Tata Group chairman buys duplex on Pedder Road for Rs 98 crore
It is reported that Tata Group Chairman N Chandrasekaran and his family have bought a luxurious semi-detached house in the bold district of Mumbai. The Tata Group leader and his family are said to have bought the duplex house in the luxury Pedder Road tower in Mumbai for Rs 98 crore. Market observers recently called the purchase a “high-profile” transaction, according to the report. It is also the first large-scale personal transaction that Chandrasekaran has completed after assuming leadership of the Tata Group for the second consecutive year.
Located in South Mumbai, near Jaslok Hospital, Tata Group Chairman’s new address is given as 33 South and the posh location is a 28-story skyscraper. According to a report in the Times of India, Chandrasekaran and his family have lived in the rented maisonette for five years. Their new residence occupies the 11th and 12th floors of the building and covers a carpeted area of approximately 6,000 square meters.
“The Chandras have been living here for several years on a monthly rent of Rs 20 lakh. Chandrasekaran moved to the 33 South Condominium after becoming chairman of Tata Sons on February 21, 2017,” ToI quoted market-savvy sources as saying.
“Chadrasekaran moved into the 33 South Condominium on February 21, 2017 after becoming chairman of Tata Sons,” company insiders told the newspaper. However, the Tata Group declined to comment on the matter, according to the report.
The deal works for a fee of 1.6 lakh per square foot, according to the report. It was registered three days ago in the name of Chandrasekaran, his wife Lalitha and his son Pranav. The property seller is believed to be Jivesh Developers Pvt Ltd, a company controlled by developer Samir Bhojwani. Bhojwani and Vinod Mittal built the high-rise tower in 2008.
N Chandrasekaran’s decision to buy the home comes shortly after Tata Sons appointed him chairman of the group for a further five-year term, extending his term to 2027. In this regard, it should also be noted that he is one of the highest paid. Entrepreneurs in India. Reportedly, Chandrasekaran’s annual compensation at the company in FY2021 was around Rs 91 crore. It was also reported in March that the head of Tata Group will also be appointed to recently acquired company Air India.
Property market watchers said there have been very few such deals in Mumbai. “The annual sales on the primary market are only 25 units. At this rate, it will take 15 years to get the current inventory. The stock has declined for many years due to the limited number of people taking on such projects,” said Pankaj Kapoor, CEO of the Liases Foundation at TOI. According to Knight Frank India, quoted by the newspaper, only 13 high value transactions have been made in Mumbai since January this year.
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