Second Costliest Realty Deal in Mumbai Fetches 
1.18L/Sq Ft
1.18 lakh per square feet. In the financial capital, Mumbai, properties continue to command the staggering prices for apartments in upscale residential localities, reports Rajshri Mehta of TNN.
A duplex flat in Samudra Mahal, a sea-facing 28-storey residential building in Worli has fetched whooping 43 crore in today's property market, making the second most expensive per square feet apartment deal in India. Samudra Mahal is a premium high-rise residential building in Mumbai. A duplex flat on the ninth and tenth floors spans over 3,638 square feet of built-up area was sold for 1.18 lakh per square feet and purchased by a notable glassware manufacturer, Borosil.
This four bedroom apartment was originally owned by Sonya Jethmal, an NRI settled in US. Apparently, Jethmal is related to the famous Mulchandani family, owner of the once-famous brand Bush.
Borosil vice-chairman Pradeep Kheruka confirmed the Samudra Mahal deal in an email response and stated that the company purchased the duplex as an investment purpose after getting the approval nod from the board of directors. He also clarified that "The purchase is not by the Kheruka family," reports Economic Times.
According to industry experts, Borosil "was flush with funds and was looking for investment opportunities after selling its 18-acre factory at Andheri (East) for 830 crore in 2010".
"Apartments in such landmark buildings of south Mumbai will continue to fetch premium rates because of their location and upkeep," said Lakhi Batra, a city-based property dealer. Samudra Mahal includes amenities like servant quarters, swimming pool, open garden, health club and children play area.
"While the movement of luxury penthouses and duplex apartments in landmark buildings in Mumbai is slower in the current environment, supply too is restricted. There are not many buildings of such quality. So, they continue to fetch higher premium than many new developments," added Batra.
This property deal has outshine the earlier record of 1.07 lakh per square feet luxury apartment in the high-storey marquee building that is home to India's several big shots and a flat in Tahnee Heights on posh Napean Sea Road that fetched 1.2 lakh per square feet, which still remains the most expensive private property deal in India.
Mumbai Flat Sold For an Eye-Popping 1.20 Lakh a Sq Ft
While the country's real estate market is witnessing sluggish growth and slow home sales, there is no price correction in Mumbai's property market. The financial capital, Mumbai is still witnessing property sales under high prices for apartments in upscale residential localities. Recently, a flat in upscale Worli got sold under a price bracket of 1.10 lakh per square feet, reports Times of India.
A duplex flat in Samudra Mahal, a sea-facing 28-storey residential building in Worli has fetched whooping 40 crore in today's property market. Samudra Mahal is a premium high-rise residential building in Mumbai. A duplex flat on the seventh and eight floors spans over 3,638 square feet was sold for 1.10 lakh per square feet, according to sources.
The city has witnessed some of the most expensive property deals in India including a 28th floor flat in Tahnee Heights, a high-rise residential building on Nepean Sea Road, also a prime locality in Mumbai. This flat of 3320 square feet was sold at 1.20 lakh per square feet and fetched an astronomical amount of 39 crore, which has recorded as the most expensive deal in June 2012.
It is to be believed that, this current deal of a flat in Samudra Mahal has broken the property transaction record that was set two years before. This means, the recent deal has quoted highest price against a duplex flat which was sold at 1.02 lakh per square feet or 37 crore, two years back.
Do not wait to strike till the iron is hot; but make it hot by striking.
No comments:
Post a Comment