Motilal Oswal MD Ashish Gumashta buys luxury apartment in Bandra west
Motilal Oswal MD Ashish Gumashta buys luxury apartment in Bandra west
In February, Mumbai, hailed as India’s largest and most expensive real estate market, sustained its streak of groundbreaking performance.
Reportedly, Ashish Gumashta, MD of strategic initiatives at Motilal Oswal Financial Services, has acquired an under-construction luxury apartment in Mumbai’s Bandra locality for over 36.19 crore.
He recently resigned as Executive Chairman of Julius Baer India. The apartment has a carpet area of 3,417 sq ft and is located on Perry Road and St. Cyril Road.
Gumashta recently joined the financial services firm following his resignation from private banking corporation Julius Baer India where he served as Executive Chairman.
The apartment, with carpet area of 3,417 sq ft along with over 250-s-ft balcony in an upcoming project at the junction of Perry Road and St. Cyril Road, is on the 14th habitable floor, showed documents accessed through IndexTap.com.
It is learnt that the buyer has paid over Rs 2.17 crore as stamp duty alone for the registration of the deal that took place on March 7.
As part of the transaction, Gumashta will also get exclusive access to five car parking slots in the tower.
The under-construction tower with basement, stilt, three podium and 16 habitable residential floors is a project involving redevelopment of an existing housing society constructed around 1978 on a land parcel spread over little more than half an acre.
Markedly, the demand for residential properties and its conversion into sales across the country’s top eight cities scaled an all-time high in 2023, led by heightened activity in the mid-income, premium, and luxury segments.
Bandra west, is well-known for its plush neighbourhoods, actress Alia Bhatt’s production house recently acquired a premium residential apartment in Pali Hill for over Rs 37.80 crore. Film producer and director Dinesh Vijan also purchased a luxury duplex apartment spread over nearly 7,800 sq ft in a super-premium residential tower in the same locality for nearly Rs 103 crore.
Mumbai, the country’s biggest and most expensive property market, has continued its record-setting spree by registering its best February ever as demand continued to be robust and its conversion in actual sales remained unaffected despite higher mortgage rates and property prices.
The country’s financial hub which witnessed registration of over 12,000 properties amidst the month, up 24% from a year ago, showed data from the inspector general of registration, Maharashtra.
News Edit K.V.Raman
