bank in October.

Recently Puri’s ex colleague from HDFC Keki Mistry and his wife Arnaaz Mistry bought an apartment in Worli.

Mistry paid Rs 41.23 crore for a 8,132 sq ft apartment located in the building Artesia.

Some of the big ticket deals that took place

Anurang Jain in October paid Rs 1.22 lakh per square feet for an apartment in Carmichael Residencies

Anurang Jain paid Rs 1.56 lakh per square feet for an apartment in Carmichael Residences in July 2020

Shushilkumar Jain paid Rs 1.30 lakh per square feet for an apartment in Bandra’s Navroze building.in July 2020.

Businessman Pratik Agarwal registered a flat in Samudra Mahal, for Rs 1.12 lakh per sq ft. in June 2020.

Veteran banker Romesh Sobti along with his wife bought an apartment for Rs 76 crore in Worli’s Three Sixty West in June 2020

Also Read: Luxury Deal In Worli Buyer Pays Rs 41.23 Crore

The post Aditya Puri’s Wife & Daughter Buy Flat For Rs 50 Cr appeared first on Square Feat India.

By Varun Singh

Dismissing the common belief, luxury real estate market has performed exceptionally well in the last few months.

Continuing the streak another luxury deal took place in second half of November. A flat in Worli was sold for Rs 41.23 crore.

The buyer of this apartment is veteran financial sector player Keki Mistry and his wife Arnaaz Mistry. Keki Mistry is the Vice Chairman and CEO of HDFC.

According to a real estate broker from the area the flat purchased is on the 35th floor of Artesia Building located in Worli belonging to K Raheja Pvt Ltd.

The deal was finalised on November 18, and the flat measures close to 8132 square feet. The stamp duty paid for the registration of the flat was Rs 95.66 lakh.

In the luxury deal the buyer has even got 8 car parks along with the flat.

The ready reckoner rate of the flat comes to Rs 44.57 crore.

Before this in another luxury deal, veteran banker Romesh Sobti had paid Rs 76 crore for two flats in Worli.

Recently when the question why luxury market was performing good was asked to NAREDCO Maharashtra President, Ashok Mohanani, he said, “Luxury that are selling are moistly ready to move in. projects. In these projects there’s no GST and also the stamp duty cut plays an important role.”

A detailed email sent to Keki Mistry didn’t elicit any response.

Some of the big ticket deals that took place

Anurang Jain in October paid Rs 1.22 lakh per square feet for an apartment in Carmichael Residencies

Anurang Jain paid Rs 1.56 lakh per square feet for an apartment in Carmichael Residences in July 2020

Shushilkumar Jain paid Rs 1.30 lakh per square feet for an apartment in Bandra’s Navroze building.in July 2020.

Businessman Pratik Agarwal registered a flat in Samudra Mahal, for Rs 1.12 lakh per sq ft. in June 2020.

Veteran banker Romesh Sobti along with his wife bought an apartment for Rs 76 crore in Worli’s Three Sixty West in June 2020

Also Read: BJP MLA Pays Rs 42.5 Crore For Worli Apartment

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