J Kumar Infraprojects’ MD buys two bungalows in Mumbai for Rs 50 crore

January 25, 2023
J Kumar Infraprojects' MD buys two bungalows in Mumbai for Rs 50 crore

Construction company J Kumar Infraprojects’ Managing Director Nalin Gupta has purchased two adjacent bungalows in Mumbai’s plush Juhu locality for a total of Rs 50 crore.

Both the bungalows spread over 5,650 sq ft cumulative built-up area are part of a housing society.

Gupta has acquired the said property, which has been constructed on a land parcel spread over one-fifth of an acre, with his wife Shalini.

The buyers have paid stamp duty worth Rs 3 crore for the registration of the deal that took place on January 17.

While both the bungalows have a relatively similar structure of ground plus one floor, one of them is spread over 3,403 sq ft and the other property has 2,247 sq ft area, showed documents accessed through indextap.com, a real estate advisory firm.

Both Nalin Gupta and his wife are part of J Kumar Infraprojects’ promoter group and together hold over 7.17% equity in the company through their respective direct stake.

Among its key projects, the company has been working on underground and elevated metro projects in Mumbai, Delhi, Ahmedabad, Surat, and Pune.

J Kumar Infraprojects has undertaken EPC work on Mumbai Metro project line 2A and line 7 that started operations last week. Apart from metro projects, the company operates in urban infrastructure segments including flyovers, subways, bridges, roads and civil construction.

ET’s email query to J Kumar Infraprojects remained unanswered until the time of going to press.

Recently, a group entity of pharmaceutical manufacturing company Macleods Pharmaceuticals, Agarwal Holdings acquired a nearly two-acre land parcel and a structure built on the same in plush Juhu for Rs 332 crore in two separate transactions.

This was the second property bought by Agarwal Holdings in Juhu. In 2021, the company had acquired a bungalow in this locality.

Juhu has been known for the properties of Bollywood actors, directors, and producers. It also counts many industrial and corporate world biggies as its prominent residents. Recently, actors Vicky Kaushal and Katrina Kaif shifted to their residence here, while cricketer Virat Kohli and his actress wife Anushka Sharma moved in some time ago.

A few months ago, Ravi and Neel Raheja, promoters of real estate development company K Raheja Corp, jointly bought a villa spread over more than two-thirds of an acre in Mumbai’s plush Juhu locality from the Singhania family, the promoters of JK Lakshmi Cement, for Rs 265 crore.

Transactions for land parcels have started to gather momentum again with many deals, including outright acquisitions and joint ventures, in the key property markets of Mumbai, Pune, Chennai, Hyderabad, and Bangalore, either being closed or expected to close this year. The increased demand for land parcels is being driven by the sustained recovery in the housing market. Ends

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