JP Taparia buys duplex flat in BKC for Rs.60 crores

MUMBAI: JP Taparia, who recently sold contraceptive maker Famy Care to Mylan for about Rs 4,600 crore, has bought an 11,000-sq-ft duplex apartment in luxury residential project Signature Island in Mumbai’s commercial business district Bandra-Kurla Complex (BKC) for Rs 60 crore, said two persons familiar with the development.

“The bare-shell apartment can be converted into a house with 5-6 lavish bedrooms. The amount paid is excluding charges of stamp duty and registration that was completed recently to conclude the transaction,” said one of the persons mentioned above.

This is the highest amount paid for an apartment in the BKC vicinity on the basis of per sq ft of about Rs 55,000. Last year, banker Uday Kotak had bought a similar sized 11,000-sq-ft house in the same complex built by developer Sunteck Realty for close to Rs 55 crore, or at Rs 50,000 per sq ft.

Property brokers attributed the high-premium tag for the project to it receiving its occupancy certificate. The project has been handed over and some occupants, including diamond merchants and industrialists, have started living there.

The Taparia family, following the sale of its female healthcare business to Mylan, has picked up a majority stake in Guardian Lifecare, India’s third largest pharmacy chain after Apollo and Medplus, for about Rs 55 crore. The family is also among one of India’s highest individual tax payers.

Taparia was initially engaged in his extended family’s hand tools and engineering business until 1990, after which he started his own business with Famy Care that has now grown to be one of the world’s leading manufacturers of female oral contraceptives.

Separate email queries sent to JP Taparia and the project developer Sunteck Realty did not elicit any response until the time of going to press.

Several prominent personalities from the corporate world, Bollywood and banking fraternity have already bought apartments in the same project built by developer Sunteck Realty. Apart from Uday Kotak, other buyers are Gautam Adani, Vikram Pandit, Gunit Chaddha, Mihir Doshi and actress Sonam Kapoor. Actress Aishwarya Rai also recently bought an apartment in the neighboring project Signia Isle being developed by the same developer.

Although this is a one-off deal, it has surprised many in the property circles, given the current sluggish state of real estate development, particularly the luxury segment. Mumbai, the country’s most expensive property market, is also witnessing luxury apartments being built for and sold to uber rich at a price tag far exceeding Rs 100 crore in localities such as Nepean Sea Road, Altamont Road, Malabar Hill and Worli. Apart from these areas, Bandra-Kurla Complex is also emerging as a plush residential enclave for high net-worth individuals, diamond merchants and industrialists.

Credits ET Realty

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