sold Rs 27 crore after NRI bought Mumbai flat for Rs. 34 crore in
Mumbay, April 30, 2008
In Nov, 2007, 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) Kewalramani,
against four other bidders.
Yesterday, another fourth floor apartment, 3,000 sq
ft, Usha Kiran, oldest 1960s skyscraper at Altamount Road in Mumbai,
was sold Rs 27 crore. This is the second highest bidding of Rs 90,000
for a square foot for an apartment in the country. The rich people
like Ambanis and Godrejs also lived there in the past.
The owner of this apartment, Nirmal Zaveri said, "The
buyer was a representative of IndiaBulls and the deal took place
about two months ago."
Mr. Gagan Banga, executive director of IndiaBulls
said there was a possibility that his senior executives may have
bought it but not his company.
Ashok Mehta, real estate broker said:
- If you had Rs one lakh, all you could get in Mumbai is one square
feet of land. Well that's the per square feet cost of India's
costliest apartment situated at Mumbai's Nariman Point.
- You would need over Rs 1.5 crore to close a deal on a two-bedroom
apartment in suburbs like Juhu.
- Even properties in far-flung suburbs are being sold for anywhere
between Rs 7,000 to Rs 10,000 per sq ft.
Prices, which have shocked even the most optimistic realty consultants.
It is a skyline that ranks second in the world when it comes to
realty prices and it also a skyline that the common man can aspire
to but never touch.