The Chief Investment Officer of HDFC Mutual Fund Purchases a Luxurious Home in Worli, Mumbai Just Below INR 20 crore

According to Mumbai real estate sources, Prashant Jain, the chief investment officer of HDFC Mutual Fund, recently acquired a luxury flat in Mumbai's exclusive Worli Sea Face neighbourhood for Rs 19.36 crore.

The apartment, which has a carpet size of 3,692 square feet, is located on the 30th floor of Marina Bay Worli Sea Face's super-premium under-construction skyscraper.

Jain and his wife purchased the condo jointly and paid stamp duty of Rs 96.82 lakh on the transaction. The pair will have exclusive access to three parking spaces under the terms of the arrangement.

According to records retrieved by Zapkey.com, which combines publicly accessible property registration data, the transaction was completed and registered on March 9, 2022.

Worli in South Mumbai has developed a reputation as a hub for high-value transactions in recent years. Numerous prominent businesspeople and rich individuals have purchased expensive residences in the neighbourhood.

This micromarket is well-known for its closeness to corporate centres and traditional South Mumbai premium pin codes. Numerous high-profile individuals, including industrialists, sports stars, startup entrepreneurs, and C-suite executives, also call the neighbourhood home.

Since last year, when the state government announced a limited-window stamp duty decrease, Mumbai, the country's biggest and most costly real estate market, has been establishing new milestones for property transactions.

The considerable but temporary cut in stamp duty, which expired on March 31, 2021, acted as a stimulant for the city's residential market. While stamp duty rebates are no longer available, bargains continue to pour in.

In February, Mumbai's property registrations continued to expand at a rapid pace, well above the levels observed two years earlier when the city was still recuperating from the pandemic. March 2022 real estate sales momentum was strong across all sectors, including luxury, mid-income, and inexpensive homes.