Mr. N Chandrasekaran, the Chairman of Indian Conglomerate, Tata Group has just purchased a house for him and his family worth a staggering Rs. 98 crores. The house is a duplex apartment part of luxurious and top end condominium located in Peddar Road; the affluent area situated in the southern part of Mumbai.
The house sits on the 11th and 12th storey of the building and spans an area roughly of 6000 square feet. Mr. Chandrasekaran along with his family have already been residing in that house for the past five years, since 2017, as they paid an agreed amount of monthly rental worth around Rs. 20 lakhs.
The rate of the building breaks down to close to Rs. 1.7 lakh per square feet which automatically puts it out of budget for almost every Indian. The house was finally officially registered just a few days ago under his name along with his wife’s name Lalitha and their son, Pranav.
The sale was done by Jivesh Developers, a real estate company that deals with the best and most luxurious properties in the country.
Mr. Chandrasekaran has a long history with Tata, as he joined Tata Consultancy Services 35 years ago back in 1987. He worked his way up and in 2009, he became the company’s chief executive officer.
He also took up roles as the chief operating officer and executive director of Tata Consultancy services before he took up the role as chairman of the conglomerate. With Mr. Chandrasekar at the helm of Tata Consultancy Services, the company earned a revenue of $ 16.5 billion USD for the financial year of 2015-16. It also had the honour of being the largest hirers in the private sector in India under him.
Mr. Chandrasekaran’s purchase of his new house took place just a few days after he signed a new and improved contract with Tata keeping him tied to company for the next half decade. For the financial year of 2021-22, he earned a total income of around Rs. 91 crores making him one of the highest earning and successful top executives of the country.
In spite of Shapoorji Pallonji (SP) family who own 18.4% of Tata, abstained in the voting of rehiring Mr. Chandrasekaran, he was still able to garner enough votes which was pretty much unanimous by the other voters to extend his stint with the company. It is clear that Tata values him very highly and rightly so.
