Kotaks buy flat in National Centre for Performing Arts apartments for Rs 26 crore

MUMBAI: A three-bedroom flat in NCPA Apartments at Nariman Point was sold for over Rs 26 crore to Cumulus Trading Pvt Ltd, a company promoted by the Kotak family. Flat 72, which has a built-up area of 2,880 sq ft, was sold by Puma Properties, a 100% subsidiary of metals container maker Kaira Can, at a rate of Rs 90,000 per square feet.

"Cumulus Trading, a company majority owned by Suresh Kotak, has bought shares of Puma Properties Ltd from Kaira Can Co Ltd on June 11. Cumulus has paid taxes applicable to it," the Kotak Group said in a statement, confirming the purchase. The flat is located on the seventh floor of the sea-facing tower.

This is the third flat bought by the family in NCPA. In 2006, managing director of Kotak Group Uday Kotak bought a 3,500 sq-ft four-bedroom flat on the sixth floor for Rs 13 crore at the rate of Rs 40,000 a sq ft. This apartment is right next to a 2,885 sq-ft three-bedroom flat where the family stayed.

Kaira Can had told BSE it had disposed of investment in Puma Properties, without providing further details. The company bought the apartment 30 years ago for Rs 1.5 crore.

Property consultants say it is not a record-breaking deal, but it assumes some significance as it was sold when the real estate market is sluggish, especially in the premium segment. "Good buildings command a premium, especially from neighbours who are ready to shell out more than a normal buyer," said Pranay Vakil, chairman of Knight Frank, global property consultant.

Kaira Can has sold its entire investment in Puma Properties to the buyer, effectively transferring the ownership of the flat that has been lying vacant for almost two years.