Mumbai penthouse goes for Rs 240 crore in ‘biggest’ such deal

[Spartan]

In probably the costliest apartment deal in India, a penthouse in a Worli luxury tower has been sold to an industrialist for Rs 240 crore.
TOI has learnt that B K Goenka, chairman of Welspun Group, has purchased the triplex (through a group company) in Three Sixty West, a luxury project at Annie Besant Road, Worli. According to market sources, the penthouse is on the 63th, 64th and 65th floors in Tower B of the skyscraper.

The penthouse is spread over 30,000 square feet. To put it into perspective, this penthouse is 100 times the size of a free 300-sqft tenement given to a slum family under the government’s slum rehabilitation scheme. The transaction was registered on Wednesday and the buyer plans to stay in the penthouse, said sources.

“This is the costliest apartment sold to date in India. We anticipate more deals in the ultra-luxury segment in the next two months because from April 2023, the capital gains allowed to be invested under Section 54 have been limited to Rs 10 crore. So, any capital gain above Rs 10 crore would be automatically taxed (as applicable),” said Pankaj Kapoor, founder and MD of Liases Foras, a real estate rating and research firm.

Another penthouse in the adjoining wing of the same tower has been purchased by builder Vikas Oberoi for Rs 240 crore. Oberoi developed this luxury property himself in partnership with businessman/builder Sudhakar Shetty. Oberoi is believed to have bought the penthouse in his own project through one of his companies, R S Estates Pvt Ltd.

Meanwhile, Oberoi’s Oberoi Realty has bought over the partnership firm, Oasis Realty, which developed this property. Oasis Realty is a joint venture between Sudhakar Shetty’s Sahana and Oberoi Realty.
Last week, Oberoi Realty informed the stock exchanges (BSE and NSE) that it has purchased/acquired Three Sixty West for Rs 4,000 crore. Oberoi Realty said it purchased 5.25 lakh sqft, which includes 63 apartments.

[Spartan]

Section 54 , interesting.

https://incometaxindia.gov.in/tutorials/16. exemption under 54.pdf