Whatever the general
market trend, Mumbai's real estate market does not stop creating new records.
In the costliest flat
deal in India, a sea-facing duplex in a Malabar Hill building was recently sold
for Rs. 57 crore or roughly Rs. 1.35 lakh a square feet.
The duplex in the
tony Darshan Apartments on Mount Pleasant Road was sold last month (August
2013) to the Bulchandanis, a prominent business family with interests in
software, aluminium & real estate. They own three other duplexes in the
same complex.
The family's latest
acquisition (flat number 111) sits on the 9th, 10th & 11th floors of the
complex's 'A' wing, has four bedrooms &
is spread over 3,510 square feet. It comes with attached terraces of
1,386 square feet on the 11th and 12th floors and a covered garage of nearly
700 square feet.
According to property
documents, the flat was previously owned by the sisters Mana & Shyama Sarabhai. It was bequeathed to them by
their late father Gautam Sarabhai. Gautam, who died in 1995, was the brother of
Vikram Sarabhai, the founder of India's space programme.
Located near the
chief minister's residence, Darshan Apartments was the first residential
complex in the Mumbai city where duplexes were constructed. Sitting on an
incline, it has 42 flats offering a view of the Arabian Sea. The complex was
built on a 6,752.5 square meter plot originally leased by Gautam to the Malabar
Hill Cooperative Housing Society for 21 years. The society purchased the land
from Gautam in 1971.
The recent Darshan
Apartments deal overshadowed the record created by the glassware company
Borosil this July when it paid Rs. 21 crore (or about Rs. 1.23 lakh per square feet) for a
sea-facing flat on the 10th floor of Samudra Mahal in Worli. It also eclipsed
the Rs. 1.2 lakh per square feet paid by Jindal Drugs for a luxury apartment in
Tahnee Heights on Nepean Sea Road in June 2012.
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