Second Costliest Realty Deal in Mumbai Fetches 1.18L/Sq Ft

According to industry experts, Borosil "was flush with funds and was looking for investment opportunities after selling its 18-acre factory at Andheri (East) for 830 crore in 2010".

"Apartments in such landmark buildings of south Mumbai will continue to fetch premium rates because of their location and upkeep," said Lakhi Batra, a city-based property dealer. Samudra Mahal includes amenities like servant quarters, swimming pool, open garden, health club and children play area.

"While the movement of luxury penthouses and duplex apartments in landmark buildings in Mumbai is slower in the current environment, supply too is restricted. There are not many buildings of such quality. So, they continue to fetch higher premium than many new developments," added Batra.

This property deal has outshine the earlier record of 1.07 lakh per square feet luxury apartment in the high-storey marquee building that is home to India’s several big shots and a flat in Tahnee Heights on posh Napean Sea Road that fetched 1.2 lakh per square feet, which still remains the most expensive private property deal in India.

Also Read: Mumbai Flat Sold For an Eye-Popping 1.20 Lakh a Sq Ft