Property market sources mentioned the bungalow, Madhu Kunj, is situated on prime 1.5-acre land with a built-up space of greater than 60,000 sq. ft in tony Malabar Hill.
“The ground-plus-one storey bungalow is built in the Art Deco style and could be at least 90 years old. It has heritage features,” mentioned an area resident. It has an open terrace and a big compound.
Damani paid stamp responsibility of Rs 30 crore for the property, which was bought final month, in keeping with actual property market sources. It is just not recognized if the brand new proprietor plans to redevelop the property and construct a tower like many plot consumers have executed up to now on this space.
TOI has learnt the property belonged to the Premchand Roychand household of Mumbai. “It is one of the old established mercantile families of the city, whose ancestors built the Venetian Gothic Rajabai Clock Tower at Fort in the mid-19thcentury,” mentioned an individual who is aware of the household.
The bungalow is located on the nook of Narayan Dabholkar Road, one of essentially the most unique and costly residential enclaves in south Mumbai, the place residences command a worth of Rs 70,000 to Rs 80,000 and extra per sq. foot relying on the constructing. The VIP neighbourhood additionally has a number of bungalows similar to Shivgiri, Ramtek and Meghdoot.
A property market supply, not wishing to be recognized, mentioned of Damani: “He is one of India’s smartest investor minds and has been investing big time into real estate. Just recently, he purchased an eight-acre plot in Thane for Rs 250 crore.’’
The source said why Damani might have paid such a jaw-dropping price, especially when land rates in Malabar Hill are around Rs 400 crore per acre: “There is some element of capital gains planning since he has made a lot of gain in equity, which can be reinvested tax-free into one residential house. He is bullish on land appreciation in future years.”
Gulam Zia, ED, Knight Frank India, mentioned, “The trend of picking up prized properties for an exclusive residential address in South Mumbai by the Indian ultra-high net worth individuals is prevailing for a long time. The Ambani’s, the Piramal’s, the Singhania’s have all in recent times added to the skyline of Mumbai. This seems to be one more such addition.”
In 2015, the Poonawallas, Cyrus and son Adar of Serum Institute of India, bid Rs 750 crore for Lincoln House, the previous US consulate property at Breach Candy in south Mumbai. They had been unable to take possession of the property, although, after the defence estates division stalled the deal.
In 2014, the Godrej household purchased Homi Bhabha’s iconic bungalow, Meherangir, at Malabar Hill for Rs 372 crore.
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