Nirav Modi and Rana Kapoor among those who own property in Samudra Mahal
The huge Samudra Mahal in Mumbai is always in the news either for its high-profile residents or the price its apartments command. Recently, it has been in the news for a new reason altogether, which is billionaire jewellery designer Nirav Modi. He has been accused for a scam worth Rs 11,400 crore, and the banking sector and the government have been found at the receiving end.
Along with his wife Ami Modi, Nirav owns several apartments in the building, which are valued at Rs 900 crore.The transaction of first property took place around 2006-07, stated a local resident.There is hardly an apartment which is up for the sale in the 30-storey single tower. All the apartments are desired by corporates.
Anuj Puri, the chairman of ANAROCK property consultants stated that there is never any overt buzz created around it unless the buyer wishes it and/or the media gets to know of such a sale from other sources. He said that the Samudra Mahal is completed in a closed circle of HNI investors and residents.
Earlier Owned by Gwalior’s royal family, Samudra Mahal was sold in the early 1960s. At that time it was a large bungalow. Commanding a price range of Rs 1.1 to Rs 1.2 lakh per sq foot, It comprises of 3 BHKS, duplexes and triplexes and a bungalow. The last property that was sold in Samudra Mahal was for Rs 18.5 crore in 2016, according to the sources. The price was much less than the previous sale of an apartment bought by Infosys co-founder Nandan Nilekani for Rs 22.5 crore.
NR Narayana Murthy, Nilekani’s friend and cofounder also has an apartment in the building. According to the sources, glassware maker Borosil bought a duplex for around Rs 43 crore in 2013. The prices have largely remained steady the last few years, although there is a huge demand for Samudra Mahal. Yes Bank’s Rana Kapoor, and Ashok Advani and Siddharth Yog of Xander Group are some of the other tycoons who own property in Samudra Mahal.
Some of the companies also have some guest houses in the premises, which include Tata Steel, Tata Motors, Bank of India, L&T, CEAT, ITC, Omega Investment & Properties and Sterlite Industries, which owns a bungalow in the premises.Rentals won’t come cheap, if the buying rates are high. Spread across 1,780 sq feet, a 3 bhk would cost Rs 4 lakh per month, stated a real estate agent who expedited such a deal recently.