Real estate sources said the deal was finalized last week.
Sources said the family plans to reside here after redeveloping the property. The building is a cessed structure and could be entitled to a floor space index of 3 for redevelopment. Fast food tycoon Amit Jatia, who is part of the family and who has the master franchise for McDonald's in India, said he was travelling when TOI contacted him on Tuesday. An official from Jatia's office, too, did not respond when asked for a comment.
The entire Jatia clan, comprising five families, currently reside at Breach Candy, and have been looking out for a much larger space for some time now. Razak Haven had several owners, including architect Kamal Malik and an NRI from Africa, it is learnt. It also housed a few tenants, who have moved out.
The Jatias join an elite list of people who buy building or bungalow plots, not as real estate investment, but to live in.
Last year, industrialist M P Aggarwal, chairman of Sajjan India, purchased Glamis Villa, a bungalow on Bhulabhai Desai Road off Breach Candy in south Mumbai for Rs 180 crore. Aggarwal will refurbish the property and use the 11,000-square-foot, two-storey bungalow as a family house.
Early this year, TOI had reported how for a tiny circle of Mumbai's uber-wealthy, the ultimate status symbol is living in a bungalow property rather than a high-rise.
http://timesofindia.indiatimes.com/followceleb.cms?alias=Razak Haven,Nepean Sea Road,McDonald's franchise owner,McDonald's,B L Jatia Group
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