Suresh Pareek, founder and managing director of pharmaceutical company Ideal Cures, has purchased a sea-view luxury apartment in Mumbai’s plush Worli locality for over 64.57 crore. The deal values the apartment at over Rs 95,000 per sq ft, making it one of the costliest residential apartments in the country.
Pareek has bought the apartment on the 12th floor of an under-construction project Raheja Artesia being developed by realtor K Raheja Corp Homes. The buyer has paid nearly Rs 3.23 crore as stamp duty for the registration of the agreement.
Recently, in his personal capacity, Pareek has also acquired an office space spread over nearly 4,000 sq ft in Worli for Rs 9.41 crore.
Ideal Cures is amongst the leading manufacturer and exporter of pharmaceutical excipients and ready-to-use coating systems for solid oral dosage forms. Some of its products are also used extensively in coating of drugs that support the treatment of Covid19.
The company was recently in the news after Colorcon Inc., a global leader in pharmaceutical film coatings and specialty excipients, acquired it for around $250 million. The deal had marked the exit of US-based private equity major TA Associates.
The said deal was executed on March 28 and registered on March 29, showed documents accessed through Indextap.com. As part of the deal, Pareek will also get exclusive access to 6 car parks.
ET’s email query to Pareek’s family remained unanswered, while K Raheja Corp Homes declined to comment for the story.
The transaction was registered just prior to the hike in ready reckoner and stamp duty rates by the government of Maharashtra. With effect from April 1, the state government has announced an average hike of 5% in the ready reckoner rates for properties across Maharashtra.
As per the revised ready reckoner rates, the highest increase will be in the Thane municipal limits at an average of 9.48%, while rates in greater Mumbai were increased by 2.34%. In addition to this, the government has also implemented 1% Metro cess on stamp duty in Mumbai, increasing the cost of property acquisition in the city.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions lately after the state government announced a limited-window stamp duty reduction.
The significant but limited-period stamp duty reduction window that ended on March 31, 2021, was a catalyst for the city’s residential market. While stamp duty rebates are not available now, the deals have continued to flow in.
Property registration in Mumbai has continued its record-setting spree by scaling a new peak with the highest-ever monthly stamp duty collection at nearly Rs 1,131 crore in March.
Recently, Siddharth Jain, part of INOX Group’s promoter family, bought a sea-view luxury quadruplex apartment in a super-premium residential tower Raheja Legend on Dr. Annie Besant Road in Worli locality for Rs 144 crore, making it one of the most expensive deals for a single residential apartment anywhere in the country.