Kunal Jaysinghani: Polycab India promoter Kunal Jaysinghani buys luxury duplex in Mumbai’s Prabhadevi for Rs 48 crore

Kunal Jaysinghani, part of promoter group of wire and cable manufacturing company , has bought a sea-view luxury duplex apartment in Beaumonde Towers in Mumbai’s Prabhadevi locality for Rs 48 crore.

Kunal, who is son of Polycab India’s promoter and Chairman Inder Jaysinghani, leads strategic initiatives of the company. The 28-year-old has bought the apartment spread over 6,851 sq ft on the 32nd and 33rd floor of the tower B of the luxury project. As part of the agreement, the buyer also gets exclusive access to 11 car parking slots.

Jaysinghani, who already resides on the 14th floor of the same luxury tower, has bought the apartment from a Mumbai-based financial intermediation company Asia-Pacific Business Services Private Ltd.

The transaction was concluded on March 31 and was registered on May 25. The buyer has paid stamp duty worth Rs 2.4 crore for the registration, showed documents accessed through Zapkey.com, which aggregates property registration data.

In November,

, part of the Aditya Birla Group, had acquired a 100% equity stake in Polycab India’s wholly-owned subsidiary Ryker Base Private Ltd for an enterprise value of Rs 323 crore.

Following this, Polycab India acquired a sea-view office spread over two floors at commercial tower The Ruby in central Mumbai’s Dadar locality in April for over Rs 202 crore in one of the few large outright deals for office spaces in the recent past.

The company’s newly acquired office spread over 55,400 sq ft space is in close proximity to its existing headquarters Polycab House in central Mumbai’s Mahim locality.

The deal, which has attracted stamp duty worth Rs 10 crore, will also provide the company exclusive access to 40 car parking slots.

The outright deal for the office property assumes significance in the backdrop of most such transactions increasingly being concluded on lease basis over the last few years. Most large outright office property acquisitions now involve institutional investors that operate the properties and lease them to occupiers.

ET’s separate email queries to Jaysinghani family and Asia Pacific Business Services remained unanswered.

Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with high-profile 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, the country’s largest and most costly real estate market, maintained its record-breaking speed in May despite increased ready reckoner, stamp duty, and the turn of the interest rate cycle.

The robust demand and its conversion into actual sales has helped set a new record for the month of May ever. Both registrations and revenue earned by the state exchequer during the month have created new benchmarks.

The country’s financial capital witnessed the registration of over 9,630 property deals in May, according to data from the Inspector General of Registration, Maharashtra. While registration numbers rose 80% from a year ago, the state exchequer fetched 166% higher revenue at Rs 714 crore, the highest ever for the month of May.