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Surinder Chawla, the Managing Director and CEO of Paytm Payments Bank has recently made a notable investment in the Mumbai real estate market. He acquired two duplex apartments situated in the upscale Indiabulls 'Sky Forest' residential tower located in Lower Parel, Mumbai, at a combined cost of Rs 20 crore. These adjoining apartments, perched on the 42nd and 43rd floors of this tower, collectively offer a generous living space spanning 2,516 square feet. The agreement also grants Chawla exclusive access to four parking spaces, further enhancing the convenience and luxury of the purchase.
The property transactions for both of these apartments were successfully concluded and officially registered on August 22. The seller in this property transaction is Madhuri Vinayak Gawande. These transactions attracted a stamp duty of Rs 60 lakh for each apartment, underscoring the significant value of this acquisition. Calculated at this rate, the apartments are appraised at an impressive rate of over Rs 57,300 per square foot. This valuation considers not only the standard carpet area of 2,516 square feet but also exclusive rights to an additional 972 square feet of space.
Surinder Chawla, a veteran of the retail banking sector with a career spanning nearly three decades, assumed his role as the MD and CEO of Paytm Payments Bank in January. Prior to this, he held the position of Branch Banking Director at RBL Bank. His journey in the banking sector commenced at HDFC Bank, where he occupied key senior management positions before joining RBL Bank in 2013.
There has been a rising trend among bankers, fintech majors, and startup founders of buying multiple luxury apartments at one go. They are increasingly opting to allocate their wealth into substantial real estate investments as a strategic diversification strategy. Apart from this recent purchase by Surinder Chawla, Asha Mukul Agarwal, a director at Param Capital bought three luxury apartments for a total sum of Rs 260 crores in Malabar Hills. Monish Darda, co-founder and Chief Technology Officer of Icertis, purchased a 3,055 sq ft luxury residential apartment in Juhu for approximately Rs. 38 crore.
Apart from Mumbai, other major cities also have been part of this trend. Peyush Bansal, co-founder of Lenskart, invested an impressive sum of Rs. 18 crore to secure a 467.9 sq m bungalow situated on a 680 sq m plot in Neeti Bagh. In similar vein, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions, an IT software services and consultancy firm based in Hyderabad, chipped in Rs. 48 crore in a property, spanning 13,000 sq ft, located in the Jubilee Hills area.
The allure of prime properties in prestigious locations, coupled with the potential for lucrative rental income and capital appreciation, makes real estate an attractive asset class. Mumbai, often considered India's financial capital, has demonstrated robust performance in its real estate sector. Homes worth Rs 43,000 crore were sold in Mumbai’s top 100 housing projects in 2022. The top 10 projects last year, according to Zapkey.com, included Birla Niyaara in Worli with sales worth Rs 1,825 crore, followed by Lodha The Park in Worli (Rs 1,572 crore), K Raheja Vivarea in Mahalaxmi (Rs 1,156 crore), Oberoi Sky City in Borivali East (Rs 1,092 crore), and Lodha World Towers in Upper Worli (Rs 956 crore). The other big transaction values in the list were L&T Emerald Isle in Powai with sales of Rs 940 crore, Indiabulls Sky Forest in Lower Parel (Rs 938 crore), Prestige Bellanza in Mulund West (Rs 883 crore), and Oberoi Elysian in Goregaon East (Rs 878 crore), among others.
In conclusion, we can say that Surinder Chawla's acquisition of two duplex apartments in Mumbai's prestigious property exemplifies the growing trend among financial sector leaders to invest in real estate in prime locations. Mumbai's robust real estate sector, demonstrated by significant transactions in top housing projects, highlights the city's appeal as a lucrative real estate destination.
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