Billionaire share
investor mr. Rakesh Jhunjhunwala on recently bought half of a seafacing
building, comprising 6 plush apartments, in Mumbai's upmarket Malabar Hill area
owned by Standard Chartered Bank, for Rs. 176 crore, more than 2 persons who
knew details of the open bidding.
This is the 4
high-value transaction to take place in south Mumbai over the last few months.
In May this year
(2013), YES Bank CEO and managing director Mr. Rana Kapoor had bought a
residential building on Altamount Road from Citibank & GlaxoSmithKline for
Rs. 128 crore.
In June, 2013 glassware manufacturer Borosil bought a
seafacing duplex for Rs. 43 crore.
In September, 2013 a
duplex in Darshan Apartments on Mount Pleasant Road was sold to the Bulchandani
family for Rs.57 crore
The who's who of the
business world stays on Malabar Hill. The Ruias of Essar group, Mr. Shapoorji
Pallonji Mistry, Mr. Adi Godrej, Mr. Pranav Mody and Mr. Venugopal Dhoot all
have houses here. The combined net worth of residents of Malabar Hill is around
$ 3,000 crore.
Former residence of
Mohammad Ali Jinnah and residents the Maharashtra governor and chief minister
are also located in this area. Standard Chartered and a number of other
companies like Citibank, Hindustan Unilever, GSK, Bank of America and HSBC have
owned many apartments in prime south Mumbai localities that were given as
incentives and perks to their mid to top-level executives in the 1950s and
1960s.
With that culture
long gone, these companies and banks have resorted to monetising such properties.
In the last few
years, Citibank has sold over a dozen apartments in Mumbai 5 apartments in
Colaba's Harbour Heights building and one each in NCPA Apartments on Nariman
Point, Meher Apartments on Altamount Road and Kanti Apartments on MountMary Road
in Bandra.
In 2011, Standard
Chartered and HSBC sold a 5 storey residential apartment block, Bishopsgate at
Breach Candy to real estate developer Peninsula Land for Rs. 272 crore.
HUL recently sold its
apartment block in Worli, called Gulita, to Piramal Realty for Rs. 452 crore
and has now looking at selling 55 apartments in prime south Mumbai's
neighbourhoods of Nepean Sea Road, Altamount Road, Cuffe Parade, Malabar Hill
and Colaba for over Rs. 300 crore.
No comments:
Post a Comment