Some people go to a bank, others have the private bankers come to them, but the Indian Civil Aviation Minister Praful Patel (whose daughter was recently married) has taken it one step further by living in the same building as the banks, enter - Ceejay House. Ceejay House is located on Dr. Annie Besant Road in Worli, across the street from Atria Mall and next to Poonam Apartments. Ceejay House is owned by the Ceejay Group which Praful Patel owns.
Ceejay House stands impressively at 14 stories and has over 275,000 square feet. It’s currently being quoted around Rs 500/sq ft, which means it will generate over INR 13.7 Crore (USD 3.1 million) in rent a month. But, the building will never be fully leased because Praful has taken the top two floors for his house, which equates to around 40,000 sq feet of living space. Anywhere in the world that is a lot, but in Bombay that’s fu!@#$ hugh.
It only makes sense he lives in the building since he’ll need a place to invest the monthly income the building will generate. And that is where the banks come into play, some of the larger private bankers and private equity guys will be just a few floors below him.
Some of the tenants are Barclays, Credit Suisse, Societe Generale, Lehman Brothers, DEPFA, HypoVereinsbank, Halycon Trading Company, India Equity Partners, Matrix Partners (the guys that started baazee.com and sold out to eBay) and INOX Leisure Limited (they own and run the INOX chain of theaters).
2 responses so far ↓
1 sheel // Mar 30, 2007 at 4:52 pm
Where does the money come from? bidis… Ceejay is one of the biggest bidi manufacturers in India.
I read an article on him a few months back… he actually doesn’t draw a salary from his post as Aviation Minister. I don’t know anything about kickbacks from the open skies agreements, airports, etc. but he comes from money.
40,000 sqft in Bombay is sick man… I don’t even know what I’d do with that kind of space. From that picture, it looks lik e a pretty unassuming building for this guy.
2 j patel // Sep 27, 2008 at 2:34 pm
praful patel is a partner of the ceejay group which is mainly based in gujarat and they are into finance and real estate too..
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