DHC Advisory Co-founder Invests Rs 85 Cr in Breach Candy Home

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In a notable real estate transaction, Dilip Bhikhalal Desai, the co-founder and chairman of DHC Advisory LLP, a prominent professional services firm, has acquired a lavish sea-view duplex apartment in Breach Candy, South Mumbai. The luxury residence, situated on the 10th and 11th habitable floors of the opulent Bishopsgate tower, spans 5,874 sq ft. The transaction, valued at over Rs 85 crore, signifies a remarkable price of nearly Rs 1.45 lakh per sq ft, elevating it to one of the most expensive homes sold on a per sq ft basis in the country.

The duplex apartment offers a panoramic view of the sea, adding to its allure. Dilip Desai, based in Kolkata, along with his wife, completed the purchase from a private family trust in Mumbai. The deal, finalized on December 13, involved a substantial stamp duty of Rs 5.10 crore. Additionally, the agreement grants the buyers exclusive access to five covered car parking slots within the Bishopsgate tower, complementing the luxurious living experience.

DHC Advisory, headquartered in Mumbai, stands as one of India's oldest professional services firms, with a widespread presence across 11 cities and 20 offices. Boasting a team of over 1,300 professionals, the firm offers comprehensive services, including tax and regulatory consulting, corporate finance advisory, risk management, assurance, and ESG advisory, catering to a diverse clientele spanning 16 industries.

The luxury residential project Bishopsgate is the result of a joint venture between Ashok Piramal Group company Peninsula Land and KBK Group, operating through the entity Bridgeview Real Estate Development. Notably, the project took shape after Peninsula Land acquired the Bishopsgate residential building in Breach Candy from multinational banks HSBC and Standard Chartered in 2011 for Rs 272 crore.

The surge in demand for residential properties, particularly in the mid-income, premium, and luxury segments, has led to record-breaking sales in the country's top eight cities, with 2023 witnessing an unprecedented high. Mumbai, being the largest and most expensive property market, has experienced a historic surge in property registrations and revenue collection through stamp duty charges.

The premium housing sector in Mumbai, especially in areas like south and central Mumbai, has been a focal point for substantial transactions. Over the past couple of years, the micro-market has witnessed several noteworthy deals involving industrialists, top executives, actors, and sports personalities, contributing significantly to the city's real estate landscape.

As Dilip Desai secures his prestigious sea-view duplex in the heart of Breach Candy, this transaction not only reflects the high-value real estate market but also underscores the enduring appeal of premium residences in Mumbai's iconic locales.

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