The 2,300-sqft flat has fetched Rs 53.5 crore, way more than the ongoing rate of Rs 16 crore for a similar property in the vicinity
A sea-facing apartment in Worli has been sold at a staggering Rs 2.32 lakh a square foot, setting a new record in the city. The 2,300-sqft flat has fetched Rs 53.5 crore, way more than the ongoing rate of Rs 16 crore for a similar property in the vicinity.
The last such big deal in Mumbai had been struck in August 2017 when a businessman paid Rs 2.09 lakh per sq ft to acquire a house at Pedder Road.
The sale agreement for the ground-floor property at Champagne Building was finalised last week between Shah family and Quantyco Realty Pvt Ltd's director Nilesh Sutar, according to documents accessed by DNA.
Real estate experts though termed the transaction a welcome aberration, stressing that it in no way points to the revival of the sector, which in a slump. "The prices are unrealistic, this is higher than even Samudra Mahal, which is a premium building and attracts the highest rate in Worli. This shouldn't be held as a benchmark for the area," said realtor Rajiv Jain.
In this case, the buyer paid a stamp duty of Rs 2.67 crore. As per the ready reckoner rate, which is set by the government, the cost of the property – flat number 1 on the north side – is Rs 13.28 crore. The new owner is also entitled to a covered garage in the building located on Khan Abdul Gaffar Khan Road.
Dr Abhyudaya Shah, who held the power of attorney for the flat, confirmed the deal. "The family had been living in the building for past 40 years. I signed the documents for registration. I cannot talk about the amount and other details."
This is not the only high-end real estate deal of the year. Last week, Niraj Bajaj of the Bajaj family paid Rs 120 crore – at Rs 75,000 per sq ft – for an apartment in Worli. Cricketer Virat Kohli has rented a flat on the top floor of Raheja Legend in the area for Rs 15 lakh a month.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Real Estate")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}