The property market is also down within the dumps, however Mumbai has another time recorded the foremost expensive apartment deal within the country.
A residential skyscraper having 28th-floor flat in Tahnee Heights on Nepean Sea Road in south Mumbai has sold for an eye-popping Rs 1.20 lakh a sq. ft. The 3320 sq ft (built-up) apartment with a covered parking garage of over four hundred sq ft fetched around rupees thirty-nine crore.
The Bhimjyani family, that owned the flat is believed to possess sold the property to Jindal Medication (S K Jindal), that already owns 3 residences in Tahnee Heights. The Bhimjyanis, who are realty developers are shifting to Worli Sea Face.
Market sources of the residential property in Mumbai said the transaction that happened last week could be a one off deal and doesn’t mirrored the general market sentiments.
Old buildings still in demand
Flats in landmark buildings can still fetch premium rates despite the slowdown. It once more proves that buildings made 3 to 5 decades ago are still abundant sought after.
It was solely four months ago India’s richest housing society, a flat in Cuffe Parade’s Jolly Maker 1 and a four-decade-old symbol of Mumbai’s affluence, was sold at Rs 1.11 lakh per sq ft. It had been hailed as a record then. The twenty first floor flat with a carpet space of 2590 sq ft fetched rupees twenty nine crore on January. It had been sold by the Jagwani family, that runs a jewelry business, to Ashok Patni, one of the 3 brothers who own Patni Computers. Before that, the highest costs was Rs 37.25 crore for a 3600 sq ft flat in Worli’s Samudra Mahal in 2010.
In 2007, a 3475 sq ft (super built-up) flat in NCPA residences at Nariman Point was bought by a London-based NRI at Rs 97,842/sq ft. Almost five years back, actor Vinod Khanna and his wife Kavita quoted an astounding Rs 1.20 lakh per sq ft for a 2500 sq ft flat within the B-wing of Il Palazzo on Little Gibbs Road, Malabar Hill. However the Khanna’s later scrapped the deal as they felt they’d overbid.
A sale of a four-bedroom flat at NCPA residences at the Nariman Point end of Marine Drive for a gravity-defying costs of Rs 97,842 per sq. foot or Rs 34 crore, that was conducted by C B Richard Ellis, a global property consultant, real estate specialists have warned that this was a “freak sale” and isn’t a real indication of Mumbai’s residential property market.Incidentally, NCPA residential property in Mumbai has been at the centre of some huge deals. In April 2006, TOI had reported a divestiture of a similar-sized flat in this building at Rs 63,000 a sq ft. The clients then was the confidante of one of India’s wealthiest businessmen.
Flats in NCPA are owned by companies and not people. The National Centre for the Performing Arts is that the promoter of the residential property in Mumbai. When bookings for the prominent building began within the early nineties, the costs was concerning Rs 7000 a sq ft. However at the height of the property in Mumbaiboom in 1995-96 that continues to be rising since then and the residences at NCPA fetched concerning Rs 30000 a sq ft.
Sources say a clause within the NCPA sale agreement stipulates that if a flat is resold by 50% of the profit ought to attend NCPA, of that half are given to the govt of Maharashtra. It’s alleged that several sale transactions during this building aren’t registered owing to this clause.