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DMart CEO buys Rs 70 crore home in Mumbai from Rustomjee

Ignatius Navil Noronha, one of India’s wealthiest CEO’s, has booked two units in the under-construction project Rustomjee Seasons that is located close to the business district of Bandra Kurla Complex

September 18, 2022 / 11:48 AM IST
Ignatius Navil Noronha, CEO of Avenue Supermarts Ltd, which runs DMart retail stores. (File Photo)

Ignatius Navil Noronha, CEO of Avenue Supermarts Ltd, which runs DMart retail stores. (File Photo)

 
 
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In one of the largest value transactions in Mumbai real estate, Ignatius Navil Noronha of retail chain DMart has purchased a home in Bandra (East) for Rs 66 crore. He has also paid a stamp duty of Rs 3.30 crore. Noronha, one of India’s wealthiest CEO’s, booked two units in the under-construction project Rustomjee Seasons that is located close to the business district of Bandra Kurla Complex.

The two apartments have a combined RERA carpet area of 8640 square feet according to registration documents on Zapkey. Additionally, there is a deck and terrace area of 912 square feet making the entire size of Noronha’s apartment at 9,552 square feet. He will have access to 10 car parking.

The deal marks a new high in transaction size for the sharply rising Bandra East market that has witnessed dramatic buyer interest over the last decade. The project has been a beneficiary of its proximity to the new business hub of BKC as well as limited competition from sluggish and stalled projects in the vicinity. Rustomjee Seasons is currently is in an advanced stage of completion.

Boman Irani of Rustomjee, the developer of the project, was unavailable for comment. Messages sent to Noronha received no response.

On of the back of the rising stock price of Avenue Supermarts last year, Noronha became India’s richest professional manager with a net worth in excess of a billion dollars. He owns almost 2% stake in Avenue Supermarts that owns and operates DMart stores.
Vishal Bhargava is a real estate enthusiast who views and reviews new projects, when not busy with his newstoon platform Snapnews. The views are personal.
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