Mumbai: Top nobleman Kumar Mangalam Birla has purchased a iconic Jatia House in a plush Malabar Hill area here for a whopping Rs 425 crore — creation it a priciest skill understanding in a megapolis.
The sea-facing two-story bungalow, measuring over 25,000 block feet, has been bought by a billionaire authority of a Aditya Birla Group for his personal use.
The understanding was sealed by an auction, in that 5 bidders participated. Market sources pronounced another nobleman Ajay Piramal was also in a fray.
This is a largest residence understanding in a land-starved city and beats a squeeze of another iconic bungalow, Maheshwari House, on a Napean Sea Road for that nobleman Sajjan Jindal of a JSW Group had paid Rs 400 crore in 2011.
A orator from a Aditya Birla Group refused to comment. However, skill consultant Jones Lang LaSalle (JLL), that was a solitary confidant to a transaction, reliable a sale, that was carried out by an auction yesterday.
JLL also reliable that a skill will be used for a industrialist’s personal purpose.
The Jatias also could not be reached for comments.
“The Jatia House, that has a built-up area of about 25,000 sqft has been sole during Rs 425 crore to Birla,” a JLL central said.
PWC executive executive Shashank Jain fit a understanding size, observant when properties are bought for personal use, blurb gratefulness is not generally taken into consideration.
“The gratefulness of a skill can't be guarded as it has been bought for personal use. Also such exchange do not wait for a right marketplace conditions and are sole as per a requirement of a owner,” he said.
The billionaire Kumar Birla family, with a net value of $8.5 billion, now lives during a Mangalyan on a tony Altamount Road in a southern tip of a city, where a country’s richest male Mukesh Ambani also lives in a 27-storey Antilia.
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The Ambanis done story by spending a reported $1 billion to build a building in 2011, creation a world’s priciest residence compartment date.
The Jatia House is assigned by brothers Arun and Shyam Jatia, who run a Pudumjee Industries that is essentially into paper products. The skill was bought in a 1970s from MC Vakeel by a MP Jatia Group.
Last year, Smita Crishna, sister of nobleman Jamshyed Godrej, bought a Meherangir, an iconic bungalow of Homi J Bhabha, a father of a nation’s atomic appetite programme, for Rs 372 crore. This skill was also bought for personal use.
However, a Meherangir understanding ran into severe continue with a Bhabha Atomic Research Centre unions hostile a understanding and perfectionist birthright standing to a skill and converting it into a museum. The understanding stays dangling as