Homelabs

Worli flat clocks second biggest deal ever at Rs 1.18 L/sq ft


The city's property market may be in a slump but that has not deterred another staggering realty transaction from taking place. In the second most expensive per-square-foot apartment deal in the country, a sea-facing duplex in Worli has been sold at an astounding Rs 43 crore.

A leading glassware manufacturer, Borosil, last week purchased the duplex spread on the ninth and tenth floors of the tony Samudra Mahal building in a deal that works out to roughly Rs 1.18 lakh per sq ft.

The buy outstrips the earlier record of Rs 1.07 lakh per sq ft in the 28-storey marquee building, which is home to many corporate bigwigs, industrialists and erstwhile royalty. But it is still behind the June 2012 sale of a flat in Tahnee Heights on Napean Sea Road; struck at Rs 1.2 lakh per sq ft, that remains the costliest deal for a private apartment in the country.

In an email response, Borosil vice-chairman Pradeep Kheruka confirmed the Samudra Mahal deal, saying the duplex was purchased by the company for investment and after getting the approval of the board of directors. "The purchase is not by the Kheruka family," he explained.

The four-bedroom apartment—spread over 3,638 sq ft built-up area and with servant quarters—was owned by Sonya Jethmal. Jethmal is reportedly related to the Mulchandani family, which owned the once famous consumer electronics brand Bush. An NRI settled in the US, Jethmal had been trying to sell the apartment for the last five years.

Industry experts said Borosil "was flush with funds and was looking for investment opportunities after selling its 18-acre factory at Andheri (East) for Rs 830 crore in 2010". In a statement announcing that sale, Kheruka had said the company will "evaluate and deploy the sale proceeds" after considering strategic business opportunities in a manner that will "result in maximisation of shareholder value".

Nearly half a century old, Borosil is engaged in producing sheet glass, laboratory glassware and microwavable kitchenware. Its main manufacturing operations are in Bharuch, Gujarat.

Experts said the Samudra Mahal transaction is a one-off and does not reflect general market sentiments. "Apartments in such landmark buildings of south Mumbai will continue to fetch premium rates because of their location and upkeep," said Lakhi Batra, a property dealer in south Mumbai. Apart from servant quarters, building amenities at Samudra Mahal include a swimming pool, health club, children's play area, and a garden.

"While the movement of luxury penthouses and duplex apartments in landmark buildings is slower in the current environment, supply too is restricted. There are not many buildings of such quality. So, they continue to fetch higher premium than many new developments," Batra added.

Source: TOI

Marina Bay Sands Casino in Singapore
A swimming pool on the 57th floor !!

Bandra Worli Sea Link

Get the best deals on flats for rent and sale.
One stop shop for all your real estate requirements.

Dubai !!

Costliest Residential Localities in India !!!!


India’s economic growth favorably influenced the standard of living across India. The cities like Mumbai, Delhi, Chennai, Pune have grown immensely and life style of these cities has become a bit expensive than the lifestyle of other cities. Delhi and Mumbai are the most expensive places to live in India. The cities like Bangalore, Chennai, and Pune are also competing to stand as the expensive places to live.Mumbai and Delhi hold the costliest residential addresses in India. Some of the costliest residential addresses in India are as follows.


Chanakyapuri:
An affluent area of Delhi and it is located just 15 Km away from Indira Gandhi International Airport. The neighborhood of Chanakyapuri houses many foreign embassies in India. Many five star hotels and luxurious malls reside in the proximity of this area. Chanakyapuri is one of the stations of Delhi metro rail. These reasons make the locality of Chanakyapuri one of the most costly locations in India. Property at this place costs around Rs 68,000 per sq ft.

Prestigious people living at this place include:
Ajit Barman, Vice Chairman, Dabur Indian
Dr. Karan Singh, Maharaj of Kashmir


Walkeshwar:
South Mumbai’s Walkeshwar is famous for the Walkeshwar temple and it comes at the north-western end of the marine drive. Sea facing bungalows and apartments surrounded by the Gulmohar trees makes this place a great residential destination. The close proximity of the hanging garden and Raj Bhawan along with many other elegant places makes the locality expensive place to live. Property at Walkeshwar will cost you approximately Rs 70,000 per sq ft.

Prestigious people living at this place include:
Shashi Ruia, Chairman, Essar Group
Adi Godrej
Niranjan Hiranandani, MD , Hiranandani Group


Cuffe Parade:
This is the southernmost region of the city with the Arabian Sea to its west. The area has great market value though it is situated near to the Ambedkar nagar slum in Mumbai. World Trade Centre I the biggest building with around 156 meters height is situated in this region. The locality includes plush and elegant residential units which can cost you approximately Rs. 72,000 per sq ft.

Prestigious rich people living in this place include:
Anil Ambani, Chairman, Reliance ADAG
Ratan Tata, Chairman, Tata Group


Nepean Sea Road:
Nepean Sea Road is an upmarket neighborhood of Malabar Hills and located in the South Mumbai. It houses most expensive apartments in Mumbai along with expensive houses in the city. The rate of a housing unit in this locality is approximately Rs. 74,000 sq ft.

People living in this neighborhood include:
Sajjan Jindal, Owner,LSW steel
Anand Mahindra, CMD, M&M
Suneel Advani, Vice president, Blue Star
Venugopal Dhoot, CMD, Videocon Group


Amrita Shergill Marg:
Well known for its quiet neighborhood along with tree lined streets and broad avenues, Amrita Shergill Marg is the second most expensive locality in Delhi. Elegant bungalows and apartments and great residential housing are available in this region which can cost approximately Rs 75,000 per sq ft.

Prestigious people living in this region include:
Shravan Gupta, MD, Emaar MGF Land
Sunil Mittal, Chaiman, Bharti Enterprises
Kabul Chawla, CMD BPTP


Malabar Hills:
This is the highest point in the South Mumbai and extremely upmarket residential area of the city. The area includes hanging garden, Kamla Nehru Park, and Priyadarshini parks along with the Arabian Sea view on the west. This is the second costliest place in Mumbai. The rate of property in this region is approximately Rs 76,000 per sq ft.

Famous people living in this locality include:
Rakesh Jhunjhunwala
Pranav Mody, Promoter JB Chemicals


Altamount Road:
Altamount Road is recently rated as the 10th most costly street in the world. It is the most affluent road in the south Mumbai and is situated parallel to the Peddar road. Many bollywood stars live on the Altamount Road and cost of the housing unit at this locality is approximately Rs 80,000 per sq ft. This is the most costly and richest place in Mumbai.

Prominent personalities living in this locality include:
Mukesh Ambani, Chaiman, Reliance Induatries
Naresh Goyal, Chairman, Jet Airways
Kumar Mangalam Birla, Chiarman, Aditya Birla Group


Aurangzeb Road:
One of the main roads of New Delhi, Aurangzeb Road is situated in near the Taj Mansingh hotel. This locality is the costliest locality of the country and most of the living people in this locality are billionaires. House on the Aurangzeb road costs approximately Rs 90,000 per sq ft.

The billionaires living in this locality include:
Naveen JIndal MD, Jindal Steel & Iron
L N Mittal, Arcelor Mittal
Analjit Singh, Chaiman, Max India
KP singh, Rajeev Singh of DLF