HDFC Chairman Deepak Parekh’s family buys Rs 50-cr sea-view apartment in Mumbai’s Worli

Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh’s family has bought a sea-view apartment unfold over 7,450 sq ft in K Raheja Corp’s super-premium mission Raheja Artesia in Mumbai’s plush Worli locality for Rs 50 crore.

The deal was registered in the identify of his spouse Smita Parekh on March 30, only a day earlier than the diminished stamp responsibility profit introduced by the federal government of Maharashtra was about to return to an finish. The purchaser has paid Rs 1.50 crore as stamp responsibility for the registration of the apartment.

As a part of the deal, Parekh will get entry to 6 automotive parks together with the apartment, which features a 6,770 sq ft carpet space and balcony space of 273 sq ft. According to paperwork accessed by, the apartment is on the twenty fifth flooring of the under-development mission that gives views of Arabian sea and the Bandra-Worli Sea Link.

“Yes, it is true. There was an independent valuation done by two valuers to ascertain the value of the property so as to confirm that the purchase was at market value. This was shared with the HDFC Board to seek their prior approval before committing to buy the property,” HDFC spokesperson stated in response to ET’s e-mail question.

Okay Raheja Corp declined to remark for the story.

In November, HDFC’s Vice Chairman and CEO Keki Mistry additionally purchased an apartment in the identical constructing Raheja Artesia for Rs 41.23 crore. Mistry’s apartment is unfold over 7,390 sq ft on the thirty fifth flooring of the tower and can present him entry to eight automotive parks.

In March, HDFC Securities’ Managing Director Dhiraj Relli additionally purchased an apartment in the identical tower Raheja Artesia for Rs 30.31 crore. Relli’s apartment has a carpet space of three,702 sq ft and a balcony measuring 173 sq ft.

Over the previous couple of years, Worli has change into a hotspot for large-ticket transactions. Several prime businessmen, and excessive internet price Individuals in the current previous purchased premium properties in the locality.

This micro market is understood for the proximity to enterprise hubs and conventional luxurious pin codes of south Mumbai. The neighborhood additionally homes many high-profile names together with industrialists, sports activities personalities, start-up founders and C-Suite professionals.

With an goal of kick-starting the true property sector and practically 260 linked industries by encouraging housing gross sales, the state authorities had introduced a discount in stamp responsibility fees to 2% from 5% from September to December-end.

Stamp responsibility was charged at 3% of the settlement worth between January and March 31.

Apart from serving to convert pent-up demand in the mid-income and inexpensive segments, the stamp responsibility discount has additionally prompted the conclusion of a number of large-ticket transactions in the town.

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