Dharma Productions’ CEO Apoorva Mehta buys Rs 24.60 cr luxury apartment in Mumbai's Khar

MUMBAI: Apoorva Mehta, Chief Executive Officer of Karan Johar’s Dharma Productions has bought a 2,691 sq ft sea-view luxury apartment in a marquee tower in Khar locality of Mumbai for Rs 24.60 crore.
The deal valued at over Rs 94,400 per sq ft is one of the priciest transactions in the Bandra to Juhu belt that is known to be home of CXOs, film and media personalities.

Mehta has bought the apartment in the same tower The Residency, where Karan Johar also owns a penthouse.

The agreement for the transaction was registered on December 24, a week prior to the first deadline of December 31 set by the state government for homebuyers to avail the benefit of paying stamp duty at reduced 2%.

Mehta has purchased the apartment from the project’s developer Sameer Bhojwani and has paid stamp duty and registration charges worth Rs 49.50 lakh, showed the data accessed by Zapkey.com.

As part of the deal, he will get access to two stilt car parking slots in the tower.

ET’s email query to Apoorva Mehta remained unanswered, while calls and text messages to developer Bhojwani did not elicit any response until the time of going to press.

Mehta’s transaction was registered on the same day when in one of the most expensive residential transactions concluded in 2020, Bharat Serum & Vaccines’ Gautam Daftary bought an entire floor with two large sea-view apartments in a nearly completed project on South Mumbai Carmichael Road for Rs 101 crore.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the government of Maharashtra had announced a reduction in stamp duty charges to 2% from 5% from September to December-end.

Stamp duty will be charged at 3% of the agreement value from January to March end.

Several high-value transactions have been finalised and registered in the luxury segment of the country’s most expensive property market of Mumbai owing to easing prices and this lower stamp duty benefit.

These deals are helping drive volume in the luxury segment that had remained sluggish for nearly half a decade.

In October, Bollywood actor Hrithik Roshan bought two sea-facing luxury apartments on Mumbai’s Juhu Versova Link Road totalling Rs 97.50 crore, while actress Alia Bhat purchased a house in Bandra’s Pali Hill for Rs 32 crore.

In December, actress Janhvi Kapoor too bought a triplex in Juhu for Rs 39 crore.

Not only movie stars, CXOs, corporate bosses, cricketers and industrialists are among those setting Mumbai’s luxury real estate abuzz again. Apart from helping convert pent-up demand in the mid-income and affordable segments, the stamp duty reduction has also prompted the conclusion of several large-ticket transactions in the city.