Agarwal Holdings buys 75,000-sq-ft plot in Mumbai for Rs 332.8 crore

September 2022

Of late, there has been a flurry of bungalow deals in Mumbai. Also, the trend of industrialists, corporate leaders and start-up owners purchasing ready-to-move-in luxury properties has continued in Mumbai even after the metro cess kicked in on April 1.

Agarwal Holdings Pvt Ltd has bought a 75,000 sq ft plot in Mumbai for Rs 332.8 crore, which is expected to be utilised for a redevelopment project, documents accessed by Indextap.com showed.

The plot is located in Juhu, Santacruz West, Mumbai.

The sellers of the plot are Pawan Kumar Shivling Prabhu, Vrinda Shivling Prabhu, Meet Kumar Shivling Prabhu and Pabita Shivling Prabhu. The purchaser is Agarwal Holdings Pvt Ltd, the documents showed.

The directors of Agarwal Holdings are Girdharilal Bawri, Banwarilal Bawri and Rajendra Agarwal.

A stamp duty of Rs 19.96 crore was paid on the deal, the Deed of Conveyance showed.

The plot area is 6,988.50 sq m and the structure area is 400 sq m. The deal was registered on September 7, 2022, the documents showed.

There was no response from the buyer or the seller.

“The approximately 75,000-sq-ft plot sale deal seems to be a transaction for a housing redevelopment project. We have witnessed dozens of housing plot sales in the suburbs of Bandra, Khar, Santacruz, Vile Parle and Juhu after the new UDCR. We strongly believe that housing redevelopment transactions will increase in the next few years in these prime suburbs as old properties give way to new development. Vacant land is limited in these prime suburbs of Mumbai; old properties have consumed far less FSI (floor space index) making it lucrative for developers to redevelop in these zones,” said Abhishek Kiran Gupta, CEO and co-founder, Indextap.com.

Last year, author Siddharth Dhanvant Shanghvi had sold a family bungalow spread across an area of 9,795 sq ft located in Mumbai’s posh Juhu area for Rs 84.75 crore to Agarwal Holdings Pvt Ltd.

Of late, there has been a flurry of bungalow deals in Mumbai.

Feat Properties Pvt Ltd, a subsidiary of K Raheja Corp, had purchased a 3,278-sq m bungalow in Mumbai’s Juhu area for Rs 182.75 crore from Bollywood director and producer BR Chopra’s family in May this year.

The promoters of Mumbai-based K Raheja Corp have bought a Juhu plot along with the house sitting on it for Rs 265 crore.

Media reports last year had said that Imperial Infra, a Boman Irani-led Rustomjee Group firm, had concluded a sale agreement with the Bandra Parsi Convalescent Home Trust for a one-acre plot near Taj Lands End hotel for Rs 234 crore.

The trend of industrialists, corporate leaders and start-up owners purchasing ready-to-move-in luxury properties has continued in Mumbai even after the metro cess kicked in on April 1.

The year 2021 saw ready-to-move-in luxury apartments in Mumbai being lapped up by high net worth individuals (HNIs). The year started with the mega bucks bungalow deal inked by D’Mart founder Radhakishan Damani and his brother Gopikishan Damani for a Rs 1,001-crore independent house in Mumbai’s posh Malabar Hill area. The registration took place on 31 March 2021, the last day of the reduced 3 percent stamp duty on housing units in Maharashtra.

In another bungalow deal, a company owned by Surat-based diamond merchant Ghanshyambhai Dhanjibhai Dholakia bought a bungalow at Worli Seaface in Mumbai for Rs 185 crore. The 19,886 sq ft property, called Panhar Bungalow, comprising a basement, ground floor and six other floors, was bought by Hari Krishna Exports. The seller of the property was Arkay Holdings, owned by Essar Group. The property deal was registered on July 30. The per sq ft cost worked out to around Rs 93,000.