Indian Billionaire Pays $120 Million for Occasional Weekend Home

Q: The purchase of Lincoln House take place when home prices in Mumbai are starting to drop.

Shantanu Kumar, Mumbai

21st September 2015

Real estate News in Mumbai

home prices in mumbai

piramal fund management pvt. ltd

lincoln house

adar poonawalla

maldives island

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The property rate trends in London, New York and Mumbai is that prices for prime properties in prime locations have never seen a drop. Even in the worst times of recession there is always a demand and always takers.

They hope to improve the appearance of the front but they can not demolish it. They might build another floor, but that is all dependent on the permissions by the Maharashtra Government.

Ramesk Polekar, Mumbai

23rd September 2015

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Hi Vineet,
It is also come to hear that the family is also investing in a 90 acre island in the Maldives with another Pune based developer, The project, which will cost about $110 million, will include a Bulgari resort. The family might also build townships in Pune, where it has about 400 acres of land.

Deepti Baragur, Pune

21st September 2015

Comment

Right Deepti......
According to the Bloomberg Billionaires Index, the elder Poonawalla has $8.5 billion in assets, including India's largest stud farm that making him the country's 7th richest person. The net worth of Indian billionaires continues to grow and they want to celebrate their life and financial success.

Ketalpujara, Mumbai

21st September 2015

According to research and consulting firm Liases Foras Real Estate Rating & Research Pvt., House prices dropped almost 2% in the quarter ended June 30 from the record of Rs.13120/sq-ft. set in the quarter ended Dec. 31, 2014.

Deepti Baragur, Pune

21st September 2015

Well Deepti.....
Mumbai based Piramal Fund Management Pvt. expected that prices may fall as much as 20% over the next year as record high prices dip demand between a excess of supply.

But at the same time the property prices may be worth 3-4 times his purchase price in 10 years.

Ketalpujara, Mumbai

22nd September 2015

Yes, Former maharajah's residence in Mumbai that most recently had belong to the U.S. consulate. The owners of Asian's largest maker of vaccines may visit it on Saturdays and Sundays. They always visited Mumbai on the weekends. It tooks 4 hours to reach Mumbai from Pune.

Vineet Tendulkar, Mumbai

21st September 2015

Comment

It is true Vineet.......
@Vineet,
At the same time it is also notable that in a city like Mumbai, you probably won't get an opportunity like this in the next 10 to 20 yrs. To get a 2 acre plot in a city like Mumbai is really impossible.

As per Poonawalla, the decision to buy Lincoln House was not a business one. That is why they finished the first negotiations in 2-3 hrs, Actually they don't want to get into a bidder war. They have casually look around he Lincoln House.

Ketalpujara, Mumbai

21st September 2015