The 10X10 rooms located on Dongarsi Road recently transferred hands and price for each can compete with many posh localities of Mumbai.
Believe it or not, a room in a chawl in Teen Batti was sold for Rs 55,000 per sq ft. The 10X10 rooms located on Dongarsi Road recently transferred hands and price for each can compete with many posh localities of Mumbai. Even swanky apartments in Worli at times do not fetch you this money.
The rooms are located in Pereira Chawl on the Dongarsi Road, Walkeshwar. According to one of the documents available with this newspaper, the tenancy rights of a 100 sq ft carpet area basement structure was transferred to a new buyer for Rs 55 lakh a few days ago.
Real estate brokers from Malabar Hill say that the chawls in these areas do command premium valuations.
"If one buys a room in a chawl, he or she buys the tenancy right. If a developer buys it for a redevelopment project, they get good FSI," said Gopal Maheshwari, a broker from Malabar Hill area.
When this reporter visited the site, one of the watchmen of a nearby building informed that the chawl is nearly 100-years old and all the tenants have shifted only a few years ago.
Meanwhile, in Walkeshwar, the ongoing rate for a resale apartment can be anywhere between Rs 70,000 per sq ft to 1 lakh per sq ft. For under construction or a new building, it goes above Rs 1 lakh and can be as high as Rs 1.56 lakh per sq ft.
Teen Batti is the same area where actor Jackie Shroff grew up in one of the chawls. He stayed there for quite a long time and have recently visited the place.
Experts say that the trend is opposite in South and Central Mumbai. The properties being acquired are at lesser rates, because of a large inventory already in existence. "Pricing of a chawl depends on the viability it offers. If the FSI potential is good, the high price is justified or else not. However, in central and south Mumbai these days the properties aren't being acquired at a high rate because already the market has high inventory, they say.
OPPOSITE TREND
- Real estate brokers from Malabar Hill say that these chawls command premium valuations
- The trend is opposite in South and Central Mumbai. The properties are acquired at lesser rates, because of large inventory
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