DHC Advisory’s co-founder buys duplex in South Mumbai’s Breach Candy for Rs 85 crore, ET RealEstate

January 6, 2024
1 min read
dhc advisorys co founder buys duplex in south mumbais breach candy for rs 85 crore

Dilip Bhikhalal Desai, co-founder & chairman of professional services firm DHC Advisory LLP, has purchased a sea-view luxury duplex apartment in a super-premium tower opposite the Breach Candy Club in South Mumbai’s plush Breach Candy locality for over Rs 85 crore.

The transaction values the apartment spread over 5,874 sq ft on the 10th and 11th habitable floor of super-luxury residential tower Bishopsgate at nearly Rs 1.45 lakh per sq ft, pushing it higher in the tally of most expensive homes sold on per sq ft basis anywhere in the country.

Kolkata-based Desai has acquired the property along with his wife from a private family trust based out of Mumbai. The buyers have paid Rs 5.10 crore as stamp duty alone for the registration of the deal that took place on December 13.

As per the agreement, the buyer will also get exclusive access to a total five covered car parking slots in the tower along with the duplex apartment, showed the documents accessed through IndexTap(dot)com.

Mumbai-headquartered DHC Advisory is among the oldest Indian professional services firms with presence across 11 cities and 20 offices. With a team of over 1,300 professionals, the firm serves key clientele across 16 industries with services including tax & regulatory, corporate finance advisory, risk, assurance and ESG advisory.

Phone calls and messages to Dilip Desai’s office did not elicit any response until the time of going to press.

The luxury residential project Bishopsgate has been developed by Ashok Piramal Group company Peninsula Land along with its partner KBK Group through a joint venture entity Bridgeview Real Estate Development.

In 2011, multinational bank, the Hong Kong and Shanghai Banking Corporation (HSBC) along with joint owner Standard Chartered, had sold its residential building Bishopsgate, in Breach Candy to Peninsula Land for Rs 272 crore. Following this, the company has executed this project on the land parcel.

The demand for residential properties and its conversion into sales across the country’s top 8 cities scaled an all-time high in 2023 led by heightened activity in the mid-income, premium and luxury segment.

Among the key markets, Mumbai led the performance as the country’s biggest and most expensive property market continued its record-setting spree, scaling a new peak with its best annual performance in terms of both registration of properties and revenue collection through stamp duty charges.

Apart from the activity in premium housing in other key markets of the city, the most expensive apartments in south and central Mumbai have contributed to this performance in a big way. The micro-market has witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors and sports personalities over the last couple of years.

  • Published On Jan 6, 2024 at 09:17 AM IST

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