Costliest Property Deal In Mumbai Fetches 1.35L/ Sq Ft

Bangalore: While the country’s real estate market is observing sluggish growth and slow home sales, the financial capital Mumbai is still witnessing property transactions under astronomical price tag. There is no price correction in the city’s property market. Recently, a sea-facing flat in a posh Malabar Hill building got sold for 1.35 lakh per square feet, reports Rajshri Mehta of TNN.

A duplex flat in the upscale Darshan Apartments on Mount Pleasant Road, has fetched whooping 57 crore in today’s property market, making the most expensive per square feet apartment deal in India. The flat was sold to a prominent business family, Bulchandanis, who won three other duplexes in the same building.

The family’s latest purchase sits on the ninth, tenth and eleventh floors of the building’s ‘A’ wing and spans over 3,510 square feet. This four bedrooms apartment has 1386 square feet of attached terraces that sits on the eleventh and twelfth floors alongside a garage of 700 square feet.

This expensive apartment was originally owned by the sisters Mana and Shyama Sarabhai, which they got from their late father Gautam Sarabhai, the brother of Vikram Sarabhai, the founder of India's space programme, according to property documents.

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Darshan Apartments, located at a stone’s throw distance from chief minister’s residence, was the first residential complex in Mumbai that came up with the duplex building concept. Overlooking Arabian Sea, the complex has total of 42 flats and spread over 6752.5 square meters.

However, this recent deal has outshined other biggest property transactions in the city so far. "Apartments in landmark south Mumbai buildings will continue to fetch premium rates because of their location and upkeep," said an industry expert. "There are not many buildings of such quality. So, they fetch higher premium than many new developments."