Sky Scrapper Mumbai
Sky Scrapper MumbaiReuters

About a century old three-story building named Razak Haven at Nepean Sea Road in South Mumbai has been sold for a whopping Rs.175 crore to the Mc Donald's franchise owner Amit Jatia, 47, of the B L Jatia Group, reported The Times of India. Real estate sources told TOI that the deal was concluded last week.

According to sources, the Jatia family plans to shift to its newly acquired property after re-developing the property.

The Jatias currently resides at the Breach Candy and have been on the look-out for a spacious residence for some time now. Razak Haven had many owners, including architect Kamal Malik and an NRI from Africa.

The Jatias have joined an elite group of people who have purchased the property to reside in and not just as an investment option.

Amit Jathia, who manages 174 McDonald chains across 17 cities in India, has a net worth of Rs.5, 739 crore ($665 million). He has a degree in hamburgerology from Hamburger University in Oakwood, Illinois in USA, according to Forbes.

Similarly in 2011, industrialist Sajjan Jindal bought a three-storey bungalow with a porch and a garden at Nepean Sea Road for Rs 400 crore. This was one of the most expensive deals for a house in India.

Prior to Jindal's deal, a suburban developer-Runwal Group had paid Rs. 350 crore for a Nepean Sea Bunglow property which is the two-storey bunglow constructed in 1918.