Picard Angst India buys land, bungalow in Mumbai for Rs 86.52 crore

March 9, 2023
Picard Angst India buys land, bungalow in Mumbai for Rs 86.52 crore

Luxembourg-based real estate investment company Luxembourg REO Company SARL’s subsidiary Picard Angst India has acquired a bungalow spread over a 2.8-acre land parcel in Mumbai’s western suburb of Santacruz for over Rs 86.52 crore.

The company has purchased the property from five joint owners, including global banking and finance professional Francis Andrew Rozario, former CEO & executive director at Temasek’s Fullerton Financial Holdings (International).

Picard Angst India was set up in 2019 for undertaking and supervising construction activities within the real estate sector in the country. It is a wholly-owned subsidiary of Luxembourg REO that was started in 2018 with the objective of making investments in real estate assets across the world with Picard Angst India being the first investment venture.

The bungalow property, Felstead Villa, with ground plus one floor structure located on Gazdar Private Scheme has a total built up area of 4,005 sq ft. The freehold land parcel has a clear and unrestricted access from a public road and does not have any reservations marked against it.

The company has paid stamp duty of Rs 5.19 crore for the registration of the deal that took place on March 2, showed documents accessed through IndexTap.com.

Picard Angst India, according to industry experts, is likely to develop a luxury residential project on this plot.

The land parcel was originally owned by M Gazdar Parsi, who sold it to the Rozario family in September 1936. After receiving the grant of ‘sanad’, or land title, from the government in 1948, the family went on to construct a bungalow along with two garages on the said land parcel. A small part of the land parcel was sold by the family in 1959.

ET’s email query to Picard Angst India remained unanswered until the time of going to press. Francis Andrew Rozario could not be reached for a comment.

Transactions for land parcels have started to gather momentum again with many deals including outright acquisitions and joint ventures in key property markets of Mumbai, Pune, Chennai, Hyderabad and Bengaluru either being closed or expected to close soon.

The increased demand for land parcels is led by sustained recovery in the housing market witnessed following the outbreak of the pandemic.

Several prominent real estate developers have entered the Mumbai property market in the backdrop of strong demand, sales momentum and potential of robust returns.

The Mumbai property market has been setting new benchmarks with real estate transactions almost every month despite rising mortgage rates and property prices

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