Prize abodes of India's super-rich

The Jatia House, which was bought by Kumar Mangalam Birla for Rs 425 cr
Cyrus Poonawalla, chairman of paediatric vaccine maker Poonawalla Group, has purchased Lincoln House at Breach Candy in South Mumbai for a whopping Rs 750 crore ($113 million) from the US government. The transaction is the most expensive yet in India’s residential real estate market.

A Grade-III heritage building formerly known as Wankaner Palace, Lincoln House was built in 1938 by the Maharaja of Wankaner and used as the US consulate from 1957. In 2011, the US government had set a reserve price of Rs 850 crore for the property, but had found few takers. 

The Times of India quoted Poonawalla as saying that he would use this property as a family home.

Against this backdrop, Business Standard lists some of the most expensive house purchases in India in recent times.

1. Maheshwari Mansion, Mumbai (Rs 500 crore)

In 2012, Sajjan Jindal, acquired Maheswari Mansion in Napean Sea road, Mumbai, for approximately Rs 500 crore. According to an Economic Times report, the property is spread over more than an acre in one of the prime and most expensive localities of the city.

2. Gulita, Mumbai (Rs 452 crore)

Hindustan Unilever in 2012 sold Gulita, a sea-facing property in Worli, to Piramal Group Chairman Ajay Piramal for Rs 452.5 crore. The one-acre property in Worli Seaface, according to the Economic Times, used to house a training centre and private residences of senior executives of Unilever’s Indian arm.

3. Jatia House, Mumbai (Rs 425 crore)

Billionaire industrialist Kumar Mangalam Birla, chairman of Aditya Birla Group, last week bought Jatia House at Malabar Hill in Mumbai for Rs 425 crore. Valued at nearly Rs 1.5 lakh per square foot, the 2,926-square-metre property on 38, Gibbs Road, has a built-up area of at least 28,000 square feet. Before Birla, it was owned by Y Jatia and occupied by his brothers Arun and Shyam Jatia, who run the Pudumjee Industries. The Jatias had bought the property in 1970s from M C Vakeel.

4. Bhabha House, Mumbai (Rs 372 crore)

In 2014, Pheroza Godrej of Godrej & Boyce purchased Mehrangir, the landmark Bhabha House in Mumbai, for Rs 372 crore. According to an Economic Times report, the 50-year-old bungalow has a built-up space of 17,550 sq ft. 

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