by THO
Rekha Jhunjhunwala, who is the wife of late billionaire Rakesh Jhunjhunwala, has purchased an apartment in Mumbai for ₹11.76 crore, documents accessed by IndexTap showed.
The apartment is located in an almost 50-year-old building on Walkeshwar Road. It is spread across an area of 1666 sq ft (carpet area) and comes with one car parking space. The buyer has paid stamp duty of ₹58.81 lakh. The Deed of Transfer was registered on March 15, 2024.
A query has been sent to Rekha Jhunjhunwala.
Also Read: Jhunjhunwala’s Kinnteisto LLP invests heavily in commercial office spaces
Last year, Rekha Jhunjhunwala, had purchased five commercial office spaces collectively spread across 1.94 lakh sq ft in Bandra Kurla Complex (BKC) and Chandivali in Andheri West for a sum of ₹739 crore.
The company, Kinnteisto LLP, where Jhunjhunwala is a partner, had purchased two offices spanning 26,422 sq ft and 30,172 sq ft on the 14th floor of The Capital in BKC for ₹123.99 crore and ₹145.33 crore respectively in October 2023.
Also Read: Motilal Oswal’s top official buys Mumbai apartment for over ₹36 crore
The company had also bought even larger space on the 18th floor and 19th floor of the same building developed by Wadhwa Group Holdings for ₹331.68 crore. These office units 1802 and 1901 are spread across 69,425 sq ft. Collectively, the transaction is worth ₹601 crore and comes with 124 car parking spaces.
In a separate transaction registered on October 16, 2023, Kinnteisto LLP also purchased two office units spread across 68,195 sq ft carpet area on the eighth floor of Boomerang commercial building developed by Kanakia Spaces in Andheri East for a sum of ₹137.99 crore. The deal comes with 110 car parkings and the purchaser had to pay stamp duty of ₹8.27 crore.
Also Read: On Big Bull’s first death anniversary, Mrs Jhunjhunwala takes stock
Multi-billionaires that comprise industrialists, Bollywood stars, start-up founders continue to purchase spacious sea-facing apartments in the more than ₹1.4 lakh per square foot plus range even as supply for such luxury units continue to be limited. It is the paucity of housing supply in this category that dictates the high price.
Also Read: Is capital appreciation the key motivation for rich real estate investors to buy luxury properties?
Capital appreciation has overtaken lifestyle upgrade as the primary motivation for real estate investment, signaling the return of investors to the market, the annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR) had said recently.
