Pricey realty deals: Cipla's Yusuf K Hamied & KKR's Sanjay Nayar buy Breach Candy’s Sea Face Park home at Rs 28.5 crore
Apr 09, 2014
Source : The Economic Times

 

MUMBAI: Drug major Cipla's Yusuf K Hamied and private equity giant KKR's Sanjay Nayar have bought sea-facing 3-bedroom apartments in Breach Candy's Sea Face Park in South Mumbai, in what are the second most expensive apartment deals across the country.

Both the deals, at Rs 28.5 crore each, work out to be 1.24 lakh per sq ft, falling just short of the odd Darshan Heights transaction last year and clearly defy the ongoing sluggishness in the property market.

Along with 2,300 sq ft carpet area, these quiet and breezy apartments also boast of two allotted care parks each. Seller of one of the apartment is a company engaged in manufacturing of farm equipments, while the other one was earlier owned by an individual.

An email query to YK Hamied remained unanswered until the time of going to press. KKR's Sanjay Nayar also declined to comment for the story. Sea Face Park comprises five gracious Art-Deco buildings, with twelve apartments each, on Warden Road was built by the Mafatlal business family around 1938.

The complex has a large,open garden bounded by flowering plants including frangipani trees. In addition to this central garden, the complex also has a standalone screened pool house by the sea, with a children's playground and another open garden.

Pricey Realty Deals: Cipla's Yusuf K Hamied & KKR's Sanjay Nayar buy Breach Candy’s Sea Face Park home at Rs 28.5 croreThe building is recognised as an integral part of South Mumbai's history and the one of the most preferred addresses in the city for more than fifty years. Located within minutes of the Breach Candy Hospital, several public parks, the Mahalaxmi Race Course, prestigious Willingdon Sports Club and golf course, the Breach Candy Club, and many elegant boutiques the complex continues to fetch premium compared to other standalone buildings here.

The last transaction at Sea Face Park was concluded at Rs 1 lakh per sq ft when a Pune-based businessman had bought a similar sized apartment here few years ago. The most expensive apartment deal in the country so far was concluded last year when a business family had bought a sea-facing four-bedroom duplex in Darshan

Apartments on Malabar Hill at around Rs 1.35 lakh a sq ft. Apart from the duplex, the transaction also included an attached terrace of around 1,400 sq ft and a covered garage of 700 sq ft. The family owned three other duplexes in the same complex.

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