YES Bank CEO Rana Kapoor Buys Rs 128 Cr Home Next to Ambani's 27-storey Antilla..!

The family of YES Bank CEO and MD Mr. Rana Kapoor has bought a residential building - jointly owned by Citibank & GlaxoSmithKline - on tony Altamount Road in Mumbai for Rs. 128 crore, and plans to build a house there.

The building is next to Mukesh Ambani's 27-storey Antilla.

Khursheedabad Building, the apartment block, was put on the block in March this year (2013).

The building, built on a 3rd of an acre plot, stands in the middle of a posh neighbourhood that boasts of houses of some of India's richest businessmen - Mr. Ambani and Mr. Kumar Mangalam Birla - as well as of Washington House sold recently by the US Embassy to Lodha Developers. It has 6 apartments in all, of which the US-based bank owns 5 while one is owned by the British healthcare firm.

The building has been acquired in the name of Mr. Rana Kapoor's wife Ms. Bindu and a privately held company. The Mr and Ms. Kapoors plan to bring down the structure to build their house and a small office for themselves, one of the persons said.

Delhi-born Kapoor, a career banker, is the founder of YES Bank, India's 4th-largest private bank, and has been on the lookout for properties in south Mumbai for the last one year.

Many Indian businessmen have been buying expensive houses in Delhi & Mumbai over the last few years. Earlier this month, ITC Chairman Mr. Y.C Deveshwar bought a bungalow in Delhi's Shanti Niketan area for Rs. 85 crore.

The ground plus 2 storey structure on Altamount Road currently has a total built-up area of 14,800 square feet that includes a basement and has been used by Citibank and GSK over the years to house their mid-to-senior level executives. Mr, Nanoo Pamnani, who is on the advisory board of BMR Advisors, stayed in one of the apartments here in the 1980s-90s before he became the chief executive officer of Citibank India in 1999 and later its chairman.

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