Mumbai’s rush for premium flats continues with Rs 64.48 crore Tardeo deal

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Mumbai’s super-rich are buying properties in droves days before the cut in stamp duty lapses. The number of deals registered this month are estimated to be more than four times the number in March 2020.

The Imperial twin-tower by Shapoorji Pallonji is a residential skyscraper complex at Tardeo; Mumbai and is one of the tallest completed buildings in India.

A businessman has bought an 8,411 sq feet premium apartment in Mumbai for Rs 64.48 crore, as the city’s ultra-rich continue to purchase high-end properties before the stamp duty rises back to the normal level after March 31.

Businessman Vimal Parmanand Khandwala bought the duplex apartment in Shapoorji Pallonji Group’s premium project, The Imperial, in Mumbai’s Tardeo. The project is a twin-tower skyscraper, which is among India’s tallest buildings.

The deal was registered on March 19, 2021, by the businessman and his wife Priyanka Vimal Khandwala, with a stamp duty of Rs 1.93 crore, as per documents accessed by Zapkey.com. A query sent to Vimal Parmanand Khandwala went unanswered.

The property is located on the 53rd floor and comes with a swimming pool and four parking slots.

Imperial Tower by Shapoorji Pallonji is an ultra-luxury project comprising three towers, two of which have been sold out, while the third (The Imperial Edge) is awaiting an occupancy certificate which is expected this year.

The project commands a price between Rs 85,000 per sq. ft. to Rs 90,000 per sq. foot. The average monthly rentals are between Rs 2 lakh to Rs 3 lakh, Prashant Thakur, director and head, Research, ANAROCK Property Consultants told Moneycontrol.

Several trancactiobs worth Rs. 25 crore to Rs. 50 crore have been registered in the Mumbai market since the cut ub stamp duty was announced in August 2020, indicating that there is an appetite for the high-value segment even in troubled times.