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This industrialist bought two flats in Mumbai for Rs 100 crore

Despite ready reckoner rates for both apartments amounting to Rs 46.43 crore, Anurag Jain, MD of auto component maker Endurance Technologies paid almost double for the flats

twitter-logoBusinessToday.In | July 15, 2020 | Updated 17:18 IST
This industrialist bought two flats in Mumbai for Rs 100 crore
Caption- Anurag Jain, MD of auto component maker Endurance Technologies bought the ritzy apartments measuring over 6,370 sq. ft. on the 19th floor of the luxury building last week

Anurag Jain, MD of auto component maker Endurance Technologies, has bought two flats at Mumbai's upscale Carmichael Road for a whopping Rs 100 crore.

This is India's costliest real estate deal for 2020. Jain bought the ritzy apartments measuring over 6,370 sq. ft. on the 19th floor of the luxury building last week. He paid Rs 1,56,961 per sq. ft for the swanky residences. Each flat covers an area of over 3,185 sq. ft.

Despite ready reckoner rates for both apartments amounting to Rs 46.43 crore, Jain paid almost double for the flats. The deal was registered on July 9 after he paid Rs 1.56 lakh per sq. ft along with Rs 5 crore stamp duty.

Also Read: India's ranking in JLL's Global Realty Transparency Index improves to 34th spot

Along with the adjacent apartments, Jain will also get eight car parking slots in the building.

The billionaire nephew of Bajaj Auto Chairman Rahul Bajaj ranked 84th on the Forbes India rich list in 2019. Jain's company Endurance Technologies supplies parts for two-wheelers and three-wheelers in India and car components in Europe.

The company has a market capitalisation of Rs 12,500 crore. The promoters of the auto component maker, including Jain and his family, have a 75% stake in the company.

Also Read: Commercial real estate to continue its boom in 2020; residential sales may see growth only in H2

The affluent Carmichael Residences is coming up on Altamount Road-Carmichael Road. The property is spread over half an acre.

The 22-storey luxury residential building is being developed by RA Realty Ventures, set up by Ashok Piramal Group's realty development arm Peninsula Land and Khemchand B Kothari Group.

Also Read: Relief for real estate sector! Govt allows housing project deadlines to be extended by 6 months

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