Mumbai: In one of the first big ticket deals after the announcement of the union budget, Radhakishan Damani, the owner of D'Mart, along with members of his family and close associates, paid a total of Rs. 1,238 crore for 28 flats in Oberoi Realty's opulent Three Sixty West project in Worli.
The contract covers 101 parking spaces and covers a total carpet area of 18,20,684 square feet. According to documents discovered by Zapkey.com, they were all and located in Tower B and registered on February 3.
According to Hindustan Times, industry sources stated that the majority of the deal appears to be a bailout for Sudhakar Shetty, whose company Sky Lark Buildcon Pvt Ltd is a partner in this project.
In 2019, the company acquired a ₹1000 crore loan from DHFL (now Piramal Finance), with units pledged as collateral. According to real estate experts, the flats being sold at a discount may have been due to lender pressure for repayments.
Luxury apartments in Worli
The average price range for luxury apartments in Worli, according to industry observers, is between ₹90,000 and ₹1,05,000 per sq ft, with flats in Samudra Mahal fetching a slightly higher price.
The apartments sold as part of the Damani deal range in price from ₹65,000 to ₹75,000 per sq ft, according to Hindustan Times report.
With carpet area of 8,345 sq ft and 8,582 sq ft, respectively, the flats registered in the names of Ramesh Damani and Ignatius Noronha have the greatest carpet areas. At their sale prices, the flats have sold for ₹75,701 per sq ft and ₹75,565 per sq ft.
While these transactions were registered on Friday, Oberoi Realty notified stock exchanges on Saturday that it was buying 63 apartments from Oasis Realty for a total consideration of ₹4,000 crore, which includes a total consideration of ₹3,403 crore, stamp duty of ₹204 crore, and a share of income tax liability discharged through Oasis Realty of ₹605 crore.
This was in accordance with a resolution adopted by the company at its extraordinary general meeting held on December 1, 2022.
The development occured before the board meeting on February 8 when the quarterly results will be discussed.
Three Sixty West project
According to records on the MahaRERA portal, the Three Sixty West project has four promoters, including Sky Lark Buildcon Pvt Ltd, Shree Vrunda Enterprises, a subsidiary of Sudhakar Shetty's Sahana Group, Oberoi Constructions Ltd., and Astir Realty LLP, both of which are owned by Vikas Oberoi.
Tower A of the building includes 66 floors and 28 apartments, while Tower B has 90 floors and 256 units, including duplexes and 4 and 5 bedroom flats. Additionally, it contains two 11,036 sq ft penthouses.
According to industry sources, further transactions involving ultra-luxury homes are anticipated before the fiscal year ends on March 31 and the new tax system proposed by the finance minister in the union budget comes into effect.
The capital gain tax
The capital gain tax incentive on the sale of property valued at more than ₹10 crore had been eliminated, as stated by the finance minister.
It was anticipated that this would deter families from purchasing numerous houses if they must pay capital gains tax and would have an effect on sales of expensive properties. The ultra-luxury real estate has a slower sales velocity because it is a niche market.
"We can expect many more luxury home deals to be registered before March 31, 2023, before the new provision kicks in," Sandeep Reddy, co-founder of Zapkey.com told Hindustan Times.
North India, Residential Services, JLL said, "We may see a few more deals being executed by those sitting on the fence at this stage. Considering this being the last quarter of financial year and last few days for availing capital gains offset without cap, we may expect value deals getting registered before March 31."
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