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DMart CEO Ignatius Navil Noronha Buys Mumbai Apartment Worth Over Rs 66 Crore; All About the Deal

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Ignatius Navil Noronha of retail chain DMart has bought a home in Bandra (East) at a price of over Rs 66 crore, in one of the largest transactions in the real estate industry of Mumbai in terms of value. The DMart CEO has further paid  a stamp duty of Rs 3.30 crore, as per reports. The super premium property has been purchased jointly by the CEO and his wife Kajal Noronha.

The property, booked by the couple, is in the under-construction project Rustomjee Seasons. They have purchased two units in the building that is located close to the business district of Bandra Kurla Complex, Moneycontrol reported. The two apartments have a RERA carpet area of 8,640 square feet when combined, according to registration documents on Zapkey as quoted by the news publication. On top of it, there  is a deck and terrace area of 912 square feet, thus making the total size of Noronha’s new apartment at 9,552 square feet. The report said that the Avenue Supermarts CEO and his wife will have access to 10 car parkings, as per the agreement.

As per a report by Economic Times, Noronha has purchased the apartment, which is over carpet area of 4,522 square feet on the 24th floor of the building for an amount of Rs 34.86 crore. On the other hand, his wife has booked the other apartment with a carpet area of over 4,117 square feet on the 25th floor for Rs 31.38 crore. The total amount thus totals to almost Rs 66.25 crore.

As mentioned above, both Noronha and his wife have paid Rs 3.3 crores as stamp duty only for the registration of the flats, with the deal taking place on July 29.

The Bandra  East market has witnessed sharp buyer interest, especially that of corporate leaders and high net worth individuals, over the last decade, with the latest deal marking a new high in terms of the size of a transaction. The project, Rustomjee Seasons, has benefitted due to its close proximity the new business hub of BKC, while also benefitting from limited competition. The project is in advanced stages of construction at the moment, as BKC continues to become the de-factor business street of Mumbai.

Last year, Noronha became the richest CEO in India as he entered the billionaires club.  The businessman had an estimated net worth of around Rs 5,146 crore as of September last year. Noronha had seen his net worth rise above a billion dollars after an incredible 113 per cent rise in Avenue Supermarts’ stock last year. Before joining DMart, Noronha was working as a sales executive, in the areas of market researcher and modern trade with the fast-moving consumer goods (FMCG) giant, Hindustan Unilever.

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