Altamount Rd flat goes for Rs. 15cr
British deputy high commission sells the 2,900 sqft apartment to Voltas MD at 20% less than market price
Has correction started to set in the real estate market?
The British deputy high commission has sold its 2,900 sqft flat along with the stilt parking in Shanudeep building located on Altamount Road to Sanjay Johri, managing director of Voltas, for just Rs15 crore — at least 20% lower than the prevailing market price.
According to sources, the flat was sold for Rs51,700 per sqft against the prevailing market rate of Rs70,000 to Rs80,000 per sqft.
Johri was not available for comment.
"This transaction shows that correction is happening in the real estate market and it will also have a cascading effect across the city. Soon, the city's real estate exorbitant rates will start falling," predicted Pankaj Kapoor, managing director of Liases Foras, the real estate research agency.
But, a source, who was privy to the deal, explained that the flat was sold at price less than the prevailing market price because it had only one parking slot.
"If a person is buying a 3,000 sqft flat, he naturally wants to get at least two to three parking spaces. And, as there were no other way to create additional parking in this case, the flat's value fell though it was located on one of the world's most expensive roads," the source said.
The two-km-long Altamount Road is 10th most expensive streets in the world where prominent personalities, such as industrialists Mukesh Ambani and Yash Birla, own homes.
In fact, Ambani's 27-storey residence on Altamount Road, Antilla, is reportedly the world's largest and most expensive home with a cost nearing $2 billion.
The official residences of the chairman of the Bombay Port Trust, the municipal commissioner and the general manager of Western Railway are located on this south Mumbai road. They are all heritage buildings.
To avoid any controversy over the title and ownership of the flat, Johri's legal firm has published a notice in city news-papers saying any person having any claim on the said property should contact the firm in next 14 days.
The British deputy high commission had moved to Bandra-Kurla Complex in 2008.
British deputy high commission sells the 2,900 sqft apartment to Voltas MD at 20% less than market price
Has correction started to set in the real estate market?
The British deputy high commission has sold its 2,900 sqft flat along with the stilt parking in Shanudeep building located on Altamount Road to Sanjay Johri, managing director of Voltas, for just Rs15 crore — at least 20% lower than the prevailing market price.
According to sources, the flat was sold for Rs51,700 per sqft against the prevailing market rate of Rs70,000 to Rs80,000 per sqft.
Johri was not available for comment.
"This transaction shows that correction is happening in the real estate market and it will also have a cascading effect across the city. Soon, the city's real estate exorbitant rates will start falling," predicted Pankaj Kapoor, managing director of Liases Foras, the real estate research agency.
But, a source, who was privy to the deal, explained that the flat was sold at price less than the prevailing market price because it had only one parking slot.
"If a person is buying a 3,000 sqft flat, he naturally wants to get at least two to three parking spaces. And, as there were no other way to create additional parking in this case, the flat's value fell though it was located on one of the world's most expensive roads," the source said.
The two-km-long Altamount Road is 10th most expensive streets in the world where prominent personalities, such as industrialists Mukesh Ambani and Yash Birla, own homes.
In fact, Ambani's 27-storey residence on Altamount Road, Antilla, is reportedly the world's largest and most expensive home with a cost nearing $2 billion.
The official residences of the chairman of the Bombay Port Trust, the municipal commissioner and the general manager of Western Railway are located on this south Mumbai road. They are all heritage buildings.
To avoid any controversy over the title and ownership of the flat, Johri's legal firm has published a notice in city news-papers saying any person having any claim on the said property should contact the firm in next 14 days.
The British deputy high commission had moved to Bandra-Kurla Complex in 2008.
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