Sunday, March 26

Big deal amid COVID-19 gloom: Stockbroker buys 31,000 sq ft bungalow in Kolkata for Rs 100 crore

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In perhaps the most expensive residential real estate transaction in Kolkata and that too during COVID-19, a stockbroker has purchased a 31,000-sq ft bungalow located in Judges Court Road for around Rs 100 crore, brokers said.

The bungalow, which has been bought by Prakash Baid, a local stockbroker, was owned by Sumit Mazumder, chairman of Tractors India Limited.

The three-floor bungalow is spread across an area of 3734 square yards, has five bedrooms, hall, and a kitchen. It has three car parks and parking for 14 guests. It also has an art gallery, 12 staff quarters, 8 bathrooms, one lawn and a 20-ft cascading waterfall in the garden.

The deal was brokered by Sotheby’s International Realty.

“During COVID-19, this is the highest value transaction that we have done in Kolkata for a single home for Rs 100 crore. This is also an indication that more ultra HNIs families in Kolkata are looking to invest in marquee residential properties,” Amit Goyal, CEO, India Sotheby’s International Realty told Moneycontrol.

The international property consultant represented both sides – the buyer and the seller – in the transaction. The property was posted on the Sotheby’s platform on an exclusive mandate basis “and we could sell it within six months during the COVID-19 period,” he said.

The buyer belongs to an old Marwari family based in Kolkata that has several businesses and investments including the stockbroking business.

“A deal worth Rs 100 crore in Kolkata is akin to a deal worth Rs 400 crore to Rs 500 crore in Mumbai or Delhi. Wealthy buyers in Kolkata constitute a fraction of billionaires across the country. This deal is an indicator of a new trend. There is a lot of old money. This is an old property and will require refurbishment,” he said.

“As a global luxury real estate company, we sign a non-disclosure agreement before listing a property. However, I am happy to share that we have successfully concluded the transaction representing both buyer and the seller of the marquee bungalow in Judges Court, Kolkata, within six months of getting the mandate for listing it on the Sotheby’s International Realty platform. It is an indication that more and more UHNI families are looking to invest into marquee residential properties in Kolkata,” said Ashwin Chadha, president of India Sotheby’s International Realty.

The property was built in 2007. The bungalow was designed and built by architectural firm Ghosh Bose & Associates.

Brokers said the property has imposing gates with traditional bulls guarding the doors. The total area of the property is nearly 31,000 sq. ft. On the right side of the living room are the Blue China Room, The Ganesa Room and the pipe-and-cigar room.

Source: moneycontrol

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