Former KKR India chief Sanjay Nayar buys Mumbai home for ₹90 crore

Sanjay Nayar, chairman of Sorin Investments, purchased a ₹90 crore luxury apartment on Carmichael Road, reflecting the rising demand for high-end properties in South Mumbai.

Bengaluru: Sanjay Nayar, founder and chairman of venture capital firm Sorin Investments, has bought a luxury apartment on Carmichael Road for ₹90 crore, as the south Mumbai micro-market continues to attract ultra-rich homebuyers and property investors.

Nayar, a former chairman and chief executive of KKR India, bought the 4,537.29 sq. ft apartment at Kamal Mahal from Jilloo Kaiyoj Billimoria at nearly ₹1,98,356 per sq. ft on a carpet-area basis. The deal also includes an open garage measuring 225.89 sq. ft.

The apartment sale was registered on 15 September, as per real estate data analytics platform Zapkey.

In 2014, an apartment was sold in the same building for ₹33 crore, at ₹1 lakh per sq. ft, indicating how prices of high-end residential properties have jumped, particularly in the last few years.

“South Mumbai's ultra-luxury residential market is seeing strong appetite across two distinct segments: contemporary redevelopments and classic, old-charm enclaves. While modern highrises attract buyers looking for vertical amenities and brand-new infrastructure, heritage and low-density buildings like Kamal Mahal command an equally formidable pricing power,” said Sandeep Reddy, co-founder, Zapkey.

“For high-net-worth buyers, the irreplaceable architectural character, expansive carpet areas, privacy, and legacy address are trophies in their own right. At ₹2 lakh per sq. ft, this transaction puts classic addresses neck-to-neck with the city’s top new luxury developments,” Reddy added.

Billimoria and Nayar could not be immediately reached for comment.

South Mumbai has been witnessing a luxury real estate boom, with some of India's wealthiest buyers driving record sales. As prices soar, leading developers are rushing to acquire land or redevelop old housing societies to launch ultra-premium projects.

Projects are being planned not only in well-known south Mumbai neighbourhoods such as Altamount Road, Carmichael Road, Nepean Sea Road and Malabar Hill, but also in areas such as Gamdevi and Hughes Road that were once overlooked.

In April-June, Mumbai recorded sales of around 16 homes priced at ₹5 crore or more every single day, as per a quarterly report released by Lighthouse Luxury, a real estate and wealth management company.

Madhurima is Senior Editor at Mint and tracks and writes on real estate, urban issues and infrastructure. Besides news stories, she also writes longform stories. She has over two decades of experience in journalism, and has tracked India's real estate sector closely. Real estate in India is complex and fascinating, and she is one of the few journalists who has tracked the sector over the years and mapped critical events—from the Lehman impact in 2008, to the NBFC-led liquidity crisis, to the boom cycle after the 2020 pandemic. She is a Bengaluru-based business journalist but is always looking forward to travel wherever a story takes her. It could be Ayodhya or Jewar to witness the rise of new property markets, or Goa and Hyderabad to experience the changing real estate landscape. Real estate can be a tricky subject, so her aim is always to dig beneath the surface and tell a story as accurately as possible for the readers.<br><br>She has worked in newsrooms across Mumbai, Bengaluru and Kolkata. She has a Masters degree in English Literature and a postgraduate diploma in journalism from Symbiosis, Pune.