Kotak Mahindra has bought a sprawling flat in the NCPA Apartments for over Rs40,000 per square foot. This makes the property worth more than Rs13 crore.
MUMBAI: In what realtors characterise as perhaps the biggest transaction recorded till date at Nariman Point, finance company Kotak Mahindra has bought a sprawling flat in the NCPA Apartments for over Rs40,000 per square foot. This makes the property worth more than Rs13 crore.
Spread over 3,500 square feet, the duplex four-bedroom flat adjoins the one in which the Kotaks currently reside — a 2,885 sq ft duplex three-bedroom flat on the sixth floor.
While sources declined to divulge the seller’s name (said to be a company), realtors believe the price paid by Kotak is consistent with current real-estate values.
“The last sale in NCPA some nine months ago was at a rate of about Rs32,000 per sq ft on a mid-level floor,” said Raj Kumar, head of the residential department, Trammell Crow Meghraj, an international property consulting firm. “Property prices have since appreciated, so the rate of about Rs40,000 psf seems reasonable.”
None of the realtors DNA spoke to believed a report of a flat at the NCPA being sold for Rs62,000 psf. During the property boom of 1995-96, the value of flats in this exclusive building had touched Rs28,000 psf, a rise of about Rs7,000-10,000 since the early 1990s.
Uday Kotak, executive vice-chairman and managing director of Kotak Mahindra, refused to comment on the deal. “It’s a personal matter,” he said. A large proportion of flats in NCPA are owned by companies. Realtors say deals here are not registered because a condition in the original sale deed makes it mandatory to pay 50 per cent of the profit to the state government, from whom the land has been leased. So, shares of the flats are merely transferred in the buyer’s name, usually a private limited company.
Interestingly, Indiabulls is said to have bought a large flat in Maker Chambers at Cuffe Parade at Rs40,000 psf some few months ago.
“But unlike at the NCPA, the rate there is calculated on carpet area,” said a consultant. “So, on built-up area, the rate would work out to about Rs30,000 psf.”
){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}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}