Record-breaking property deal struck for a Worli flat

MUMBAI: In a closed-door auction held recently in a Mumbai five-star hotel, an apartment in Worli was sold for an unbelievable amount, smashing all national records for property deals. Flat 203 on the third floor of the luxurious Samudra Mahal building in Worli was auctioned for a whopping Rs 1,07,000 per sq ft. The reserve price was fixed at Rs 75,000 a sq ft.

The winning bidder is believed to be the head honcho of a company. The deal was brokered by Jones Lang Lasalle and there were only four bidders at the auction. Although the 1,706sq ft (built-up) apartment will fetch its seller, Standard Chartered Bank, more than Rs 18 crore, the transaction is the highest ever in terms of per sq ft rate.
However, real estate sources said the deal was not representative of the residential market, including the high-end luxury segment, and termed it another one-off sale.

When it was completed in 1970, Samudra Mahal was Mumbai’s most expensive building; bookings had then commenced around Rs 700 a sq ft. Tuesday’s deal comes seven months after a 3,600-sq-ft duplex on the 19th and 20th floors of the building had created a record when the widow of a leading banker quoted about Rs 1.03 lakh per sq ft—more than Rs 36 crore—for the apartment owned by Royal Bank of Scotland. However, since then, this duplex has still not been shown as transferred in the society’s record, giving rise to speculation that the deal had fallen through. But sources said such deals take several months to get formally registered.

The latest transaction is about Rs 4,000 a sq ft higher than the previous one for the duplex at Samudra Mahal. The 28-storey, sea-facing building has been one of the most sought-after residential premises in Mumbai and commands a premium price whenever any of its flats is up for sale. The building has a swimming pool, a children’s play area and a small football field. One of the occupants of this building are the Scindias of Gwalior (the family of the late Madhavrao Scindia).

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