Promoters of Creative Group Purchase 8 Luxury Homes in Raheja Modern Vivarea, Mahalaxmi For INR 155 crore

Promoters of Creative Group Purchase 8 Luxury Homes in Raheja Modern Vivarea

K Raheja Corp Homes, a real estate developer, has sold eight sea-view opulent residences in South Mumbai's Mahalaxmi neighbourhood to the Creative Group of Industries for roughly 155 crore.

These apartments are located on the 16th through 21st floors of the luxury residential edifice Raheja Modern Vivarea on Jacob Circle and span a total of 24,100 square feet.

 These posh apartments were purchased by Vikaschand Agarwal, Kailashchand Agarwal, Ritesh Agarwal, Vinay Agarwal, and Pankaj Agarwal, promoters of the Mumbai-based multifunction plastics manufacturer in February and March, 2023. 

In addition to the proprietors, group companies including Creative Plastics and Mega Plastic purchased apartments prior to April 1, 2023, when income-tax deductions for capital gains on investments in residential properties were limited to 10 crore. 

The purchasers have shelled out a stamp duty amount of close to INR 9.30 Cr for the transaction.

Creative Group is a company specialising in custom injection and blast moulder specialising in the production of multifunction lids, closures, and vessels.