Sanjay Nayar Buys ₹90 Crore Luxury Apartment on Carmichael Road

Sanjay Nayar, founder of Sorin Investment Fund and former chief executive officer of KKR India, has purchased a luxury apartment on Mumbai’s Carmichael Road for ₹90 crore. The transaction adds to a series of high-value residential deals in South Mumbai, where large apartments in established neighbourhoods continue to command premium prices.

The apartment is located in Kamal Mahal, part of Anand Kamal Co-operative Housing Society Ltd, on M L Dahanukar Marg, better known as Carmichael Road. The deal was registered on September 15, according to property registration data cited by ET and Mint.

A ₹90 Crore Apartment in Kamal Mahal

The apartment is spread across 4,537.29 sq ft of carpet area and is located on the first floor of Kamal Mahal. At ₹90 crore, the transaction works out to approximately ₹1.98 lakh per sq ft on a carpet-area basis.

The transaction also includes an open garage measuring 225.89 sq ft. Including the garage, the total registered area associated with the transaction is 5,448.9 sq ft, according to registration documents accessed by ET through Zapkey.

Sanjay Nayar property deal at a glance

Why Carmichael Road Continues to Command Premium Prices

Carmichael Road is part of a cluster of established South Mumbai neighbourhoods where large residential properties remain relatively scarce.

The surrounding luxury residential belt includes Malabar Hill, Cumballa Hill and Altamount Road. These locations have historically attracted buyers looking for larger homes, established neighbourhoods and proximity to some of Mumbai's key business and social districts.

Unlike newer luxury developments where the proposition is often built around amenities and modern towers, older addresses in this part of Mumbai offer something different: established neighbourhoods, larger floor plates and, in some cases, buildings with architectural or historical character.

That distinction is increasingly visible in the city's luxury housing market.

South Mumbai's premium housing market has increasingly been shaped by limited land availability, redevelopment and demand for large-format homes.

Kamal Mahal Has a Long History on Carmichael Road

Kamal Mahal was earlier known as Sethna House and was developed more than seven decades ago. 

The seven-storey Kamal Mahal and the adjoining Anand building stand on a roughly two-acre plot with a landscaped garden.

The building's age and location also help explain the nature of the latest transaction. In South Mumbai, older low-density properties can command substantial prices when they combine large apartment sizes with a well-established address.

A similar transaction in the same building was reported in 2014. Mint noted that an apartment there had sold for ₹33 crore, at about ₹1 lakh per sq ft at the time. The latest transaction therefore illustrates how pricing for premium residential property in such locations has moved over the years.

The appeal of older properties in these neighbourhoods is also closely linked to the redevelopment-led transformation taking place across Mumbai's established luxury residential markets.

South Mumbai's Luxury Market Is Expanding Beyond New Towers

The ₹90 crore transaction comes at a time when Mumbai's luxury housing market continues to see demand for high-ticket residences.

According to Mint, Mumbai recorded around 16 residential sales priced at ₹5 crore or more every day during April-June, citing a quarterly report from Lighthouse Luxury.

The demand is not limited to newly developed luxury towers. South Mumbai's established neighbourhoods are also seeing continued interest in large apartments and redevelopment opportunities.

Areas such as Worli, Prabhadevi, Bandra and Juhu have also recorded high-value residential transactions, while established South Mumbai addresses such as Carmichael Road, Malabar Hill and Altamount Road continue to attract high-net-worth buyers.

This creates two distinct segments within Mumbai's luxury market. One is centred on newly developed high-rises offering modern amenities, while the other is built around older, lower-density properties where location, space and architectural character are important parts of the purchase.

Who Is Sanjay Nayar?

Nayar founded Sorin Investment Fund in December 2022, an investment platform focused on growth and private equity investments.

He previously served as chief executive officer of KKR India and is also a board member of FSN E-Commerce Ventures, the parent company of Nykaa.

The latest purchase is therefore another example of a high-value residential transaction involving a prominent business executive, but the deal also reflects a broader feature of Mumbai's premium housing market: buyers at this level continue to compete for a limited pool of large homes in established neighbourhoods.

What the Deal Says About Mumbai Luxury Housing

The significance of the transaction is not only its ₹90 crore ticket size. The ₹1.98 lakh per sq ft pricing shows the premium that can be attached to a large-format residence in one of South Mumbai's established addresses.

For the city's luxury market, this also highlights the continued relevance of older properties alongside new developments. A buyer choosing a heritage or legacy building may be paying for factors that are difficult to reproduce in a newly built project, including a mature neighbourhood, limited density and a large existing apartment footprint.

At the same time, individual transactions should not be treated as a direct benchmark for every property in South Mumbai. Apartment size, building condition, floor, parking, redevelopment potential and exact location can create significant differences in pricing.

The premium segment is also visible in other parts of South Mumbai, where large residences continue to attract substantial ticket sizes.

For now, Nayar's purchase places another ₹90 crore transaction on the map of Mumbai's increasingly high-value residential market.