Inside the Poonawallas’ New Rs 500 Crore Mansion in South Mumbai: What’s the Real Story?

Billionaire industrialist Yohan Poonawalla and his wife Michelle have recently made a significant acquisition in South Mumbai’s prestigious Cuffe Parade area, purchasing a 30,000 sq ft standalone property for over Rs 500 crore. This mansion, one of the most expensive residential deals in recent memory, is set to be transformed into their secondary residence, aptly named ‘Poonawalla Mansion.’

The Poonawalla family, with deep roots in India’s business landscape, is well-known for their influence. Yohan Poonawalla, chairman of the Poonawalla Engineering Group and director of Poonawalla Stud Farms and Poonawalla Racing and Breeding, hails from a prominent lineage. His father, Zavaray Poonawalla, co-founded the Serum Institute of India, a global leader in vaccine manufacturing. Michelle Poonawalla, Managing Director of the Poonawalla Engineering Companies, is an accomplished businesswoman herself, and her design firm, MYP Design Studio, will lead the transformation of their newly acquired mansion.

The mansion’s expansive layout, which includes multiple floors and terraces, offers a significant level of privacy and exclusivity. This luxurious setting will serve as the perfect backdrop for the couple’s extensive art collection, featuring Michelle’s own oil paintings and other prized pieces. A part of the residence will be converted into a private art gallery, and the mansion will also house a curated selection of Yohan Poonawalla’s automobile collection.

Speculation in the property market suggests that this acquisition could be the early 20th-century heritage property, Taraporewala Mansion, once home to the writer Mulk Raj Anand. Although its estimated value ranged between Rs 100 crore and Rs 150 crore, the final purchase price reflects the rising demand for exclusive properties in South Mumbai.

The Poonawalla family’s interest in prime real estate is not new. In 2015, Yohan’s cousin, Adar Poonawalla, successfully bid Rs 750 crore for the sprawling US consulate property at Breach Candy. However, Adar has been unable to occupy the property, as the Indian government has yet to grant permission for the sale of the two-acre, sea-facing mansion, which was originally built by the Maharaja of Wankaner in the late 1930s.

This acquisition adds to the growing list of high-profile property purchases in South Mumbai, further solidifying the area’s status as a coveted destination for luxury real estate.