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

Dawat-e-Hadiyah, a charitable trust associated with the Dawoodi Bohra community, has made a notable acquisition in South Mumbai's Fort area by purchasing the heritage building known as Killick House for over Rs 72 crore. This transaction is particularly significant as it represents one of the rare outright sales of an entire building in this prestigious micro-market, which is renowned for its historical and architectural significance.

Details of the Acquisition

The property, located on Hornby Road, was acquired from Nippon Investment and Finance Company, which has historical ties to the Videocon Group. Killick House is a heritage structure classified under Heritage Grade 1 by the Heritage Conservation Committee, underscoring its architectural value and importance. The building spans a quarter of an acre and features a basement, ground floor, and three upper floors, with a total built-up area of 27,577 sq ft.

Historical Context of Killick House

Killick House is situated adjacent to the Cathedral School, adding to its prominence in the area. The building's architectural style reflects the Victorian Gothic influence that characterizes much of South Mumbai's heritage. The acquisition of such a property is not only a significant investment for Dawat-e-Hadiyah but also highlights the ongoing interest in preserving and investing in heritage properties within the city.

Market Implications

This acquisition follows a previous purchase by Dawat-e-Hadiyah in 2017, when the trust acquired Fort House from the Videocon Group for around Rs 300 crore. The rarity of transactions involving entire buildings in the Fort area indicates a unique market dynamic, where heritage properties are increasingly sought after by investors and trusts alike. The Fort area, known for its rich history and architectural beauty, has not seen many outright sales, making this transaction particularly noteworthy.

Conclusion

The purchase of Killick House by Dawat-e-Hadiyah is a significant development in the South Mumbai real estate market, especially in the context of heritage properties. It reflects a growing trend among investors to seek out and acquire iconic buildings that hold historical value. For potential buyers, tenants, and investors, this transaction signals a continued interest in prime real estate within South Mumbai, particularly in areas that boast rich architectural heritage.