India’s Costliest Real Estate Deal Of 2020

In what is now the largest residential transaction so far in 2020, two apartments in Carmichael Residences in south Mumbai for Rs 100 crore. The deal attracted a stamp duty of Rs 5 crore. The purchase is also among the costliest in the country on a per sq. ft. basis, with Jain having paid almost Rs 1.57 lakh per sq. ft. for the apartments. Each apartment has an area of over 3,185 sq. ft. and Jain gets access to eight car parking slots. The super-premium Carmichael Residences, spread over half an acre, is coming up on Altamount Road-Carmichael Road, known for housing billionaires including Mukesh Ambani and Kumar Mangalam Birla. The 22-storey luxury residential tower is being developed by RA Realty Ventures, formed by the Khemchand B Kothari Group and Ashok Piramal Group’s realty development company Peninsula Land. The billionaire nephew of Bajaj Auto patriarch Rahul Bajaj purchased the adjacent apartments spread over 6,370 sq. ft. on the 19th floor of the almost-complete luxury tower. He is the Managing Director of auto component maker Endurance Technologies.