Sanjay Nayar buys Rs 90 crore luxury apartment in South Mumbai’s Carmichael Road

MUMBAI: Sanjay Nayar, founder of Sorin Investment Fund and former chief executive officer of KKR India, has purchased a luxury apartment in south Mumbai’s plush Carmichael Road for Rs 90 crore, making it one of the country’s most expensive residential property transactions on a per sq ft basis.

The transaction involves a 4,537.29 sq ft apartment on the first floor of Kamal Mahal, Anand Kamal Co-operative Housing Society Ltd, located on M L Dahanukar Marg, also known as Carmichael Road. The deal works out to around Rs 1.98 lakh per sq ft based on the carpet area.

The transaction, registered on Tuesday includes an open garage measuring 225.89 sq ft. The total registered area of the property, including the garage, is 5,448.9 sq ft, showed registration documents accessed through Zapkey.com.


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The purchase adds to a series of high-value residential transactions in Mumbai’s premium neighbourhoods, where limited inventory, large-format apartments and strong demand for trophy residences have continued to support elevated property values.

Kamal Mahal, earlier known as Sethna House, was developed over seven decades ago and was among first buildings to come up on Carmichael Road. The seven-storey Kamal Mahal and the adjacent Anand building both are spread over a two-acre plot with a landscape garden.

Malabar Hill, along with nearby areas such as Cumballa Hill and Altamount Road, has remained among Mumbai’s most sought-after residential locations, with transactions for large apartments often commanding substantial ticket sizes and setting new benchmarks.

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In December 2022, Nayar founded Sorin Investment Fund, an investment platform focused on growth and private equity investments. He previously served as CEO of KKR India and is also a board member of FSN E-Commerce Ventures, the parent company of Nykaa.

ET’s email query to Nayar remained unanswered until the time of going to press.

The latest transaction comes amid continued activity in Mumbai’s luxury residential market, particularly for large apartments in established south and central Mumbai neighbourhoods. High-value transactions have also been recorded across areas such as Worli, Prabhadevi, Bandra and Juhu, driven by demand from entrepreneurs, corporate executives and investors.

The nearly Rs 100-crore purchase underscores the continued willingness among high-net-worth buyers to acquire large-format residences in Mumbai’s established luxury markets, where availability of sizeable apartments is relatively limited.