Tata Group chairman N Chandrasekaran and his family have purchased a duplex in a Pedder Road luxury tower for Rs 98 crore which property market observers described as a big “high-profile” transaction.
33 South, a 28-storey skyscraper, is a high-end condominium near Jaslok Hospital, where the Chandras have been staying on lease for the past five years.
The duplex on the 11th and 12th floors is spread over a carpet area of roughly 6,000 sq ft. “The Chandras were residing here for some years on a monthly lease rental of Rs 20 lakh,” said sources familiar with the deal. “Chandrasekaran moved in after he took over as chairman of Tata Sons on February 21, 2017,” they added.
The deal was registered three days ago in the name of Chandrasekaran (58), his wife Lalitha and son, Pranav. The transaction works out to Rs 1.63 lakh per sq ft. The seller is Jivesh Developers Pvt Ltd, a company controlled by builder Samir Bhojwani.
Chandra bought duplex after 2nd stint confirmed
Tata Group chairman N Chandrasekaran, who recently bought a duplex on Pedder Road, used to stay in an apartment on Little Gibbs Road, Malabar Hill. That house was previously occupied by former TCS CEO S Ramadorai, sources said. Chandrasekaran’s decision to buy the duplex at 33 South comes after Tata Sons recently reappointed him as chairman for another five years till February 20, 2027.
The 28-storey tower was constructed in 2008 by Bhojwani and Vinod Mittal. Chandrasekaran is one of the country’s highest-paid corporate bosses with an annual remuneration of about Rs 91 crore in fiscal 2021. Real estate market sources said such high-value transactions in the city are few and far between. Last December, a Grade-II listed heritage building, Laburnum House, was sold for Rs 93 crore.
The four-storey mansion with 12 bedrooms and seven car parks, owned by the Amerseys for over six decades, was bought by Krishna Patel of Chandler &Price India Pvt Ltd. Commenting on Mumbai’s luxury residential market, Pankaj Kapoor, MD of Liases Foras, said, “Greater Mumbai has 399 apartments unsold costing more than Rs 30 crore. Of these, 97% falls in the island city, and 68% of this unsold inventory is in the cost bracket of Rs 30 crore to Rs 50 crore.”
The prominent locations contributing to such supply are Worli, Lower Parel, Napeansea Road, Prabhadevi, and Mahalaxmi. “The primary market’s annual sales stand at just 25 units. At this pace, it will take 15 years to dispose of the existing inventory. The stock has been languishing for years since there are limited takers of such projects. The outlook is also not optimistic for this segment,” Kapoor said. Data compiled by Knight Frank India shows just 13 high-value transactions since January 2022 in Mumbai. These are flats sold in the range of Rs 33 crore to Rs 64 crore.