Creative Group of Industries’ promoters buy eight apartments in Mumbai for Rs 155 crore

April 8, 2023

Promoters of Creative Group of Industries have purchased eight sea-view luxury apartments for nearly Rs 155 crore in South Mumbai’s Mahalaxmi locality from real estate developer K Raheja Corp Homes.

These apartments are spread over a total 24,100 sq ft across the 16th floor through 21st floor of the luxury residential tower Raheja Modern Vivarea on Jacob Circle, documents accessed by ET showed.

Vikaschand Agarwal, Kailashchand Agarwal, Ritesh Agarwal, Vinay Agarwal, and Pankaj Agarwal – promoters of the Mumbai-headquartered multipurpose plastic manufacturer – have bought these apartments in February and March.

Apart from the promoters, group companies including Creative Plastics Ltd and Mega Plastic Ltd have also bought apartments before income-tax deductions from capital gains on investments in residential properties was limited to Rs 10 crore with effect from April 1, 2023.

The buyers have paid stamp duty of Rs 9.28 crore for the registration of these apartments.

Creative Group is engaged in the business of custom plastic injection and blow moulder specialising in the manufacturing of caps, closures, and bottles for multipurpose use. It has five manufacturing plants across India including Daman, Indore, Haridwar, Assam, and Pondicherry.

ET’s email query to Creative Group of Industries and K Raheja Corp remained unanswered until the time of going to press.

Raheja Modern Vivarea is an under-construction project with 1 million sq ft development spread over a 3-acre land parcel. The project is being developed by K Raheja Corp’s residential development arm K Raheja Corp Homes.

As part of the deal, Modern India will get a consideration for sale of land as a percentage of the sales revenue.

The land parcel earlier housed a private textile mill and is now being monetised by Modern India.

The development of the entire project, for which the design and necessary approvals are already in place, is expected to be completed by 2028.

The said land parcel is adjacent to Raheja Vivarea, a super-premium residential project developed by K Raheja Corp Homes earlier. The project, known as the residential hub for corporate honchos and CXOs, is spread over 14 acres and houses five towers.

The last concluded and registered transaction in Raheja Vivarea was priced at over Rs 90,000 per sq ft in October. Recently, Rahul Bajaj’s family bought five sea-view apartments in Raheja Vivarea for nearly Rs 104 crore.

  • Published On Apr 8, 2023 at 08:54 AM IST

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