UK-based, NRI bought Mumbai flat for Rs. 34 crore, a record in Indian History

Mumbay, Nov 22, 2007
Ashok Patel

Four-bedroom, seventh-floor apartment at Nariman Point, facing the Arabian Sea, was sold for $8.62 million ( Rs. 34 crore) to UK-based NRI, (non-resident Indian) against four other bidders. The NCPA apartment has a super built-up area of 3,475 sq ft and a carpet area of about 2,100 sq ft. As laid down by Citigroup, only the top five bidders were invited on Wednesday morning. When the sealed envelopes were opened, Kewalramani’s quotation was found to be the highest at Rs 28 crore. But when the opportunity was given to everyone to raise their bids, the UK NRI went up to Rs 34 crore - $8.6 million.

Others in the fray included the wife of the CEO of one of the country’s largest private telecom companies, who stopped at Rs 31 crore. The wife and daughter of the chairman of a new private sector bank were also present and quoted the second highest price of Rs 33.6 crore. An official representing an influential and trusted CEO in one of the country’s largest and most respected business houses, sat patiently, but did not raise his offer of Rs 20 crore. A woman, who already owns an apartment in NCPA, was also present with a bid of Rs 29 crore. A representative of a Bangalore-based developer also landed up, but was not allowed to participate as its bid of Rs 18 crore was not among the top five.Timesofindia

Today's square foot price is over 97,000 as compare to apartments in the building were selling for about 7,000 rupees per square foot in 1990s

 

  
Skyscraper Nariman Point Mumbai, Maharashtra India

Within one year, rental costs have gone up by 55 per cent in Mumbai and the second most expensive office market in the world.

The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city

With suburbs like Bandra and Lokhandwala (Andheri) getting congested, real estate developers are looking for newer destinations. Another reason for the trend is better return on investments in suburbs such as Vikhroli and Mulund.

The rates of fully developed land have gone up by 80-90%, while land prices have risen 60-100%.