In a record-setting transaction, realty developer Lodha Group has sold a super-luxury duplex apartment in South Mumbai’s tony Altamount Road locality at Rs 1.60 lakh per sq ft or Rs 160 crore, said two persons familiar with the development.
The apartment spread over 10,000 sq ft has been sold at the highest price per sq ft surpassing all earlier benchmarks. Earlier record for highest per sq ft price paid anywhere in the country was Rs 1.35 lakh per sq ft.
A promoter of a pharmaceutical company is believed to be the buyer of this luxury apartment. Lodha Group, in its email response, confirmed the transaction. The group, however, declined to comment on the buyer’s identity.
In 2013, a sea-facing duplex apartment in a building on Mount Pleasant Road in south Mumbai’s Malabar Hill locality was sold for Rs 57 crore, or around Rs 1.35 lakh a sq ft, making it the most expensive residential property transaction on a per sq ft basis until now.
The apartment sold by Lodha is spread over 33rd and 34th floor of the developer’s under-construction project One Altamount. The project is being built on the site of Washington House, formerly the US Consulate in Mumbai. Lodha had bought this land parcel from US consulate for Rs 342 crore in 2012.
The record-setting deal has taken many in property market circles by surprise given the current sluggish trend in residential sales. However, they also added that the price attracted by the project needs to be seen in line with the fact of limited supply of luxury houses in South Mumbai and almost no new project with better amenities being executed in this locality. The project site is not just the highest point of the island city but also considered the most powerful given the influential residents here.
In August, in the biggest deal ever for a residential apartment in the country, Runwal Group sold a sprawling sea-facing triplex penthouse in south Mumbai’s Nepean Sea Road locality for more than Rs 202 crore. However, the deal for this luxury pad with 17,000 sq ft carpet area at The Residence worked out to Rs 1.20 lakh per sq ft. The deal also included 21 car parking slots.
In October, Lodha Group had sold a five-bedroom luxury apartment at One Altamount project for Rs 40 crore. The project under Lodha’s The Luxury Collection will have a limited number of 3 and 4 bedroom residences and 5-bedroom villas. These will be managed by the hospitality service provider – St. Amand.