Paytm Payments Bank’s MD buys two duplexes in Mumbai for Rs 20 crore, ET RealEstate
Surinder Chawla, managing director and chief executive of Paytm Payments Bank, has purchased two duplex apartments in a luxury residential tower ‘Sky Forest’ in Mumbai’s Lower Parel area for a total of Rs 20 crore.
Both the adjacent apartments on the 42nd and 43rd floor of the tower with sea view are spread over a total of 3,488 sq ft. As part of the agreement, Chawla will also have access to four car parking slots.
The transactions for both the apartments were concluded and registered on August 22 and they attracted stamp duty of Rs 60 lakh each, showed the documents accessed through Zapkey.com.
The deals value the apartments at more than Rs 57,300 per sq ft as the buyer will also get rights to exclusively use over 972 sq ft in addition to the apartment’s carpet area.
ET’s email query to Surinder Chawla remained unanswered until the time of going to press.
Chawla, who has nearly three decades of retail banking experience, took charge of Paytm Payments Bank in January. He was previously the head of branch banking at RBL Bank. Prior to joining RBL Bank in 2013, Chawla was in key senior management positions at HDFC Bank.
India’s commercial capital Mumbai has been witnessing robust momentum and recorded the best September performance in terms of property registrations and stamp duty revenue collections, as robust demand further boosted sales despite high mortgage rates and property prices.
The country’s largest and most expensive realty market saw registration of over 10,602 properties in September, up 23% from a year ago. Revenue collection through stamp duty charges rose 53% on-year to over Rs 1,124 crore, showed data from Maharashtra’s inspector general of registration.
Property developers and industry experts are of the view that the sales momentum will continue in the upcoming festive season.