Real estate market sources said the bungalow, Madhu Kunj, is located on a prime 1.5-acre lot with a built area of more than 60,000 square feet on Tony Malabar Hill.
“The ground floor plus one floor bungalow is built in Art Deco style and could be at least 90 years old. It has heritage characteristics, ”said a local resident. It has an open terrace and a large enclosure.
Damani paid a 30 million rupee stamp duty on the property, which was purchased last month, according to real estate market sources. It is not known if the new owner plans to remodel the property and build a tower as many past home buyers have done in this area.
TOI learned that the property belonged to the Premchand Roychand family from Mumbai. “It is one of the city’s old established merchant families, whose ancestors built the Rajabai Clock Tower in Venetian Gothic style at Fort in the mid-19th century,” said a person who knows the family.
The bungalow is located on the corner of Narayan Dabholkar Road, one of the most exclusive and expensive residential enclaves in South Mumbai, where apartments are priced from Rs 70,000 to Rs 80,000 and more per square foot depending on the building. The VIP neighborhood also has several bungalows such as Shivgiri, Ramtek and Meghdoot.
A source from the real estate market, who did not wish to be identified, said of Damani: “He is one of the smartest investment minds in India and has been investing a lot in real estate. He recently bought an eight acre parcel in Thane for 250 million rupees. ”
The source said why Damani could have paid such a staggering price, especially when the land fees at Malabar Hill are around Rs 400 million per acre: “There is some element of capital gains planning as he has obtained lots of capital gains, which can be reinvested tax-free in a residential home. He’s optimistic about land appreciation for years to come. ”
Gulam Zia, ED, Knight Frank India, said: “The trend of collecting prized properties for an exclusive residential address in South Mumbai by ultra-high net worth Indian individuals has prevailed for a long time. The Ambani, the Piramal, the Singhania have recently joined the Mumbai skyline. This seems to be one more addition. ”
In 2015, Poonawalla, Cyrus and their son Adar from the Serum Institute of India, bid Rs 750 crore for Lincoln House, the former property of the US consulate at Breach Candy in South Mumbai. However, they were unable to take possession of the property after the defense department of real estate stopped the deal.
In 2014, the Godrej family purchased Homi Bhabha’s iconic bungalow, Meherangir, on Malabar Hill for Rs 372 million.
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