Wed. Dec 7th, 2022

Bollywood actress Madhuri Dixit-Nene bought a luxury sea view apartment in Indiabulls Blu super premium residential project on Dr. E Moses Road in Mumbai’s exclusive Worli locale for Rs 48 crore.

The offers value the apartment at nearly Rs 90,000 per square foot, putting it on the tally of the largest offers for residential apartments in terms of value anywhere in the country so far this year.

The apartment on the 53rd habitable floor of the C tower is spread over 5,384 square feet and offers views of the Arabian Sea and Mahalaxmi Racecourse.

The actress paid Rs 2.4 crores only as stamp duty for the registration of this transaction which took place on 28th September. The deal attracted a 1% lower stamp duty of 5%, as the home buyer is a woman. In 2021, the Maharashtra government had announced a 1% concession on the existing stamp duty for female home buyers.

As part of the deal, Dixit-Nene will gain exclusive access to a total of seven car parking spaces, documents accessed via aggregating publicly available registration data show.

Last month, the chairman and CEO of pharmaceutical company Eris Lifesciences, Amit Bakshi, bought a super-luxury ocean-view apartment in an almost completed Three Sixty West mixed-use high-rise in Mumbai’s posh Worli resort for Rs. 61 million rupees. That deal has valued the apartment on the tower’s 30th habitable floor at around Rs94,500 per square foot.

Indiabulls Blu, a luxury residential project, counts entrepreneurs, entrepreneurs and CXOs among its residents. The integrated project, which is spread over a total of 10 acres with one of the lowest densities, has so far seen direct transactions of up to Rs 100 crore.

At the end of last year, the actress had acquired another luxury apartment with an ocean view of more than 5,500 square feet in the same project on the 29th floor through a lease with a total duration of 36 months. The family had already started the interior design and conditioning works for this apartment. It could not be determined if this lease will continue or be terminated now that she has purchased this new apartment on an upper floor.

ET’s email inquiry and calls to the Dixit-Nene family went unanswered as of press time.

Mumbai, the largest and most expensive real estate market in the country, has been setting new benchmarks and records regarding property transactions for more than a year since September 2020, when the state government announced a limited stamp duty reduction of windows.

The significant but time-limited stamp tax reduction window that ended on March 31, 2021 was a key catalyst for the city’s residential market. While the benefit of a lower stamp duty is no longer available, the deals have kept coming.

Read More: Madhuri Dixit-Nene buys sea-view apartment in Mumbai’s Worli for Rs 48 crore, Real Estate News, ET RealEstate