News: Mumbai flat sold for Rs 21 crore
(TNN 20/04/2006) Mumbai - On Wednesday morning, the head of a leading property consultancy firm brushed off as “rumour’ ’ the reported sale of an apartment in south Mumbai for more han Rs 60,000 a sq ft. “Anyone who pays that kind of money should be given a certificate of idiocy,’’ he said, unwilling to believe such an over-the-top price.
By afternoon his jaw had dropped—his subordinates told him it was indeed true. Independent inquiries by TOI within the close-knit property market revealed that a sprawling apartment on one of the upper floors of the NCPA building at Nariman Point recently changed hands for a mind-numbing Rs 63,000 a sq ft or over Rs 21 crore. The flat is about 3,475 sq ft in size. The city has never before witnessed the transaction of a residential property at such an astronomical price.
Sources residing in the building said they were aware that a four-bedroom apartment somewhere between the 18th and 20th floors had been sold about three weeks ago. These sources refused to divulge the name of the buyer or the seller, but it’s learnt that it was a ‘company transfer’ . Flats in NCPA are owned by various companies and not individuals. The National Centre for the Performing Arts is the promoter of the property.
Interestingly and unknown to most, the last sale in NCPA, which took place about three months ago, was at a whopping Rs 46,000 a sq ft for a four-bedroom apartment on one of the mid-level floors.
When bookings for the upmarket building began in the early 1990s, the rate was just about Rs 7,000 a sq ft. But at the peak of the property boom in 1995- ’96, NCPA was one of the premium apartment blocks with prices touching Rs 30,000 a sq ft. Sources say a clause in the NCPA sale agreement stipulates that if a flat is resold, 50% of the profit should go to NCPA, of which half will be given to the government of Maharashtra. It’s alleged that many sale transactions in this building are not registered because of this clause.
Experts warned that these were freak sales and were not a true indication of Mumbai’s residential property market.
By afternoon his jaw had dropped—his subordinates told him it was indeed true. Independent inquiries by TOI within the close-knit property market revealed that a sprawling apartment on one of the upper floors of the NCPA building at Nariman Point recently changed hands for a mind-numbing Rs 63,000 a sq ft or over Rs 21 crore. The flat is about 3,475 sq ft in size. The city has never before witnessed the transaction of a residential property at such an astronomical price.
Sources residing in the building said they were aware that a four-bedroom apartment somewhere between the 18th and 20th floors had been sold about three weeks ago. These sources refused to divulge the name of the buyer or the seller, but it’s learnt that it was a ‘company transfer’ . Flats in NCPA are owned by various companies and not individuals. The National Centre for the Performing Arts is the promoter of the property.
Interestingly and unknown to most, the last sale in NCPA, which took place about three months ago, was at a whopping Rs 46,000 a sq ft for a four-bedroom apartment on one of the mid-level floors.
When bookings for the upmarket building began in the early 1990s, the rate was just about Rs 7,000 a sq ft. But at the peak of the property boom in 1995- ’96, NCPA was one of the premium apartment blocks with prices touching Rs 30,000 a sq ft. Sources say a clause in the NCPA sale agreement stipulates that if a flat is resold, 50% of the profit should go to NCPA, of which half will be given to the government of Maharashtra. It’s alleged that many sale transactions in this building are not registered because of this clause.
Experts warned that these were freak sales and were not a true indication of Mumbai’s residential property market.
posted by InCar Group Press Room at 12:57
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