chandrasekaran: Tata chairman N Chandrasekaran purchases duplex on Peddar Road for Rs 98 crore

Tata Group chairman N Chandrasekaran and his family have bought a duplex in a Pedder Road luxurious tower for Rs 98 crore which property market observers described as a giant “high-profile” transaction. 33 South, a 28-storey skyscraper, is a high-end condominium near Jaslok Hospital in south Mumbai where the Chandras have been staying in the duplex on lease for the past five years.

The duplex on the 11th and 12th floors is spread over a carpet area of roughly 6,000 sq ft. “The Chandras were already residing here for some years on a monthly lease rental of Rs 20 lakh,” said sources familiar with the deal. “Chandrasekaran moved into 33 South Condominium after he took over as chairman of Tata Sons on February 21, 2017,” said company insiders, as reported by TOI.

The deal was registered three days ago in the name of Chandrasekaran (58), his wife Lalitha and son, Pranav. The transaction works out to Rs 1.6 lakh per sq ft. The seller is Jivesh Developers Pvt Ltd, a company controlled by builder Samir Bhojwani. The tower was constructed in 2008 by Bhojwani and Vinod Mittal.

Chandrasekaran’s decision to buy the duplex comes after Tata Sons recently reappointed him as chairman for another five years till February 20, 2027. Chandrasekaran is one of the country’s highest-paid corporate bosses with an annual remuneration of about Rs 91 crore in fiscal 2021.

Real estate market sources said such high-value transactions in Mumbai are few and far between. Commenting on Mumbai’s luxury residential market, Pankaj Kapoor, MD of Liases Foras told TOI, “The primary market’s annual sales stand at just 25 units. At this pace, it will take 15 years to dispose of the existing inventory. The stock has been languishing for years since there are limited takers of such projects.” Data compiled by Knight Frank India shows just 13 high-value transactions since January 2022 in Mumbai.