Slowdown in real estate is the new word. But this deal defies the current situation a former bank MD has shelled out Rs 76 crore to buy two flats in Worli luxury property. The deals was registered on June 24.
By Varun Singh
Talk to any developer in the city of Mumbai he would say there’s a slowdown in real estate. Experts are also predicting the same.
On a daily basis there are reports that say real estate prices are crashing. The pandemic due to COVID 19 has caused a slowdown.
However, this deal makes us believe otherwise. On June 24, two deals were registered in the city of Mumbai.
Both the deals were by the same person, and the total cost of the two flats is Rs 76.3 crore. What makes this deal worth a note, is that, for last few months, top developers are holding webinars to discuss ways to overcome the slowdown.
According to registration documents accessed by this reporter, former top bank MD Romesh Sobti paid Rs 76.3 crore to buy two flats in Worli.
Both the flats are located in the building Three Sixty West, Worli. The flats are on 39th and 40th floor of the high-rise.
The flats were registered on the names of Romesh Sobti and his wife Anita Sobti. The flats were sold by the developers which includes Oberoi Realty too.
The 39th floor flat was sold for Rs 38.15 crore, the area measures 583.53 sq mt. The ready reckoner rate of this flat stands at Rs 34.44 crore.
The 40th floor flat was also sold for Rs 38.15 crore, the area of this flat is 561.96 sq mt. The ready reckoner rate for this apartment is Rs 33.19 crore.
Sobti also paid Rs 4.56 crore as stamp duty for the registration of the flats. He along with the flats also got six car parks in the building.
A detailed message sent to Romesh Sobti seeking his comment got us no response.
Earlier this year in March, 2020’s biggest real estate deal was registered in Mumbai’s Lower Parel.
Where Industrialist Neeraj Kochhar paid Rs 136 crore to buy flats spread over four floors of Indiabulls blu.
The building in which Sobti has bought the flat saw the biggest transaction of the year 2018.
Nirav Bajaj in March 2018 bought a flat measuring above 16,000 sq ft in Worli’s Three Sixty West for Rs 120 crore.
Even actor Shahid Kapoor and his wife bought a duplex in the same building for Rs 55.60 crore in 2018.
Actor Akshay Kumar, in August 2015, had paid Rs 27.94 crore to buy a flat in Three Sixty West. Also, actor Abhishek Bachchan bought a flat in the same building by paying Rs 41.14 crore in November 2014.
In June actor Hrithik Roshan got an apartment on rent in Juhu for Rs 8.25 lakh per month.
While there’s no denial about slowdown in general. Industry experts believe that for luxury there’s never a slowdown. Firstly such stand alone deals do not define the entire industry situation and secondly those who invest in such high end projects aren’t affected by slowdown.