MUMBAI: A 1.7-acre plot situated in the prime Juhu Tara Road in the western suburbs has been sold for Rs 332 crore.
According to Indextap.com, the 6,988 sq m plot located close to Hotel Sea Princess, has been bought by Agarwal Holding Pvt Ltd. The seller is Pawan Kumar Shivling Prabhu.
The transaction was registered on September 7, and a stamp duty of close to Rs 20 crore was paid. It is not known what the new buyer will use the land for. Property market sources claimed it could be for a residential project. Juhu, a real estate hotspot which has seen several residential luxury properties coming up, is much sought after by developers. This is the second plot Agarwal Holding, a family-owned firm, has picked up in Juhu. Last year, Agarwal Holding bought author Siddharth Dhanvant Shanghvi's Juhu bungalow for around Rs 85 crore. The property has a ground plus one storey structure spread over 9,800 sq ft area. Last June, K Raheja Corp bought a sprawling bungalow in the vicinity belonging to the late Bollywood film director and producer B R Chopra. The developer paid Rs 182 crore for the B R House situated on a 3,278 sq m plot. Early this year, the Rahejas also purchased another bungalow in Santa Cruz for Rs 265 crore from the family of the late Sri Pati Singhania.
However, the biggest residential property transaction was recorded in April 2021 when DMart founder Radhakishan Damani and his brother Gopikishan purchased a bungalow at Narayan Dabholkar Road in South Mumbai for a record Rs 1,001 crore. The bungalow, Madhu Kunj, is located on prime 1.5-acre land with a built-up area of over 60,000 sq feet in tony Malabar Hill. In 2015, the Poonawallas, Cyrus and son Adar of Serum Institute of India, bid Rs 750 crore for Lincoln House, the former US consulate property at Breach Candy. They were unable to take possession of the property, though, after the defence estates department stalled the deal.
In 2014, the Godrej family bought Homi Bhabha's iconic bungalow, Meherangir, at Malabar Hill for Rs 372 crore.
