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Nesco promoter buys a bungalow in Mumbai for Rs 93 crore

Situated in Malabar Hill, Laburnam House is a three-storeyed building spread across 9,375 sq ft. The dealt shows growing demand for independent bungalows in Mumbai following the Covid outbreak, say experts

Representative image

Representative image

The promoter of diversified firm Nesco, who is also a director of Chandler & Price (India) Pvt Ltd, has bought a bungalow for Rs 93 crore in the Malabar Hill area of Mumbai, where independent houses are hard to come by, documents accessed by showed.

Laburnam House, a three-storeyed building spread across 9,375 sq ft, was bought by Chandler and Price India Pvt Ltd, which is owned by Krishna Patel who is the promoter of Nesco.

“I hereby confirm that Laburnam House has been purchased by Chandler & Price (India) Pvt Ltd and I was asked to register the said document, as I am one of the directors,” Patel told Moneycontrol.

The deed was registered on December 8, 2021, Zapkey, which aggregates publicly available property registration data, said.

The bungalow belonged to the family of Purshottambhai Amersey for several decades.

The property is located on Laburnum Road which also houses the famous Mani Bhavan, where Mahatma Gandhi used to stay during his Mumbai visits. The street is named for the rows of golden shower trees, or laburnum, planted during the British era.

Inaya Living, a bespoke realty brand of Chandler & Price (India) Pvt Ltd, which developed properties in Goa, a beach house in Mumbai and a farmhouse ensconced in a mango orchard in Gujarat, would design and develop the property, Patel said.

It would be for the personal use of the directors of C&P (India) and their families, the Nesco promoter added. Nesco is into real estate, exhibition centres, food and beverages (F&B) and engineering businesses.

The per sq ft rate of the property works out to be around Rs 1 lakh, local brokers said.

New Delhi and Mumbai are one of the priciest residential markets in India. London-based property consultant Knight Frank ranked New Delhi at 32nd and Mumbai at 36th positions in the Global Prime Residential Index, which tracks the movement in residential prices in local currency in more than 45 cities worldwide.

“The deal demonstrates that there is still demand for independent houses among the ultra rich in Mumbai after three waves of COVID-19. It’s difficult to get such bungalows in Mumbai,” said Ritesh Mehta, senior director and head–West and North, Residential Services, JLL.

In 2021, in one of the biggest such purchases in Mumbai in recent times, DMart founder Radhakishan Damani and brother Gopikishan bought a Rs 1,001-crore independent house in the posh Malabar Hill area.

The registration was done of March 31, the last day of the reduced 3 percent stamp duty on housing units in the state.

The Damani brothers paid Rs 30 crore in stamp duty for the 5,752 square metre property. The per square foot (sq. ft) rate worked out to be around Rs 1.6 lakh, which brokers said was unprecedented.

A company owned by Surat-based diamond merchant Ghanshyambhai Dhanjibhai Dholakia  also bought a bungalow at Worli Sea Face for Rs 185 crore.

The 19,886 sq ft Panhar Bungalow, comprising a basement and seven floors, was bought by Hari Krishna Exports Pvt Ltd. The property was sold by Arkay Holdings Limited, a firm owned by Essar Group. It deed was registered on July 30.

Author Siddharth Dhanvant Shanghvi sold a family bungalow in the tony Juhu neighbourhood for Rs 84.75 crore in 2021. The author of books such as The Lost Flamingoes of Bombay and The Last Song of Dusk sold the 9,795 sq ft bungalow to Agarwal Holding Pvt Ltd, a business firm.

The agreement value of the property was Rs 84.75 crore and the stamp duty Rs 4.2 crore.
Vandana Ramnani
first published: Jan 17, 2022 05:32 pm