In a market scenario where there are several pressure points in the real estate market, Mumbai has once again made history with the costliest property deal being witnessed recently in terms of values per square foot. A property in South Mumbai has just been sold for a staggering price of Rs.2.09 lakh per sq. ft.! Registration was done for this deal on the 9th of August, 2017. A flat covering 2, 152 sq. ft. on the prime Bhulabhai Desai Road has been sold for a whopping Rs.45 crore and the property offers gorgeous and totally unobstructed views of the Arabian Sea. Ranjit Malhotra of Empire Industries is the buyer of this property. The apartment is located within a 19-storeyed building called Ashford Palazzo which has several apartments and 12 residential floors. Every floor has a single apartment and there are six levels of parking in the building in tandem with a playing zone for kids, banquet hall, service floor and gymnasium. Malhotra is the vice-chairman at Empire Industries and has purchased the apartment located on the 16th storey or 9th residential floor. The built-up area is 2,152 sq. ft. with carpet area of around 1,585 sq. ft. His wife Uma Malhotra also purchased an apartment on the 15th storey or 8th residential floor of the same building and this deal was also registered on the same day itself. The built-up area of her apartment is 2,690 sq. ft. while the carpet area stands at around 2,168 sq. ft. and she purchased the apartment for another Rs.45 crore. The couple has paid stamp duty of Rs.2.25 crore on both the purchases and every apartment has four parking lots. Both husband and wife are directors in Empire Industries. Ranjit Malhotra is also an MBA from the University of Texas while Uma Malhotra also runs a school for the underprivileged. They already own an apartment in South Mumbai’s Tahnee Heights. This is the most expensive apartment sold till date in Mumbai. Mumbai’s property market has previously witnessed deals touching close to Rs.1.60 lakh per sq. ft. The Jindal Drugs owner purchased the 37th, 38th and 39th floors at Lodha Altamount which is a premium project along the Altamount Road for a whopping Rs.220 crore. This deal works out to around Rs.1.60 lakh per sq. ft. Businessman Shyam Jatia also purchased an apartment covering more than 6, 320 sq. ft. for a whopping Rs.90 crore in Carmichael Residences. The flat cost a total of Rs.99.78 crore for the ex-chairman at Pudumjee Industries. Actor Ranbir Kapoor also purchased an apartment in Pali Hill for Rs.35 crore and this apartment is sized at 2,469.60 sq. ft. The reason behind the sky-high price is the exclusivity of the project and its location in Breach Candy where there is limited supply of such housing units.
Mumbai witnesses its costliest property deal in terms of square foot values
