Tata Group Chairman N Chandrasekaran Buys Rs 98-Crore Duplex in Mumbai; Know More

Tata Group chairman N Chandrasekaran and his family have reportedly purchased a luxury duplex home in a posh Mumbai locality. According to reports, the Tata Group chief and his family have purchased the duplex house Rs 98 crore in a luxurious tower of Mumbai’s Pedder Road. This recent purchase has been termed as a ‘high profile’ transaction by market observers, as per the report. This is also the first high amount personal transaction that Chandrasekaran has made after becoming the Tata Group chief for the second time in a row.

Located in South Mumbai near Jaslok Hospital, the new address of the businessman is called 33 South, and is a 28-storey high rise in the posh location. According to the report by the Times of India, Chandrasekaran and his family had been staying in the duplex on lease for the past five years. Their new abode takes up the 11th and 12th floors of the building and is spread out over a carpet area of around 6,000 square feet.

“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,” sources familiar with the deal were quoted as saying by ToI.

“Chandrasekaran moved into 33 South Condominium after he took over as chairman of Tata Sons on February 21, 2017,” company insiders told the newspaper. However, Tata Group has refused to comment on the matter, the report said.

The transaction, as per the report, works out to an amount of Rs 1.6 lakh per sq. ft. The same was registered three days ago in the name of Chandrasekaran, his wife Lalitha and son, Pranav. The seller of the property is reportedly Jivesh Developers Pvt Ltd, which is a company controlled by builder Samir Bhojwani. The high-rise tower was built by Bhojwani and Vinod Mittal back in 2008.

N Chandrasekaran’s decision to buy the house comes shortly after Tata Sons reappointed him as the chairman of the group for another five years, extending his tenure till 2027. In this regard, it must also be noted that he is one of the most highest-paid  corporate bosses in India. As per reports, Chandrasekaran’s annual remuneration at the company was about Rs 91 crore in FY 2021. It was also reported in March that the Tata Group chief will also be appointed as chairman of the company’s recently-acquired Air India.

Real estate market observers have said that transactions like this in Mumbai are very few. “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,” Pankaj Kapoor, MD of Liases Foras told TOI. According to data by Knight Frank India quoted by the newspaper, only 13 high-value transactions have been done in Mumbai since January this year.

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