Sanjay Nayar, chairman of Sorin Investments, has purchased a luxury apartment on Carmichael Road for ₹90 crore, as reported by Mint. The 4,537.29 sq. ft apartment at Kamal Mahal was bought from Jilloo Kaiyoj Billimoria at nearly ₹1,98,356 per sq. ft on a carpet-area basis. The deal also includes an open garage measuring 225.89 sq. ft, with the apartment sale registered on 15 September according to real estate data analytics platform Zapkey.
According to Mint reports, the current transaction price represents a significant increase from previous sales in the same building. In 2014, an apartment was sold in the same building for ₹33 crore at ₹1 lakh per sq. ft, indicating how prices of high-end residential properties have jumped, particularly in recent years. As reported by Mint, at ₹2 lakh per sq. ft, this transaction puts classic addresses on par with the city's top new luxury developments.
As reported by Mint, South Mumbai has been witnessing a luxury real estate boom, with some of India's wealthiest buyers driving record sales. According to a quarterly report by Lighthouse Luxury, Mumbai recorded sales of around 16 homes priced at ₹5 crore or more every single day in April-June. Leading developers are rushing to acquire land or redevelop old housing societies to launch ultra-premium projects, with projects being planned not only in well-known south Mumbai neighbourhoods such as Altamount Road, Carmichael Road, Nepean Sea Road and Malabar Hill, but also in areas such as Gamdevi and Hughes Road.
According to Mint reports, South Mumbai's ultra-luxury residential market is seeing strong appetite across two distinct segments: contemporary redevelopments and classic, old-charm enclaves. Sandeep Reddy, co-founder of Zapkey, noted that while modern highrises attract buyers looking for vertical amenities and brand-new infrastructure, heritage and low-density buildings like Kamal Mahal command an equally formidable pricing power. For high-net-worth buyers, the irreplaceable architectural character, expansive carpet areas, privacy, and legacy address serve as trophies in their own right.
