Bandra Pali Hill witnessed two flats being sold for a whooping Rs 1.30 lakh per sq ft. Registered on July 17, becomes second most expensive realty deal in Mumbai.
By Varun Singh
Bandra is called the queen of suburbs, and this deal could be the kohinoor in the queen’s throne.
Two flats sold on the same floor of Pali Hill building have fetched a combined value of Rs 1.30 lakh per sq ft.
Bandra’s Pali Hill is the Beverly Hills of Mumbai suburbs, and is house for most of the film celebrities.
The building we are talking about is Navroze built by Kryshnajay developers at Bandra. The total amount paid by the buyer is Rs 66.01 crore for an area of 5064 sq ft.
The flats are located on the 16th floor of the building. There are two registrations carried out for both the flats.
While flat number 16 A was registered in the name of Indo Borax and Chemicals Ltd. The other flat 16 B was registered by its directors Shushil Kumar Jain, Sreelekha Jain and Sajal Jain.
16 A measures 2934 sq ft and the consideration paid is Rs 39.33 crore. While 16 B was sold for Rs 26.68 crore and measures 2129 sq ft.
The combined area of both the flat is 5064 sq ft and the total amount paid is Rs 66.01 crore. The ready reckoner rate of both the flats would come to Rs 24.6 crore.
When calculated the per sq ft rate for the deal is Rs 1.30 lakh. Which is the second highest realty deal of the year 2020.
This deal gains prominence because of the time it took place. According to documents available, the deal was finalized on April 6 and April 8, when the country was under a lockdown.
The deals were registered on July 17, by paying a stamp duty of Rs 3.29 crore. The buyers even got five car parks with the flats.
On July 9, Anurang Jain registered two flats worth Rs 100 crore in Carmiachel Residencies in South Mumbai. Jain paid Rs 1.56 lakh per sq ft for the apartment.
Actor Ranbir Kapoor, in 2016 had bought an apartment in Bandra by paying Rs 1.42 lakh per sq ft.
In 2018, Karisma Kapoor had sold a Bandra flat for Rs 1.03 lakh per sq ft. While in December 2017, Priya Duty sold a flat in Bandra for Rs 93,000 per sq ft.
A detailed e-mail sent to Indo Borax and phone calls made to contact Jains got us no response. While Ajay Ashar of Kryshnajay Developer Pvt Ltd assured that he shall call back, but didn’t respond later.
Big ticket deals
- In June this year, businessman Pratik Agarwal registered a flat in Samudra Mahal, for Rs 1,12 lakh per sq ft.
- Veteran banker Romesh Sobti along with his wife bought an apartment for Rs 76 crore in Worli’s Three Sixty West.
- In 2019 Manish Patel paid Rs 1.29 lakh per sq ft for an apartment in Lodha Altamount.
- In July 2018, a flat exchanged hands in Mumbai’s Breach Candy, or Bhulabahai Desai Road, for Rs 1.49 lakh per sq ft. The nearly 2,422-sq ft apartment, in Ashford Palazzo, was sold by Ashford Construction Pvt Ltd to Satish and Sarita Patwari for Rs 36.11 crore.
- In March 2018, a 2,300-sq ft sea-facing flat in Worli’s Champagne House was sold at a staggering rate of Rs 2.32 lakh per square foot, setting a new record for Mumbai by fetching Rs 53.5 crore. Its current owners, the Kotak family, paid Rs 275 crore for the entire Champagne House.
- In 2018 two top businessmen sealed two major deals. Harsh Goenka of RPG Group bought a flat measuring 3,500 sq ft in IL Palazzo for Rs 45 crore. And Niraj Bajaj bought a 16,000-sq ft apartment at Worli’s Three Sixty West for Rs 120 crore.
- In May 2019, in a big-ticket deal, the sprawling RK Studios, was sold by the five Kapoor siblings to Godrej Properties Ltd for Rs 250 crore.