Chandler & Price buys Rs 93 cr Laburnum house in South Mumbai

19 Jan 2022 CW Team

Chandler and Price Private Limited has bought a four-storey building, Laburnum house, in South Mumbai’s Laburnum Road, for Rs 93 crore. The building covers an area of 9,375 sq ft, having parking space for seven cars.

The property was sold by the Amersey family, who had lived there for many years. Laburnum Road lies under the Gamdevi heritage precinct and is one of the most expensive neighbourhoods in Mumbai.

Chairman and Managing Director of Nesco Limited, Krishna Patel, said that Inaya Living, a brand of Chandler and Price developed uber-luxury properties. This property will be used for the personal use of the company and their families.

Luxury housing demand has increased during the Covid-19 pandemic. Facilities, including low-interest rates, developer discounts and offers, and various government policies like reducing stamp duty in Maharashtra, boosted housing momentum.

Founder and Managing Director of Liases Foras Real Estate Research and Rating Private Limited, Pankaj Kapoor, said that large ticket transactions would continue in future. Most deals in the luxury housing segment are happening at sub-market prices.

Luxury housing sales increased during January-September 2021. The first three quarters of the last financial year witnessed sales of 145,650 housing units in seven major cities, out of which luxury housing had 12% sales.

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Also read: Stamp duty collection in Maharashtra declines 17% in Oct-Nov

Also read: Essar Steel buys Rs 42 cr luxury apartment in Mumbai's Samudra ...

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