Cipla’s Yusuf Hamied & KKR’s Sanjay Nayar buy apartments worth Rs 28.5 cr in Breach Candy

Drug major Cipla’s Yusuf K Hamied and private equity giant KKR’s Sanjay Nayar have bought sea-facing, three-bedroom apartments in Breach Candy’s Sea Face Park in South Mumbai, in what are the second most expensive apartment deals across India.

Both the deals, at Rs 28.50 crore each, work out to be Rs 1.24 lakh per sq ft, falling just short of the odd Darshan Heights transaction last year and clearly defy the ongoing sluggishness in the property market.

Along with 2,300 sq ft carpet area, these quiet and breezy apartments also boast of two allotted car parks each. The seller of one of the apartment is a company engaged in manufacturing farm equipment, while the other one was earlier owned by an individual.

An email query to YK Hamied remained unanswered until the time of going to press. KKR’s Sanjay Nayar also declined to comment.

Sea Face Park comprises of five gracious Art-Deco buildings, with 12 apartments each. Situated at Breach Candy, it was built by the Mafatlal business family around 1938. The complex has a large, open garden surrounded by frangipani trees. The complex also has a pool house by the sea, with a children’s playground and another open garden.

The building is recognised as a part of South Mumbai’s history and is one of the most preferred addresses for more than fifty years. The last transaction at Sea Face Park was concluded at Rs 1 lakh per sq ft when a Pune-based businessman had bought a similar sized apartment here few years ago.

The most expensive apartment deal in the country so far was concluded last year when a business family bought a sea-facing fourbedroom duplex in Darshan Apartments on Malabar Hill at around Rs 1.35 lakh a sq ft.