The Raheja brothers have bought the 31,000 sq ft plot, which also has a 7933 sq ft independent house, from brothers Bharat Hari Singhania, Raghupati Singhania, and family members of late Sri Pati Singhania

Bengaluru: Ravi and Neel Raheja, promoters and group presidents of Mumbai-based real estate firm K Raheja Corp, have bought an independent property in suburban Mumbai's upscale Santacruz-Juhu area for Rs 265 crore.

The Raheja brothers have bought the 31,000 sq ft plot, which also has a 7933 sq ft independent house, from brothers Bharat Hari Singhania, Raghupati Singhania, and family members of late Sri Pati Singhania.

Bharat Hari Singhania is the chairman and managing director president of JK Lakshmi Cements Ltd, while Raghupati Singhania is the chairman and managing director of JK Tyre and Industries Ltd.

The property was bought by Kamlapat Singhania back in 1935, and over a period of time, a ground-plus-one storey building was constructed on the plot. It was called ‘Kamala Cottage’.

The sale transaction was registered on 29 April, and incurred stamp duty of Rs 15.90 crore, showed documents accessed through Zapkey, which aggregates publicly available property registration data.

“In the last year, builders have taken up a lot of redevelopment projects in the Bandra-Juhu belt and this is another marquee transaction in this region. This property is likely to get redeveloped either for personal use or to be sold to others," said Sandeep Reddy, co-founder of Zapkey.

The Rahejas and Bharat Hari Singhania didn’t respond to email queries.

Recently, Feat Properties Pvt Ltd, an associate firm of K Raheja Corp., bought a sprawling bungalow in Juhu area, for Rs 182.75 crore.

The property, B.R House, was the family home of the popular Hindi film director and producer B.R Chopra, and has been sold by his daughter-in-law Renu Ravi Chopra, showed documents accessed by real estate data portal Indextap.com.

Luxury homes in Mumbai, the country’s most valuable property market, has continued to see relentless demand especially given limited supply by Grade A developers in premium neighbourhoods.

This year, Siddharth Jain, executive director, Inox Group bought a luxury, sea-facing quadruplex apartment for Rs 144 crore in south Mumbai’s upscale Worli area, underscoring continued robust demand for high-end properties in India’s commercial capital.

Source: www.livemint.com

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