Industrialist Yohan Poonawalla and his wife, Michelle Poonawalla, have purchased a 30,000- sq ft mansion in Cuffe Parade, South Mumbai, an area home to many industrialists.
Though the exact price paid for the property is unknown, experts estimate the mansion could have cost the Poonawallas over Rs 500 crore, given the current rates and the scarcity of such properties in the area.
Yohan Poonawalla, chairman of Poonawalla Engineering Group, was unavailable for comment.
Poonawalla and Michelle plan to make the mansion their second home. Their primary residence is Poonawalla House in Pune, sources said.
MYP Design Studio, led by Michelle Poonawalla, will spearhead the renovation of the mansion into the opulent Poonawalla Mansion, the sources said.
The renovated mansion will showcase Michelle’s renowned art collection, including works from renowned artists as well as her own unique art and oil paintings. This unique technique will transform the residence into a private art gallery. Additionally, part of Yohan Poonawalla’s vast, world-renowned collection of invaluable and prized automobiles will be housed in their new acquisition.
Fifty-two-year-old Yohan owns Intervalve Poonawalla, El-O-Matic India, and is a shareholder in Serum Institute of India. He is also chairman of Poonawalla Financials, and a director of Poonawalla Stud Farms and Poonawalla Racing and Breeding.
The Poonawalla Group, led by Yohan Poonawalla, is engaged in several real estate projects. Notably, it is constructing a 100-meter commercial glass tower valued at around Rs 1,750 crore in the Bund Garden area, set to be completed by 2026.
Earlier this year, he also acquired a stake in a commercial property in Mumbai’s Lower Parel area, reports said.