Siddhartha Sacheti buys Rs 160 crore duplex in Mumbai’s Worli

Siddhartha Sacheti, Creative Director and CEO of Jaipur Gems, has purchased two vertically aligned sea-facing luxury apartments in a residential project in central Mumbai's plush Worli locality for a total of Rs 160 crore.

The deal involves the acquisition of two duplex units on the 51st and 52nd floor of the tower with a combined carpet area of 12,260 sq ft, each priced at Rs 80 crore.

The transaction values the property at around Rs 1.3 lakh per sq ft, ranking it among the most expensive property deals.

Siddhartha Sacheti is the brother of Mithun Sacheti, founder of online jewellery retailer CaratLane. In 2023, Mithun Sacheti and his family had received Rs 4,621 crore from the sale of their stake in CaratLane to Titan Company, a Tata Group firm.

Both these apartments come with a total 10 car parking spaces. The buyer has paid over Rs 5.61 crore in stamp duty charges alone for the registration of the deal, showed documents accessed through Zapkey.com.

Sacheti could not be reached immediately for a comment.

As the same apartments have been transacted within three years of earlier registration that attracted stamp duty of over Rs 4.78 crore, the new buyer has paid the differential stamp duty charges.

As per the government regulations, if an apartment is sold within three years of its previous registration, the buyer is required to pay the differential stamp duty.

This effectively means that if the stamp duty applicable at the time of the new transaction is higher than the duty paid during the earlier registration, the buyer is expected to pay the difference to ensure compliance with the updated rates.

This rule is aimed at aligning stamp duty payments with current property valuation and preventing revenue loss for the state government exchequer.