Phoenix Mills Chairman Atul Ruia buys Rs 32.8 Cr Property in Mumbai

Atul Ruia, chairman of Phoenix Mills Ltd., has bought a 36^th floor apartment in the Phoenix Mills Compound in Mumbai for Rs 32.8 crore, according to registration documents accessed by Zapkey. The apartment is spread over 7,540 square feet. Ruia purchased the property from Pallazzio Hotels & Leisure Ltd., which is a subsidiary of Phoenix Mills, according to the documents. Ruia paid stamp duty of Rs 98.4 lakh at the rate of 3%, availing of a temporary stamp duty reduction offered by the Maharashtra government. The transaction closed on March 31 and was registered on April 20, the documents showed. The deal works out to about Rs 45,000 per sq. ft, real estate experts said, adding that this was a fully fitted apartment.