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PharmEasy co-founder buys Rs 40-crore apartment in Mumbai’s Khar, Real Estate News, ET RealEstate

PharmEasy co-founder buys Rs 40-crore apartment in Mumbai's Khar, Real Estate News, ET RealEstate
Digital healthcare platform PharmEasy’s co-founder Siddharth Shah has bought a premium duplex apartment spread over 5,445 sq ft in Mumbai’s Khar locality for Rs 40 crore. The apartment on the 6th floor of project Wadhwa Samarpan off Carter Road will also provide Shah exclusive access to three car parks.

Shah, an IIM-Ahmedabad graduate is chief executive of API Holdings that runs PharmEasy, which was in the news recently after it announced acquiring diagnostic chain Thyrocare. This is the first instance of a unicorn acquiring a listed legacy player in India.

PharmEasy became India’s largest e-pharmacy after the acquisition of its rival, Medlife and has been the first Indian e-pharmacy start-up to enter the unicorn club.

The transaction for the property was concluded on March 31, the last day to avail the benefit of lower stamp duty as announced by the government of Maharashtra. The deal was finally registered on August 20, showed documents accessed by ET through Zapkey.com

The buyer has paid stamp duty of Rs 1.50 crore for the transaction.

When contacted Shah declined to comment for the story.

With an objective of kick-starting the real estate sector and nearly 260 linked industries by encouraging housing sales, the state government had announced a reduction in stamp duty charges to 2% from 5% from September to December-end. Stamp duty was charged at 3% of the agreement value between January and March 31.

Over the last one year, Mumbai’s property market has been witnessing many high-value transactions for luxury apartments.

Several corporate personalities, business founders, industrialists, Bollywood actors including Amitabh Bachchan, Hrithik Roshan, Rani Mukherjee, Alia Bhat, Disha Patani, investment bankers and cricketers have bought luxury apartments and concluded their deals during this period.


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Written by Realty Beat

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