MUMBAI: In another freak transaction, an apartment in the art deco Kamal Mahal building on Carmichael Road in south Mumbai is believed to have fetched its owner around Rs 33 crore. Barely a few weeks ago a sprawling duplex in Samudra Mahal building at Haji Ali went for about Rs 37 crore—over one lakh rupees a square foot—making it the highest recorded price for an apartment in the country. The Kamal Mahal flat is located on the fourth floor of the seven-storey building and belongs to one Bhagat family. The identity of the buyer, however, is not yet known. The sale papers are expected to be submitted to the building’s society for its no objection certificate in the next one week.
The apartment has a carpet area of 4,171 sq ft and was in the market for the past 15 months. Market sources said the owners had initially set a price of around Rs 40 crore for this flat, but later scaled it down. “Such deals are not representative of the property market today. You can possibly get a flat across the street or on the same road at half the price. But buildings like Kamal Mahal are considered to be iconic and always command a premium when volumes are not available,’’ said developer Niranjan Hiranandani. He confessed that when such large transactions are reported, builders take advantage and jack up rates of their own properties. “Some are willing to pay any price because of the building and its location,’’ he added.
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