DELHI: The family of YES BankBSE 0.11 % CEO and managing director Rana Kapoor has bought a residential building - jointly owned by Citibank and GlaxoSmithKline - on tony Altamount Road in Mumbai for Rs 128 crore, and plans to build a home there. The building is next to Mukesh Ambani's 27-storey Antilla.
Khursheedabad Building, the apartment block, was put on the block in March this year.
The building, built on a third of an acre plot, stands in the middle of a posh neighbourhood that boasts of homes of some of India's richest businessmen - Ambani and Kumar Mangalam Birla - as well as of Washington House sold recently by the US Embassy to Lodha Developers. It has six apartments in all, of which the US-based bank owns five while one is owned by the British healthcare firm.
At least two persons involved in the deal said the building has been acquired in the name of Kapoor's wife Bindu and a privately held company. The Kapoors plan to bring down the structure to build their home and a small office for themselves, one of the persons said.
"My family has bought (the property), and not me," said Kapoor in an SMS to ET. A spokesman for Citibank declined to comment while GSK's spokeswoman could not be reached.
The transaction was managed by property advisory firm, CBRE, a source said.
He said other bidders for the property included Mumbai-based Indiabulls, private equity firm Everstone Capital and the Vandrewala family of Hirco Plc.
Delhi-born Kapoor, a career banker, is the founder of YES Bank, India's fourth-largest private bank, and has been on the lookout for properties in south Mumbai for the last one year.
Several Indian businessmen have been buying expensive homes in Delhi and Mumbai over the last few years. Earlier this month, ITCBSE 1.08 % Chairman YC Deveshwar bought a bungalow in Delhi's Shanti Niketan area for Rs 85 crore.
TOTAL BUILT-UP AREA OF 14,800 SQ FT
The ground plus two-storey structure on Altamount Road currently has a total built-up area of 14,800 sq ft that includes a basement and has been used by Citibank and GSK over the years to house their mid-to-senior level executives. Nanoo Pamnani, who is on the advisory board of BMR Advisors, stayed in one of the apartments here in the 1980s-90s before he became the chief executive officer of Citibank India in 1999 and later its chairman.