Have you heard? Not a profitable deal

Buyer, Delhi-based company SMF Infra, pays Rs. 1.95-crore stamp duty
Kailash Babar (THE ECONOMIC TIMES; January 4, 2023)

Mumbai: Bollywood actress Sonam Kapoor Ahuja has sold her luxury apartment in Mumbai’s business district Bandra-Kurla Complex (BKC) to a Delhi-based company SMF Infrastructure for Rs. 32.50 crores.

She had purchased this apartment spread over 4,610 sq ft carpet area in super-premium residential project Signature Island in 2015 for Rs. 31.48 crores. The buyer has paid stamp duty of Rs. 1.95 crore for the registration of the deal that took place on December 29.

Several prominent personalities from the corporate world, Bollywood and banking fraternity have already bought apartments in this residential project built by developer Sunteck Realty. As part of the deal, SMF Infrastructure will get exclusive access to four car parking slots. Along with the carpet area, the buyer will also get rights to exclusively use the open area attached with the apartment, showed the documents accessed through IndexTap.com.

SMF Infrastructure had approached the actress to purchase this property in 2020 and both the parties had entered into a memorandum of understanding (MoU) for the deal then. She had informed the developer about the proposed sale and transfer of the apartment in April 2022.

ET’s email query to SMF Infrastructure and calls and text messages to Sonam Kapoor Ahuja’s team remained unanswered until the time of going to press.

Apart from Uday Kotak, other buyers are Gautam Adani, Vikram Pandit, Gunit Chaddha and Mihir Doshi. Actress Aishwarya Rai has also bought an apartment in the neighbouring project Signia Isle developed by the same developer.

In 2021, healthcare product maker Abbott Healthcare had inked a transaction to lease a 5,000 sq feet apartment in this tower for a monthly rental of around Rs. 10 lakhs. The total tenure of the lease was 36 months, which takes the rentals payout to over Rs. 3.60 crores during the period. The luxury pad was likely to be occupied by a CXO of the company as the company’s corporate office is just a few meters away from this complex.

Mumbai, the country’s biggest and most expensive property market, has continued its record-setting spree as the stamp duty revenue collection for the month of December and also for the year 2022 scaled a new peak despite rising mortgage rates and property prices.