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Bishops gate up for sale likely deal value Rs 250 cr

Somasroy Chakraborty & Rajesh Bhayani  |  Mumbai 

Bishops Gate, a plush residential apartment in South Mumbai where several flats are owned by Standard Chartered Bank and Hongkong and Shanghai Banking Corporation (HSBC), is up for sale, three people familiar with the development have said.

The deal value was likely to be around Rs 250 crore, sources in the real estate industry said.

Many flats in this apartment, which is situated near Breach Candy Hospital and Breach Candy Club, are used by senior executives of these two banks as residences.

It is believed Naina Lal Kidwai, currently the group general manager and country head of HSBC in India, used to stay in Bishops Gate when she was posted in Mumbai. Kidwai is currently based in New Delhi.

Even in Wikimapia, the online editable map, Bishops Gate apartment is marked as “HSBC CEO lives here”. Spokespersons of both Standard Chartered Bank and HSBC declined to comment for this story.

According to sources, the banks saw an opportunity to make profit by selling this apartment as property prices in Mumbai has surged in the past couple of years. “Negotiations have started. Both the banks have initiated the process of shifting their senior executives in Bishops Gate to other parts of the town,” a source said.

It is believed Raymond’s chairman and managing director Gautam Singhania has expressed interest to buy it. Singhania is also building a luxurious residential apartment opposite Bishops Gate, which is why he is interested in the property, a source said.

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First Published: Sat, July 30 2011. 00:46 IST