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Dilip Bhikhalal Desai, the co-founder & chairman of DHC Advisory LLP, has successfully secured a deal for a sea-view duplex apartment in the prestigious Peninsula Bishopsgate project in Breach Candy, South Mumbai. The transaction, finalized on December 13, 2023, has a value of over Rs 85 crore. The stamp duty for this transaction alone amounted to Rs 5.10 crore.
Desai, a distinguished 61-year-old chartered accountant, and his wife, Minal have chosen the 10th and 11th floors of the Bishopsgate tower. Their new home spans over 5,874 sq ft, and each square foot commands a price of nearly Rs 1.45 lakh. This makes the transaction one of the top real estate transactions on a per sq. ft basis. The deal includes five parking slots as well.
DHC Advisory, headquartered in Mumbai and with a nationwide presence, stands as one of India's oldest professional services firms. With over 1,300 professionals spread across 11 cities and 20 offices, the firm offers a suite of services, including tax & regulatory, corporate finance advisory, risk, assurance, and ESG advisory.
The present deal reflects the continued rise in demand for premium properties in Mumbai. The city's real estate market witnessed an exceptional performance in 2023, with the average weighted price rising from Rs 92,718 per sq. ft in 2022 to cross the milestone of Rs 1 lakh per sq ft for the first time in five years.
The Peninsula Bishopsgate project, developed by the Ashok Piramal Group's Peninsula Land and KBK Group through the joint venture entity Bridgeview Real Estate Development, stands as evidence of Mumbai's luxury living. Acquired in 2011 from multinational banks HSBC and Standard Chartered for Rs 272 crore, the property has become a symbol of elegance in South Mumbai.
Apart from the Bishopsgate project, Breach Candy is still a go-to place for premium homes with projects nearby like Lodha Solitaire and Aaradhya Avaan. Lodha Solitaire has 3 & 4 BHK flats ranging from Rs 5.40 crore to Rs 7.66 crore, and Aaradhya Avaan offers 3 BHK flats for about Rs 8 crore. The average price for a square foot of space around the area is roughly Rs 54,971.
As Mumbai continues its dominance in the real estate arena, Dilip Desai's acquisition adds another feather to the city's cap, contributing to the flourishing trend of high-value property transactions in the region.
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