Mumbai: Altamount Road flat goes for record Rs 1.35 L per sq ft

A flat in an upcoming tower at Altamount Road was recently sold for a record price of Rs 1.35 lakh per square foot. The buyer, a CEO at a tax advisory firm, paid Rs 57.45 crore for two flats measuring 4,250 square feet in carpet area in Lodha Altamount. The buyer also paid an additional Rs 2.87 crore as stamp duty.

The building is coming up on the plot that once housed Washington House and was later bought by Lodha for nearly Rs 342 crore, as per reports. The 40-storey building will have a 24X7 manager, a wallet, a bellboy and a doorman at the service of the residents.

The building offers three options - four-bedroom residencies, five-bed duplex and five bed villas. One of the most expensive real estates on the road that also has Mukesh Ambani's house Antilia, the building has several other big buyers.

Recently, businessman Deven Mehta paid a total of Rs 114.35 crore for flats on the 30th and the 31st floor.

Lodha group's managing director Abhishek Lodha could not be reached despite various attempts. Neither, could the buyers.

Mumbai continues to find takers for flats in tony neighbourhoods at high prices. Only last week, DNA reported on a flat Bandra's Carter Road that was sold for Rs 99,000 per square foot.

...& ANALYSIS

• While Real Estate isn't doing good, in several aspects, as sales are down, some deals are taking place and they are in the high-end areas. Altamount Road is the billionaire's hub of India, where the rich and powerful have homes. With a high demand, and limited supply, the rates are sky high.