Dawat-e-Hadiyah Acquires 'Killick House' in South Mumbai for Over Rs 72 Crore

Dawat-e-Hadiyah Acquires 'Killick House' in South Mumbai for Over Rs 72 Crore

Dawat-e-Hadiyah Acquires 'Killick House' in South Mumbai for Over Rs 72 Crore

In a rare outright transaction in South Mumbai's Fort area, Dawat-e-Hadiyah, a charitable trust of the Dawoodi Bohra community, has acquired the heritage building 'Killick House' for over Rs 72 crore. The property, located on Hornby Road, was bought from Nippon Investment and Finance Company, which was previously part of the Videocon Group and served as a promoter group entity for Videocon Industries.

Killick House, situated next to the Cathedral School, spans a quarter of an acre and includes a basement, ground floor, and three upper floors, with a total built-up area of 27,577 sq ft. The building is classified under Heritage Grade 1 by the Heritage Conservation Committee. The transaction was completed through four separate agreements, with the first two registered in March, and one each in January and February.

This acquisition follows a similar purchase by Dawat-e-Hadiyah in 2017, when it acquired Fort House, another iconic property in South Mumbai, from the Videocon Group for around Rs 300 crore. The trust's acquisition of Killick House is significant as it marks one of the rare occasions when an entire building in this prestigious micro-market has been sold. The Fort area, known for its Victorian Gothic architecture and historical structures, has not seen many such deals.

This deal highlights the growing interest in prime real estate in South Mumbai, particularly heritage properties, and marks another significant investment by Dawat-e-Hadiyah in the city's real estate landscape.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/