Chandler & Price(India) company Promoter Krishna Patel bought one of the costliest bungalow Laburnum House on South Mumbai’s Cumbala Hill Road for Rs 93 crore. Patel confirmed that they have acquired the property.
For the three-storeyed bungalow the new buyer has paid stamp duty of worth Rs 4.65 crore for the registration of the transaction. The deal for the property with ground plus three storey bungalow was concluded in early December, showed documents accessed through zapkey.com, which aggregates publicly available property registration data
Chandler & Price (India) already has a real estate business that undertakes development of luxury properties through its brand Inaya Living. Currently, it is developing bungalows in Goa, Gujarat and Mumbai’s Madh Island.
Laburnum House is the company’s latest addition to the portfolio of bungalows being developed by promoter Krishna Patel. He speaking to the Free Press Journal said, "This property will be redeveloped so that all directors of their company (owned by their family members) can stay together. For few years the property will be kept as it is, but it will be developed as a bungalow only." The redevelopment of this property will take time, as architect needs to be appointed to finalize the plan. The existing bungalow will be developed as a new one/two-storey bungalow with more open space, he added.
Cumbala Hill is a plush neighbourhood in South Mumbai surrounded by the sea on the west, Altamount Road on the east, Malabar Hill on the South and Mahalaxmi on the North. Major business tycoons in the recent past made some high end real estate deals. Radhakishan Damani, billionaire investor and founder of D-Mart had bought a bungalow in South Mumbai’s plush Malabar Hill locality for Rs 1,001 crore. Similarly, The Aditya Birla Group chairman in 2015 purchased Rs 425 crore property, making it the most expensive bungalow deal ever in India then, surpassing the Rs 400-crore Maheshwari House transaction of 2012.