The Worli apartment block has probably created a national record after a 19th floor 3,600 sqft duplex flat in it was sold for an astounding Rs37.25 crore at Rs1.02 lakh per sqft.
As cool a sensation the name Samudra Mahal causes, so hot an effect it has produced in the realty market.
The Worli apartment block has probably created a national record after a 19th floor 3,600 sqft duplex flat in it was sold for an astounding Rs37.25 crore at Rs1.02 lakh per sqft.
The flat was put on the block by global banking major RBS (Royal Bank of Scotland). A source said the bidder was Madhu Kapur of the Yes Bank promoter family. She is the wife of the late Ashok Kapur, who was killed at the Trident hotel during the 26/11 terrorist attack.
Though the deal has caused excitement in a lukewarm realty market, property experts voice caution. Pranay Vakil, chairman of global property consultants Knight Frank, said: “Not only is the deal a sign of madness, but is a one-off transaction and should not be taken as a benchmark for properties in the area. In the past few months, developers have not seen the sort of demand they witnessed in October-November 2009.”
He said auctions of such exclusive properties do not conform to market norms. “There is always an internal competition between bidders, which jacks up the price.”
The last big property deal in the city happened two and a half years ago when a 3,475 sqft (super built up) flat in NCPA apartments at Nariman Point was bought by a London-based NRI for Rs97,842 per sqft.
Another deal took place thereafter where actor and BJP MP Vinod Khanna and his wife Kavita paid an astounding Rs1.2 lakh per sqft for a 2,500 sqft flat in the B-wing of Il Palazzo on Little Gibbs Road, Malabar Hill. But the deal was cancelled as the Khannas felt they had overbid for the Citibank property.
Samudra Mahal was constructed by Shapoorji Pallonji 20 years ago on a plot owned by the Wadia family, who till recently owned a triplex flat in the building. The auction was conducted by global property consultancy firm DTZ.
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