Even though Mumbai’s property market is extremely sluggish thanks to high prices, no sales and no new supply, it is business as usual for India’s rich and famous.
In one of the most expensive residential property deals in India, steel tycoon Sajjan Jindal has finally completed the deal to buy Maheshwari House — a sea-facing three-storey bungalow at Napean Sea Road in south Mumbai — by paying around Rs 200 crore to Manoj Maheshwari, an Economic Times report said today.
Last year, Jindal had paid Rs 300 crore to other family members as part of the deal, taking the total value of the deal to Rs 500 crore.
Jindal will renovate the bungalow for his personal use. Currently, his family stays at another bungalow – Jindal House located nearby at Walkeshwar in south Mumbai.
There are reports that the bungalow and building are spread over more than an acre in south Mumbai, where property prices hover around Rs 85,000 per sq ft.
Jindal, owner of the JSW Steel which is estimated to be worth approximately Rs 20,000 crore, will join the growing number of the rich and famous who have acquired independent buildings for themselves in Mumbai. Others who are part of this group include Mukesh Ambani, Anand Mahindra, Sachin Tendulkar and Ratan Tata, who have acquired their own independent homes in Mumbai.
You can read the entire Economic Times report here.