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At Rs 1L/sq ft, will this be Carter Road's costliest realty deal?

This is the rate that Narendra Mohan Singh, son of Congress MLA Kripashankar Singh, is asking for his sea-facing flat in Oceanic building

Just days after late Bollywood superstar Rajesh Khanna’s Carter Road bungalow, Vardhan Aashirwad, was sold for Rs 95 core, it has been learnt that another property is up for grabs and its owner intends to rake in a record price for his sea-facing apartment.

A bit much: Narendra Mohan Singh is expecting nothing less than R1 lakh per square foot for his sea-facing fifth-floor apartment in Oceanic building on Carter Road
A bit much: Narendra Mohan Singh is expecting nothing less than R1 lakh per square foot for his sea-facing fifth-floor apartment in Oceanic building on Carter Road

Narendra Mohan Singh, son of Congress MLA Kripashankar Singh, has put up his Carter Road flat on sale and is demanding a whopping Rs 1 lakh per square foot. If the deal comes through, then it will be the highest ever price paid for an apartment on Carter Road till date. The fifth floor flat, located in the Oceanic building, measures 740 square feet and has two bedrooms.

Not for sale: Narendra rubbished the rumours that his bungalow Tarang at Union Park in Pali Hill was also up for grabs. Pic/Suresh KK
Not for sale: Narendra rubbished the rumours that his bungalow Tarang at Union Park in Pali Hill was also up for grabs. Pic/Suresh KK 

Confirming this, Narendra said, “It’s a sea-facing apartment and I am expecting Rs 1 lakh per square foot. Which means, I should get Rs 7.4 crore for my property.”

'Highly unlikely'
However, brokers seem to believe that Singh’s expectations are too high.

“Though the building is on Carter Road, it doesn’t command the rate that Singh is asking for. It’s an old building and the flats are small. The property is not in the league of the new constructions around it,” said a broker from Bandra.

Another broker said the current rate for sea-facing flats in new buildings is between Rs 70,000 and Rs 80,000 per sq ft.

“It seems difficult for him to get what he’s demanding. But if he manages to, then it will officially become the most expensive apartment on Carter Road,” he said.

'Keeping the bungalow'
Rubbishing rumours that his Pali Hill bungalow, Tarang, is also up for grabs, Narendra said, “I had published a notice in newspapers about my bungalow because it was still in the name of its previous owner. The water bill and property tax were being issued in the previous owner’s name. So to make the necessary changes, I published a title clear notice in the newspapers. I am not selling the bungalow, instead I’ll be constructing a new home in its place,” said Narendra.

Located at Union Park in Pali Hill, the bungalow is spread across 433 square metres. A public notice regarding the bungalow was issued in newspapers on Friday, leading to speculations that the property was on sale.

Rs 70k-Rs 80k
Current per-square foot rate for sea-facing flats in new buildings on Carter Road

The real deal
The highest amount paid for any property in Bandra is for an apartment purchased by construction giant Gautam Ahuja, who paid Rs 97,000 per square foot for a flat in Soona Villa on Perry Cross Road. 

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