At Rs 1.23 Lakh Per Square Foot, Mumbai Flat India’s Costliest

MUMBAI (TIP): The Mumbai realty market threw up another record when a 10th-floor, sea-facing flat of the marquee SamudraMahal in Worli sold at the rate of Rs 1.23 lakh per square foot, the highest in the country. Leading glassware company Borosil bought the 1,706 sq ft, three-bedroom apartment for Rs 21 crore from Behroze Zavaray Poonawalla, sister-in-law of Cyrus Poonawalla, who runs one of the world’s biggest vaccine-makers and is a race horse owner.

It had bought another flat in the building last month. The deal overrode the Rs 1.2 lakh psf paid for a luxury apartment in Tahnee Heights on Nepean Sea Road by Jindal Drugs in June 2012. Flat 310 has a carpet area of 1,706 sq ft and a built-up area of 2,625 sq ft, with servant quarters. Amenities in the 28-storey building, home to corporate czars, industrialists and even members of royal families, include a swimming pool, health club, children’s play area and a garden.

In an email response, a Borosil spokesperson confirmed the deal, saying the flat has been bought as investment. “As a part of realignment of its investment in real estate properties, the company has decided to purchase property in one building while disposing of an equivalent space in another building. The company believes appreciation in property prices in the new building is likely to be higher…,” said the spokesperson. Industry experts said the transaction is a one-off and does not reflect general market sentiments.

“Apartments in such landmark buildings like Samudra Mahal and Il Palazzo will continue to fetch premium rates because of their location, profile of residents and upkeep,” said Nikhil Bhatia, head (Western region), CBRE, global property consultants.

This June, Borosil purchased a duplex flat with a carpet area of 3,127 sq ft, equivalent to 3,638 sq ft built-up area, for Rs 42.5 crore in Samudra Mahal. “Prices in this building have seen constant rise in the past. Considering its prime location and its inhabitants, the trend is likely to continue,” said the Borosil spokesperson.

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