Sunday, July 21, 2024

NRI businessman Jai Mahtani buys flat in South Mumbai

Non-resident Indian businessman Jai Mahtani has bought a sea-view luxury apartment in JSW Realty’s super-premium project Morena House in South Mumbai’s plush Carmichael Road for Rs 83.37 crore.

The deal for the apartment, spread over a carpet area of 5,211 sq ft, is valued at around Rs 1.60 lakh per sq ft, making it one of the costliest property transactions in the country. The buyer has paid Rs 5 crore in stamp duty charges alone for the registration of the deal.

Mahtani is one of the directors of London-headquartered Monohill Ltd, a privately held manufacturing company with offices in the UK, Dubai, Hong Kong, and India. The company is a vertically-integrated manufacturer of polymers, chemicals, industrial resins, pigments, and solvents, and its markets include Africa, Asia, and Europe.

As part of the agreement, which was concluded and registered on January 20, Mahtani will also get exclusive access to four parking slots, showed the documents accessed through, a real estate advisory firm.

Windsor Residency, a division of JSW Realty, has developed the luxury residential project Morena House on the plot of Morena House that the company purchased in 2008. Prior to this, the one-storey terrace bungalow used to house the Belgian Consulate.

In July 2021, Pranabh Mody and Purvi Asher, part of the promoter group of leading pharmaceutical company J B Chemicals & Pharmaceuticals, bought two sea-view luxury apartments for Rs 138 crore.

In December 2020, Bharat Serum & Vaccines’ Gautam Daftary bought an entire floor with two large sea-view apartments in a nearly completed project on Carmichael Road for Rs 101 crore, in one of the most expensive residential transactions concluded that year.

Hasit Dani, a member of the Asian Paints promoter family, also bought a duplex apartment in a project being built on the plot of Hindustan Unilever’s erstwhile guesthouse Alhambra on Carmichael Road for Rs 95 crore. This deal was valued at over Rs 1.49 lakh per square foot.

While the registration data has been suggesting more traction in housing sales in suburban localities, these luxury deals in south- and south-central Mumbai are also taking the country’s most expensive property market to new highs.

Mumbai, the country’s biggest and most expensive property market, has continued the robust momentum of real estate sales in January despite rising mortgage rates and property prices as consumer sentiment towards home buying remains strong.

The registrations performance has catapulted the month to the second-best January ever, while the stamp duty collection figures are the best for any January. The peak of registration in the first month of the year was seen in January 2021, when the benefit of lower stamp duty was available.

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