8 luxury apartments worth Rs 154.6 crore bought by Creative Group promoters in Mumbai

Mumbai saw a rush to register high-end properties in February and March. (Representational image).

Promoters of plastics manufacturing firm, Creative Group, have bought eight luxury apartments in Mumbai worth Rs 154.6 crore from real estate developer K Raheja Corp Homes, registration documents accessed by Zapkey showed.

The sea-facing units in Raheja Modern Vivarea Tower in South Mumbai, are located on the 16th to the 21st floors of the building, the documents showed.

The first unit located on the 16th floor has been bought for Rs 20.08 crore and is spread across an area of 2,873 square feet (sq ft) carpet and comes with three car parking slots. The document for this was registered on February 17, 2023. The buyer is Creative Plastics Limited.

The second unit is worth Rs 19.40 crore and is located on the 19th floor. The area is 2,891 sq ft and comes with three car parking slots. The buyer is Ritesh Kailashchand Agarwal. The document was registered on March 14, 2023.

The third unit is worth Rs 20.08 crore and is located on the 20th floor. It has a carpet area of 2,891 sq ft and comes with three car parking slots. The buyer is Anshu Agarwal. The document was registered on February 23, 2023.

The fourth apartment was purchased for Rs 19.40 crore and is located on the 16th floor. The area is 2,891 sq ft carpet and comes with three car parking slots. The buyer is Madhuri Surendra Agarwal. The registration date is March 16, 2023.

The fifth apartment is worth Rs 19.98 crore and is located on the 21st floor. It has an area of 2,891 sq ft carpet. It comes with three car parking spaces. The buyer is Pankaj Kailash Agarwal. The unit was registered on March 16, 2023.

The sixth apartment is worth Rs 20.08 crore, and is located on the 17th floor. It has a carpet area of 2,873 sq ft and comes with three car parking spaces. The buyer is Vikaschand Omprakash Agarwal. This unit was registered on February 14, 2023, the documents showed.

The seventh unit is worth Rs 20.20 crore and is located on the 18th floor. The carpet area of the apartment is 2,891 sq ft. It comes with three car parking slots. The buyer is Pushpalata H Agarwal. The property was registered on February 17, 2023.

The eighth apartment was bought for Rs 15.36 crore and is located on the 20th floor. The flat has a carpet area of 2,364 sq ft and comes with three car parking slots. The buyer is Mega Plastic Limited. The property was registered on February 14, 2023.

Homes with a view

These apartments, located in an under-construction project by K Raheja Corp Homes, offer an unrestricted view of the Mahalaxmi Racecourse and the Arabian Sea.

Emails have been sent to the Creative Group and K Raheja Corp Homes for comment.

Luxury property rush

Mumbai witnessed a rush to register high-end properties in February and March just before amendments to Sections 54 and 54F of the Income Tax Act, 1961, kicked in. Budget 2023 had imposed a Rs 10-crore cap on reinvestment of capital gains from the sale of long-term assets, including property, which became effective from April 1, 2023.

On March 10, Bajaj Auto Chairman Niraj Bajaj purchased a triplex apartment of over 18,008 sq ft on the top three floors of a 31-floor project named Lodha Malabar Palaces by the Sea. The cost of purchase was ₹252.50 crore, making it the costliest penthouse in the city. The transaction fetched a rate of ₹1,40,277 per sq ft.

The family of industrialist JP Taparia, founder of contraceptive maker Famy Care, purchased a sea-view luxury triplex apartment for over Rs 369 crore in Malabar Hill from the Lodha Group on March 29, 2023, documents shared by Zapkey showed.

In yet another large deal in Mumbai, two directors of Kandoi Fabrics, manufacturer and exporter of packaging fabrics and bags, bought four sea-facing luxury properties worth Rs 217 crore in Mumbai, documents accessed by Zapkey showed. The four properties are spread across 18,572 sq ft net area. Each unit has a size of 4,643 sq ft. The units were registered between March 23 and March 29, 2023.

Madhav Goel, Director of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, on March 23 bought an apartment measuring 9,546 sq ft in the sea-facing luxury Grand Palace Lodha Malabar residential project on Walkeshwar Road, for Rs 121 crore. The apartment is located on the 19th floor of the building. It was purchased from Macrotech Developers Ltd, a listed developer. The buyer paid a stamp duty of ₹7.26 crore, according to documents accessed by Indextap.com. The transaction fetched a rate of around ₹1.26 lakh per sq ft.