UAE-based businessman Talwar’s family buys sea-facing luxury villa Raheja Arbour in Mumbai’s Worli

UAE-based businessman Lovraj Talwar’s family has bought an entire six-storey sea-facing luxury residential villa, Raheja Arbour in Worli, for Rs 75 crore from realty developer Raheja Universal.

The property with nearly 21,000 sq ft built-up area has three large duplexes with a private garden and an infinity swimming pool on the terrace overlooking the Arabian Sea.

The project is built on a plot spread over one-fifth of an acre adjoining the landmark residential developments including Samudra Mahal, Eden Hall and Raheja Anchorage.

Talwar has purchased the property through one of his companies, Lord Ayyappa Enterprises, while Raheja Universal has sold the property through their subsidiary, Radha Krishna Properties, showed the documents accessed by ET.

The deal was finalised in January and was registered in February, allowing the buyer to avail the benefit of lower stamp duty that was valid until March end.

The state government had announced a reduction in stamp duty charges to 2% from 5% from September to December-end last year.

Stamp duty was charged at 3% of the agreement value between January and March 31. This was done to kick-start the real estate sector and nearly 260 linked industries by encouraging housing sales.

ET’s email queries to Talwar’s firm and Raheja Universal remained unanswered until the time of going to press. Transaction advisor Savills India declined to comment for the story.

Talwar is managing director of the Sharjah-based Terrazzo Group, which was set up as a joint venture in 1977.

Terrazzo is the largest manufacturer of high-end construction products in the Gulf region and it supplies building material products to many of the major government departments in the UAE.

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He also founded Emirates Rebar, which is part of the Bukhatir Group, in the mid-1990s to cater to local demand for factory fabricated steel reinforcement.

Terrazzo has been involved in supplying materials to all the major projects in the UAE, including Dubai and Abu Dhabi International airports, Palm Jumeirah, BurjKhalifa, Mall of Emirates, Saadiyat Island and Yas Island, etc.

Last week, Worli witnessed another big-ticket property transaction when a Surat-based diamond manufacturing and export firm, Hari Krishna Exports, bought an entire six-storey residential property on sea face from Essar Group entity, Arkay Holdings, for Rs 185 crore.

This transaction was concluded on Friday unlike most big-ticket property transactions that are being reported now but were finalised before March 31, the last day to avail the benefit of reduced stamp duty.

The last large transaction for a property on Worli sea face was concluded in 2012, when

had sold its guest house and training centre ‘Gulita’ spread over little less than an acre to Piramal Realty for Rs 452 crore.



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