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Mumbai flat sold for Rs 1.15 lakh per sq-foot sets new realty record in suburbs

The apartment, located in Bhartiya Bhawan in Khar, was sold for a staggering Rs 10 crore to Parinee builders, who bought another flat in the same building at prohibitive rates from filmmaker Rakeysh Omprakash Mehra recently

Close on the heels of a record deal inked in the suburban real estate market for film director Rakeysh Omprakash Mehra’s Khar flat, another apartment in the same building has been sold for an even more eye-popping sum.

Brokers say that the builders plan to redevelop Bharatiya Bhawan into a skyscraper, after which the flat will be much more spacious, and commensurately costly. Pic/Satyajit Desai
Brokers say that the builders plan to redevelop Bharatiya Bhawan into a skyscraper, after which the flat will be much more spacious, and commensurately costly. Pic/Satyajit Desai

A builder at Rs 1.15 lakh per square foot has bought the apartment in Bhartiya Bhawan building in Khar, which has a carpet area of 865 square foot (carpet area).

The builder paid Rs 10 crore for the flat as well as the 165 sq ft garage, making the flat the most expensive in suburban Mumbai, including western and central suburbs. Parinee builders purchased the flat at this exorbitant rate.

Mehra, who owned a flat in the same building, recently sold it to the same builder at Rs 1.02 lakh per square foot (‘Rakeysh Mehra’s Khar flat sale is the most expensive deal in suburbs,’ April 5).

Located at the intersection of 17th Road and Ambedkar Road in Khar, the flat was owned by Reena Bharadwaj, who had acquired it for a sum of Rs 40,000 in 1972.

As per the ready reckoner, the market value of the flat is Rs 2.23 crore. This means that the builders paid more than Rs 7 crore over the market rate to the buyer. The two-bedroom hall kitchen flat is on the ground floor of the building. While the location is prime, the building is rather old, and the builder plans to redevelop it into a skyscraper soon.

Asked why builders were digging so deep into their pockets to buy flats at exorbitant rates, a real estate broker from the area said, “This building is up for redevelopment, and the FSI is not utilised to the fullest extent.

Had the owner not sold the flat and stayed there, she would have received an 1,800 square foot apartment. This is why the builder is compensating the residents with all the benefits that they would have got, had they stayed in the market.” Parinee builder’s Dhaval Shah remained unavailable for comment.

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