Mumbai: Tata Group President N Chandrasekharni And his family has bought a duplex in a Pedder Road luxury tower in Mumbai for Rs 98 crore, which property market observers have described as a major “high-profile” transaction. 33 South, a 28-storey skyscraper, is a high-end condominium near Jaslok Hospital in south Mumbai, where Chandra has been living on a lease in a duplex for the past five years.
The duplex on the 11th and 12th floors is spread over a carpet area of approximately 6,000 square feet. Sources familiar with the deal said, “Chandra was already living here for a few years on a monthly lease of Rs 20 lakh.” “33 moved to South condominiums after Chandrasekaran took over as president” Tata Sons On February 21, 2017,” company insiders said. When contacted, a Tata Group spokesperson declined to comment on the deal.
The deal was struck three days ago in the name of Chandrasekaran (58), his wife Lalita and son Pranav. The transaction works out to Rs 1.6 lakh per sq ft. The seller is Jeevesh Developers Pvt Ltd, a company controlled by builder Samir Bhojwani. The tower was built in 2008 by Bhojwani and Vinod Mittal. Chandrasekaran’s decision to buy the duplex comes after Tata Sons recently reappointed him as chairman for another five years till February 20, 2027. Chandrasekaran is one of the highest-paid corporate owners in the country with an annual remuneration of around Rs 91 crore in FY21.
Real estate market sources said such high value transactions are few and far between in Mumbai. Commenting on Mumbai’s luxury residential market, Pankaj Kapur, MD, LiaiseForce said, “The primary market has annual sales of just 25 units. At this pace it would take 15 years to settle the existing inventory. The stock is down over the years since there are limited buyers of such projects. Data compiled by Knight Frank India shows just 13 high value transactions in Mumbai since January 2022.
The duplex on the 11th and 12th floors is spread over a carpet area of approximately 6,000 square feet. Sources familiar with the deal said, “Chandra was already living here for a few years on a monthly lease of Rs 20 lakh.” “33 moved to South condominiums after Chandrasekaran took over as president” Tata Sons On February 21, 2017,” company insiders said. When contacted, a Tata Group spokesperson declined to comment on the deal.
The deal was struck three days ago in the name of Chandrasekaran (58), his wife Lalita and son Pranav. The transaction works out to Rs 1.6 lakh per sq ft. The seller is Jeevesh Developers Pvt Ltd, a company controlled by builder Samir Bhojwani. The tower was built in 2008 by Bhojwani and Vinod Mittal. Chandrasekaran’s decision to buy the duplex comes after Tata Sons recently reappointed him as chairman for another five years till February 20, 2027. Chandrasekaran is one of the highest-paid corporate owners in the country with an annual remuneration of around Rs 91 crore in FY21.
Real estate market sources said such high value transactions are few and far between in Mumbai. Commenting on Mumbai’s luxury residential market, Pankaj Kapur, MD, LiaiseForce said, “The primary market has annual sales of just 25 units. At this pace it would take 15 years to settle the existing inventory. The stock is down over the years since there are limited buyers of such projects. Data compiled by Knight Frank India shows just 13 high value transactions in Mumbai since January 2022.