Integrated financial services group JM Financial has bought two sea-view luxury apartments on Little Gibbs Road of South Mumbai’s plush Malabar Hill locality in separate transactions for Rs 60 crore.
Both the deals are among the most expensive residential transactions in the country as it values the total 5,000 sq ft area of these apartments at Rs 1.20 lakh per sq ft.
The firm has bought these apartments on 16th and 17th floor of the most sought-after super-premium tower IL Palazzo, which is known for its prominent billionaire residents like Harsh Goenka, investor Rakesh Jhunjhunwala and late actor Vinod Khanna, among others.
JM Financial has paid stamp duty of Rs 3 crore for the registration of both the transactions that are part of Nitco promoters’ debt settlement process.
Of the two apartments, JM Financial has bought the 16th floor apartment from the family of Vivek Talwar, Chairman & Managing Director of Nitco Tiles. The apartment on the 17th floor has been sold to the investment bank by Melisma Finance & Trading Private Ltd, which counts Talwar and one of his family members as directors.
Both the deals were executed on March 31. The transactions for 17th and 16th floor apartments were registered on April 13 and April 19, respectively, showed documents accessed through Zapkey.com, which aggregates property registration data.
JM Financial has paid stamp duty of Rs 3 crore for the registration of both the transactions that are part of Nitco promoters’ debt settlement process.
The firm has bought these apartments through its investment management company JM Financial Products and another group company JM Financial Properties Holdings.
Following Nitco’s debt restructuring with JM Financial Asset Reconstruction Company in 2018, the latter had acquired around 24% stake in the tile manufacturing company.
Several high-value transactions are being concluded in the luxury segment of the country’s most expensive property market of Mumbai that has been buzzing since the state government announced a limited-window stamp duty reduction mid-2020.
The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. Although stamp duty rebates are not available now, the deals have continued to flow in.
While the registration data has been suggesting more traction in housing sales in suburban localities, these luxury deals in south- and south-central Mumbai are also taking the country’s most expensive property market to new highs.