October 29, 2020

Auto elements bigwig Anurang Jain buys 2 South Mumbai flats for Rs 100 crore

MUMBAI: Anurang Jain, managing director of auto part maker Endurance Applied sciences, has purchased two flats in Carmichael Residences in south Mumbai for Rs 100 crore, the most important residential transaction thus far in 2020.

The billionaire nephew of Bajaj Auto patriarch Rahul Bajaj bought the adjoining flats unfold over 6,370 sq. ft. on the 19th ground of the almost-complete luxurious tower.

The deal attracted a stamp obligation of Rs 5 crore and was registered on Thursday, in line with registration paperwork reviewed by ET. Jain confirmed the transaction to ET.

The acquisition can be among the many costliest within the nation on a per sq. ft. foundation, with Jain having paid virtually Rs 1.57 lakh per sq. ft. for the flats. Every house has an space of over 3,185 sq. ft. and Jain will get entry to eight automobile parking slots.

Jain, ranked 84th on the Forbes India wealthy checklist in 2019, is one in all Rahul Bajaj’s twin nephews. They function their non-competing auto elements companies Endurance Applied sciences and Varroc Engineering out of Aurangabad.

Endurance, which has a market capitalisation of Rs 12,500 crore, provides elements for two-wheelers and three-wheelers in India and automobile elements in Europe. The promoters together with Jain and his family personal 75% of the corporate.

The super-premium Carmichael Residences, unfold over half an acre, is developing on Altamount Highway-Carmichael Highway, identified for housing billionaires together with Mukesh Ambani and Kumar Mangalam Birla.

The 22-storey luxurious residential tower is being developed by RA Realty Ventures, fashioned by the Khemchand B Kothari Group and Ashok Piramal Group’s realty improvement firm Peninsula Land.

KBK Group’s Vivek Kothari declined to remark for the story. ET’s electronic mail question to Peninsula Land remained unanswered till the time of going to press.

That is the second high-profile residential deal in 10 days. ET reported final week that Romesh Sobti, former MD of IndusInd Financial institution, bought two sea-view flats price over Rs 76.Three crore in central Mumbai’s Worli locality.

Whereas such giant offers usually are not frequent, they’re additionally standing out within the present property market that’s been impacted by Covid-19.

Whereas the registration knowledge has been suggesting extra traction in housing gross sales in suburban localities, these few luxurious offers in south Mumbai are retaining the nation’s costliest property market buzzing.