Mumbai: Yohan Poonawalla And Wife Michelle Buy A ₹500 Crore Mansion In City's Cuffe Parade Area

Mumbai, apart from being the city that never sleeps, is also known for its sky-high real estate prices, which throw some eye-popping numbers from time to time.

In a recent development maintaining the city's streak of uber-luxurious and ultra-expensive dwellings, Poonawalla Engineering Group's head, Yohan Poonawalla, and his wife Michelle have reportedly purchased a luxury mansion in Mumbai.

Poonawalla Mansion In Cuffe Parade

This mansion, according to an Economic Times report, is worth a whopping Rs 500 crore.

The said residence is said to be located in Mumbai's upmarket and in-demand Cuffe Parade area.

The said mansion will be called 'Poonawalla Mansion'.

Yohan Poonawalla hails from an affluent business family and is chairman of Poonawalla Engineering Group and director of Poonawalla Stud Farms and Poonawalla Racing and Breeding.

He is a part of the renowned Poonawalla Family. In fact, he is the son of Zavaray Poonawalla, who helped co-found the Indian pharmaceutical giant Serum Institute of India. The Pune-based company is currently helmed by Adar Poonawalla.

A part of the residence will be transformed into a private art gallery, exhibiting valuable artwork and one-of-a-kind oil paintings by Michelle Poonawalla.

Mumbai's Luxury Real Estate

The mansion reportedly has extensive space and is said to have expansive terraces and multiple floors. Because of its location, it also offers a significant level of privacy.

The southern part of Mumbai or SoBo, as it is known to some, has some of the highest rates in the real estate market in the whole country.

According to most recent data, the Altamount Road area in the South of Mumbai is one of the most exorbitant regions in the city, with a rate of over Rs 82,000 sq.ft. This is followed by the Napean Sea Road region has residences priced at an estimated rate of over Rs 77,000 sq.ft. The coveted Malabar Hill is estimated to be priced at over Rs 68,000 sq.ft. Meanwhile, Peddar Road is estimated to be above Rs 60,000.