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Thursday, July 25, 2024

DHC Advisory’s Co-founder Acquires Rs 85 Crore Duplex in Breach Candy, South Mumbai

Dilip Bhikhalal Desai, the co-founder and chairman of professional services firm DHC Advisory LLP, has recently made a significant real estate purchase in South Mumbai’s upscale Breach Candy locality. Desai and his wife acquired a sea-view luxury duplex apartment in the super-premium tower, Bishopsgate, located opposite the prestigious Breach Candy Club. The transaction, valued at over Rs 85 crore, places the 5,874 sq ft apartment on the 10th and 11th habitable floors at nearly Rs 1.45 lakh per sq ft, making it one of the most expensive homes sold on a per sq ft basis in the country.

The deal was finalized on December 13, with the buyers paying Rs 5.10 crore as stamp duty for the registration. The agreement includes exclusive access to five covered car parking slots in the tower along with the duplex apartment, as outlined in the documents accessed through IndexTap(dot)com.

Dilip Desai’s firm, DHC Advisory, headquartered in Mumbai and present in 11 cities with 20 offices, is one of the oldest professional services firms in India. With a team of over 1,300 professionals, the company provides services in tax & regulatory, corporate finance advisory, risk, assurance, and ESG advisory.

The luxury residential project, Bishopsgate, was developed by Peninsula Land, an Ashok Piramal Group company, in collaboration with KBK Group through their joint venture entity, Bridgeview Real Estate Development. The property was acquired from a private family trust based in Mumbai.

The surge in demand for residential properties across India’s top eight cities, particularly in the mid-income, premium, and luxury segments, marked a record-setting year in 2023. Mumbai, being the largest and most expensive property market, experienced heightened activity, setting new records in terms of property registrations and revenue collection through stamp duty charges.

Notably, the micro-market of south and central Mumbai witnessed numerous large-ticket transactions involving industrialists, CXOs, actors, and sports personalities over the past couple of years, contributing significantly to the city’s real estate dynamics.

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