Residential Properties in Mumbai Break All Records

By: George Gonigal

Real estate values are touching skies; Mumbai flat sold for Rs 34 crores escalating price levels to Rs 97,842 per sq foot

Buying property has always been a costly affair but the recent sale of a 4-BHK apartment in Mumbai for Rs 34 crore has set new standards for the sale of land. Last week a 3,475 sq ft apartment at NCPA Apartments at Nariman Point complex was sold for the inexplicable sum.

A Non-Resident Indian happily paid this sum after an aggressive bidding session. Apparently he had wanted to buy this flat in NCPA for some months and had earlier expressed his interest in a flat on the 21st floor. This deal has made NCPA the most expensive locality in Mumbai, rather India. The second-most expensive building after NCPA is Villa Orb located at Napean Sea Road, Mumbai. The average apartment size here is 7,500 sq ft; the per sq foot cost will come to about Rs 56,000. Lodha Developers' Solitaire is situated in the same locality and is pegged at about Rs 55,000 per sq foot.

Another record real estate deal in Mumbai was struck at the Bandra-Kurla complex. The first plot here was sold for Rs 5.04 lakh per square metre. The 16,500 square metre plot fetched Rs 831 crore in total. This piece of land was picked up by Wadhwa Builders. Market watch-dogs say that these have paid 229 per cent higher than the reserve price. Reliance Industries picked up the second plot for Rs 918 crore. This deal comes for Rs 27,917 per sq ft.

These cases are just an indication of how the property values in Mumbai are zooming across the roof. Experts however feel that such deals don't have much impact on the over all market. Such deals create hype in the market. experts also feel that the Rs 34 crore deal was unasked for. The area profile and marketability of that flat is nothing extra-ordinary. This deal could be guided by an emotional decision or an investment advice.

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