Alibaug
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Real estate
As in 2021
Nauzer Bharucha, Oct 23, 2021: The Times of India
From: Nauzer Bharucha, Oct 23, 2021: The Times of India
Across the Mumbai harbour, the pandemic and the resultant lockdown have led to a property boom in the sleepy coastal town of Alibaug. In probably the biggest deal in the town, a 6-acre beachfront home has been sold for Rs 80 crore in Awas village of Alibaug.
The sprawling property, owned by a Parsi business family, the Engineers of Atash Leasing, has been purchased by Shrikantadevi Damani, wife of Radhakishan Damani, stock market investor and founder of the supermarket chain DMart. Last April, Radhakishan and his brother Gopikishan purchased a bungalow on Narayan Dabholkar Road in south Mumbai for a record Rs 1,001 crore.
On Friday, the Atash family patriarch, Cyrus Engineer, did not respond when contacted by TOI. Property documents show the deal was registered on Thursday. “It is an old style house built in the early 1980s much before coastal regulation zone laws were enforced. The land is filled with fruit trees,’’ local sources said.
The Damanis are heavily invested in Alibaug. In 2015, Radhakishan Damani bought the five-star Radisson Blu Resort & Spa for Rs 135 crore. The Damanis, according to locals, also own a large farmhouse spread over 20 acres in Jirad village.
Two months ago, actors Deepika Padukone and Ranveer Singh purchased a house in Mapgaon village for Rs 22 crore, sources said. They added that the land rush accelerated when around 150 families from Mumbai shifted to their weekend homes after the lockdown. “During the lockdown, social media was flooded with posts of families walking in large gardens, jogging on the beach or swimming. Others who saw it wanted the same lifestyle,’’ they said. The roll-onroll-off ferry service which began recently between the city and Mandwa too added to the demand. It takes an hour to travel in air-conditioned comfort. Land prices are up 50% since last year.
The swish set with homes in Alibaug includes Shah Rukh Khan, Ratan Tata, Noel Tata, Shapoor Mistry, Nikhil and Elina Meswani, and the Godrej family.
(Inputs by Umesh Parida)
