MUMBAI: KKR India’s Chief Executive Officer Gaurav Trehan has bought a sea view luxury apartment in a super-premium project Morena House on South Mumbai’s plush Carmichael Road for nearly Rs 88 crore from JSW Realty, a real estate development arm of JSW Group.
The deal for the apartment, spread over a carpet area of 5,381 sq ft, is valued at around Rs 1.63 lakh per sq ft, making it one of the costliest property transactions in the country.
The buyer has also paid Rs 5.26 crore in stamp duty charges alone for the registration of the deal. Apart from being the CEO of KKR India, Trehan is also Co-Head of KKR Asia Pacific and Head of Asia Pacific Private Equity.
As part of the agreement, which was concluded and registered on October 18, Trehan will also get exclusive access to four parking slots, showed the documents accessed through realty data analytics firm Zapkey.com. The property has a balcony and deck area of 434 sq ft.
Windsor Residency, a division of JSW Realty, has developed the luxury residential project Morena House on the plot of Morena House bungalow that the company had purchased in 2008. Prior to this, the one-storey terrace bungalow used to house the Belgian Consulate in India.
The substantial market value of the property reflects the ongoing demand for high-end real estate in Mumbai, where prime locations continue to attract wealthy buyers.
ET’s email query to JSW Realty remained unanswered, while Trehan declined to comment.
Sales of residential properties across the top eight cities scaled an all-time high in 2023 and continues to perform well so far this year owing to robust demand across mid-income, premium and luxury segments.
Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals.
Registrations have grown year-on-year for 15 successive months starting August 2023, and surpassed the Rs 10,000-mark in each of the first 10 months of 2024.
South and Central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years.
