Curation Team
In one of the rare outright transactions to be concluded in South Mumbai’s Fort area for an entire building, Dawat-e-Hadiyah, a charitable trust of Dawoodi Bohra community, has acquired a heritage building Killick House spread over a quarter of an acre for over Rs 72 crore.
The trust has bought the leasehold and ownership rights of the building on Hornby Road from Nippon Investment and Finance Company that was previously part of the Videocon Group and functioned as a promoter group entity for Videocon Industries.
Nippon Investment and Finance Company has undergone a change in ownership following a Corporate Insolvency Resolution Process (CIRP). In 2019, the National Company Law Tribunal had accepted the resolution plan submitted by a consortium led by Vyom Tele Infrastructures.
Dawat-e-Hadiyah has executed the entire transaction through four separate agreements, two of which were registered in March and one each in January and February, showed the documents accessed through realty data analytics platform Propstack.
In early 2017 too, Dawat-e-Hadiyah had acquired the iconic Fort House from Videocon Group. This prime property with total 1.50 lakh sq ft office space in on DN Road of South Mumbai was then sold for around Rs 300 crore.
Killick House is located next to the Cathedral School and has a basement, ground floor and three upper floors with a total built up area of 27,577 sq ft. The Heritage Conservation Committee has classified this property under Heritage Grade 1 category.
ET’s email query to Dawat-e-Hadiyah, Vyom Tele Infrastructures, and Nippon Investment and Finance Company remained unanswered until the time of going to press.
According to property consultants, the deal assumes significance as an entire building is being sold in a micro-market that usually does not offer an opportunity like this. The micro-market, renowned for its Victorian Gothic architecture and heritage structures reminiscent of the British colonial era, has not witnessed many such transactions.
Prior to this, the family of construction tycoon and billionaire Pallonji Mistry in 2019 had bought Turner Morrison Building, a ground plus four storey structure with total 54,000 sq ft built up space, in Fort’s Kala Ghoda locality. The century-old freehold property was sold by its owner Kolkata-based company Turner Morrison for around Rs 150 crore.
