Deep Financial Consultants’ director buys apartment for Rs 106 crore in Mumbai’s Worli
In a significant real estate transaction, Jagdish Naresh Master, a notable stock market investor and director of financial services firm Deep Financial Consultants, has recently acquired a luxury sea-view apartment in Mumbai’s upscale Worli locality. The apartment, which is located on the 60th floor and 44th habitable floor of the Oberoi Three Sixty West tower on Dr Annie Besant Road, spans over an impressive 7,139 sq ft area. The deal was finalized at a staggering price of over Rs 106 crore.
Record-breaking Valuation and Stamp Duty Charges
With a transaction value of nearly Rs 1.5 lakh per sq ft, this apartment ranks among the most expensive real estate deals in the country. Stamp duty charges alone amounted to over Rs 3.97 crore for the registration of the deal. Interestingly, Jagdish Naresh Master’s wife, Urjita Jagdish Master, also acquired a luxury apartment on the 59th floor of the same tower a month before for over Rs 105 crore, adding another notable purchase to their real estate portfolio.
Regulations for Differential Stamp Duty
As per government regulations, when an apartment is sold within three years of its previous registration, the buyer is required to pay the differential stamp duty. This rule ensures that the updated stamp duty rates aligned with the current valuation are adhered to. It aims to prevent revenue loss for the state government exchequer. In the case of Jagdish Master’s recent purchase, the differential stamp duty has been paid due to the sale occurring within three years of the earlier registration.
Mumbai’s Property Market Boom
The high-value real estate transaction by Jagdish Naresh Master is a testament to the flourishing property market in Mumbai. The city, known for its opulent and expensive properties, has been witnessing a surge in sales activity across segments. In particular, South and central Mumbai, home to India’s most exorbitant apartments, have played a significant role in driving this performance.With record-breaking property deals and an all-time high sales activity, Mumbai maintains its position as the country’s premier real estate destination.
