Inaya Living, has acquired a three-storey bungalow Laburnum House on South Mumbai’s Cumbala Hill Road for Rs 93 crore.
The development company has bought the property through its parent Chandler & Price (India) that has paid stamp duty worth Rs 4.65 crore for the registration of the transaction.
The deal for the property with ground plus three storey bungalow was concluded in early December, showed documents accessed through real estate analytics firm Propstack.
Chandler & Price (India) already has a real estate business that undertakes development of luxury properties through its brand Inaya Living. Currently, it is developing bungalows in Goa, Gujarat and Mumbai’s Madh Island.
Laburnum House is the company’s latest addition to the portfolio of bungalows being developed by promoter Krishna Patel and his wife Megha. This property, however, will be redeveloped for their personal use.
Inaya Living will be redeveloping the existing villa as a new two-storey bungalow with more open space.
“We are looking to redevelop the property for our personal use and the new bungalow will be configured for the requirements of our small family. We are confident to bring in much more charm into the appealing Laburnam Road than even before, with the magic we create,” Krishna Patel told ET while confirming the transaction.
The deal assumes significance as South Mumbai is witnessing a major bungalow transaction after a long gap.
Cumbala Hill is a hill and plush neighbourhood in South Mumbai flanked by the sea on the west, Altamount Road on the east, Malabar Hill on the South and Mahalaxmi on the North.
Last year, in the largest ever residential transaction anywhere in the country, Radhakishan Damani, billionaire investor and founder of D-Mart had bought a bungalow in South Mumbai’s plush Malabar Hill locality for Rs 1,001 crore. The ground plus two storey-bungalow Madhukunj on leafy Narayan Dabholkar Marg is spread over 1.5-acre land parcel.
Over the past few years, several bungalows in South Mumbai’s toniest localities of Carmichael Road, Altamont Road, Nepean Sea Road and Malabar Hill have made way for luxury skyscrapers. Several industrialists and India’s uber rich have also been buying bungalows for their personal use in this billionaires’ district.
In 2015, industrialist Kumar Mangalam Birla emerged as the highest bidder for the sea-facing, 30,000-sq-ft, Jatia House in Malabar Hill. The Aditya Birla Group chairman paid Rs 425 crore for the property, making it the most expensive bungalow deal ever in India then, surpassing the Rs 400-crore Maheshwari House transaction of 2012.
Soon after, Poonawalla emerged as the highest bidder for the US Consulate’s Lincoln House at Breach Candy for Rs 750 crore, making it the costliest transaction for a house at that time.
