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Usha Kiran's apartment sold Rs 27 crore- a record in Indian History


Another Flat sold Rs 27 crore after NRI bought Mumbai flat for Rs. 34 crore in Nov. 2007

Mumbay, April 30, 2008
Ashok Patel

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.


Mumbai's first "skyscraper" 25 Storeys built in 1960.
Flat sold Rs 27 crore