Family registered 8 flats before GST, saved Rs 25 crore

Two days before the Goods and Services Tax (GST) was implemented by the central government, a business family from Wadala registered eight flats worth a total of Rs 234.55 crore in the Omkar 1973 project in Mumbai's plush Worli locality on June 28.

The Krishnanis even shelled out Rs 10 crore as stamp duty to register the flats at the subdivisional registrar's office in Lower Parel.

According to sources, if the family had delayed the registration, they would have had to pay a whopping Rs 25 crore as GST, at the rate of 12 per cent.

The country's most expensive property market is witnessing a transaction of this magnitude in the residential segment for the first time in several years, exceeding the sum typically paid for homes in south Mumbai, realtors claim.

"This is a very expensive deal, and surely one of the most expensive in the city," said a realtor from South Mumbai.

The most expensive flat in the deal costs Rs 37.56 crore, and is located on 60th floor of the building, while the least expensive apartment was purchased for Rs 14.96 crore, and located on the 58th floor. The flats are located between the 49th and 60th floors.

Devang Verma, Director, Omkar Realtors confirmed the deal and said, "The family wanted to stay together. Also, ours is a ready possession building replete with an Occupation Certificate. This instils confidence in home buyers to purchase ready possession flats."

The family that bought the flats currently resides in Wadala. The family will have as neighbours Ekta Kapoor, Virat Kohli, and Yuvraj Singh.