India’s costliest realty deal of 2020 at Rs 1.56 lakh psf

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India’s costliest realty deal of 2020 took place on July 9, in Mumbai for Rs 1.56 lakh per square feet in Mumbai’s Altamount road.

By Varun Singh

Last week saw India’s costliest real estate deal of 2020 taking place in Mumbai. The buyer shelled out Rs 100 crore to buy a 6371 sq ft apartment.

A simple calculation shows the buyer paid Rs 1,56,961 per sq ft for the posh apartments

The two apartments were bought by Rahul Bajaj’s nephew Anurang Jain in Carmichael Residences. The building is located on the upmarket Carmichael road of South Mumbai.

Jain one of India’s richest man bought the apartments located on the 19th floor of the building.

Jain is MD of a leading auto part manufacturing and supplying company.

The ready reckoner rates of both the apartments comes to Rs 46.43 crore, while Jain paid Rs 100 crore for both of them.

According to registration documents reviewed by SquareFeatIndia.com, Jain paid Rs 5 crore as stamp duty.

While the detailed paper work was carried out on July 7, the deal was registered on July 9, 2020.

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Along with the two flats Jain even got a total of eight car parks in the building with the purchase.

By paying Rs 1.56 lakh per sq ft this deal has ended up becoming the costliest real estate deal of the year 2020.

In June this year, another businessman Pratik Agarwal registered a flat in Samudra Mahal, for Rs 1,12 lakh per sq ft.

Also Read: Power firm MD pays Rs 1.12 lakh psf for Worli duplex

Again in June, Veteran Banker Romesh Sobti paid Rs 76 crore for a flat in Worli’s Three Sixty West.

Big ticket deals

  • 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.

Also Read: Oberoi Realty to lease 1.1 Mn sq ft to Morgan Stanley

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