Mumbai: A Parsi-owned over one acre wooded plot on Carmichael Road in south Mumbai, a residential zone considered one of the priciest real estate in the country, has been sold for Rs 170 crore to Mah-Hill Properties, a subsidiary of Adani Group.
According to registration documents sourced by CRE Matrix, a real estate data analytics firm, Behram Nowrosji Gamadia, who inherited the property that goes back to the early part of the 20th century, sold the 4,500 sq m plot to Mah-Hill. A copy of the resolution to buy the property passed by the board of directors of Mah-Hill Properties shows the company’s address at Adani Corporate House in Ahmedabad.
The deal was registered on March 27 and a stamp duty of Rs 10.5 crore was paid by the buyer. Under the new development plan (DP 2034), the plot is reserved for residential purposes. However, the land with a green slope was earlier shown for a children’s park in the 1991 development plan.
Subsequently, BMC reversed its decision and proposed to the state govt to mark the plot once again for a garden/park and green belt.
Interestingly, the state rejected the modification proposed for a garden and earmarked it as a residential zone.
The plot is located close to the municipal commissioner’s bungalow on Carmichael Road, now officially called M L Dahanukar Marg.
On the new development plan map, the green slope continues to remain one, but the rest of the plot is now shown for residential purposes.
The plot belonged to Jehangir Nowrosji Gamadia, who passed away in 1927, leaving behind his wife Bai Putli Bai and their minor children Nowroji Jehangir Gamadia and Bai Maneckbai.
After his death, Putlibai, Jehangir Hormasji Cama and Behramji Nowroji Gamadia were given control of the land as administrators. Later, the children got a share in the land in 1943 and became joint owners.
In 1974, Nowroji signed an agreement with one Samrathmal Seth to develop the plot. A dispute between the heirs of the two parties was settled.
As part of the agreement and settlement, Behram Gamadia received Rs 140 crore and the Seths received Rs 30 crore from the developer.