Radius Developers has set the bells ringing in Mumbai’s luxury real estate market with its latest acquisition. The company has finally purchased Ram Mansion, a bungalow situated on the prime Nepean Sea Road for a whopping Rs. 235 crore. The seller was Peninsula Land which is owned by the Ashok Piramal Group. This is another big ticket real estate deal in the costly South Mumbai real estate market.
Peninsula Land has already confirmed the deal and the price of the bungalow and the company has exited this deal totally. The company was considering options for selling the property and this seemed to be the best possible deal. The bungalow covers slightly lower than 1/3rd of an acre. This is one of the most expensive deals in the ultra-premium South Mumbai realty market which is known for its gargantuan property deals. Sometime earlier, the famous Lincoln House which covers 2.06 acres, was acquired by Cyrus Poonawalla for a whopping Rs. 750 crore. The Mehrangir bungalow which covers ½ an acre of built-up space, was also sold for a staggering sum of Rs. 372 crore.
Radius Developers is reportedly planning a luxury high-rise project on this bungalow plot. There will be roughly 50, 000 sq. ft. of development prospects for this entire property according to reports. Radius Developers is expected to commence on the entire approval process for the development which has been proposed. Rs. 110 crore was paid by Peninsula Land previously in 2010 for buying this bungalow. The company was expected to undertake its first major redevelopment venture but this did not materialize.
South Mumbai’s real estate market includes tony areas such as Malabar Hill, Nepean Sea Road, Carmichael Road and Altamont Road. This stretch has some of the most expensive real estate in India by way of rates per sq. ft. The upcoming residential tower named The Residence at Nepean Sea Road had a big ticket deal recently when a reputed business family purchased four flats at this project for a whopping Rs. 240 crore. The rates per sq. ft. were roughly Rs. 1.2 lakh at this project by the Runwal Group.
In another deal, the family behind Jai Corp which includes Satyapal Jain and Gaurav Jain, purchased the sea-facing bungalow named La Bonita from the Mehta family at Breach Candy. The Mehtas are the in-laws of iconic cricketer Sachin Tendulkar. The deal was for Rs. 152 crore inclusive of Rs. 7.25 crore of stamp duty. Several bungalows in South Mumbai have been redeveloped to build soaring skyscrapers over the last few years.
Several rich industrialists have been purchasing bungalows in South Mumbai for personal usage as well. Jatia House which faces the sea at Malabar Hill, was purchased for Rs. 425 crore by Kumar Mangalam Birla, one of the country’s well-known business tycoons in the year 2015. The Chairman of the Aditya Birla Group had the distinction of making the costliest purchase for a bungalow ever in the country back then with this acquisition. This went past the acquisition of the Maheshwari House for Rs. 400 crore. However, Cyrus Poonawalla emerged as the new record breaker with his Rs. 750 crore deal for the Lincoln House occupied by the US Consulate. This is the most expensive transaction for a home currently.