Tata chief N Chandrasekaran buys a Rs 98 crore house on Peddar Road

New Delhi: Tata Group chairman N Chandrasekaran and his family have purchased a Rs 98 crore duplex in a luxurious tower at Mumbai’s Pedder Road. The 28-storey high-rise, 33 South, is located near Jaslok Hospital in south Mumbai. The Chandra family has been residing in the duplex on lease for the past 5 years.

Market observers have described Chandra’s new buy as a “high-profile” transaction. His new abode is on the 11th and 12th floors of the building and has 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. Chandrasekaran moved into 33 South Condominium after he took over as chairman of Tata Sons on February 21, 2017,” according to some company insiders, quoted by TOI.

The transaction which translates to be around Rs 1.6 lakh per sq ft., was registered 3 days ago in the name of the 58-year-old Tata chief, his wife Lalitha and son, Pranav. The seller is Jivesh Developers Pvt Ltd, a company controlled by builder Samir Bhojwani.

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Chandra’s purchase of the house comes around 3 months after the Tata Group announced his reappointment as the chairman for another 5 years till February 20, 2027. It may be noted that he is one of India’s highest-paid corporate bosses with an annual remuneration of about Rs 91 crore in fiscal 2021.

Meanwhile, in late April, Tata Sons held a shareholder meet to vote on the reappointment of Chandra. However, the Shapoorji Pallonji (SP) family, which has 18.4 per cent stake in Tata Sons, abstained from voting.

Despite Mistrys abstaining from the vote, Chandra’s appointment for the second term got positive votes as Tata Sons is majorly owned by Tata Trusts (66 per cent) and several listed Tata companies.