Flat sold for Rs 28 crores in Mumbai
Citibank, the leading foreign bank had put a flat for sale in 2008 in Malabar Hill‘s IL Palazzo building and Vinod Khanna, bollywood actor was the highest bidder with a record bid of Rs 1.20 lakh a sq ft for the 2,550 sq ft flat. But the actor did not go through the flat at that time. After five years, the same flat has been sold with a difference at Rs 7,000 a sq ft to Rs 10,000 a sq ft.
Finally, the flat was sold in the price range of Rs 1.10-1.13 lakh per sq ft. The agreement value was pegged at Rs 28 crores which was about Rs 2 crores less than what Mr Khanna would have paid, said a source in the Worli office of the stamp duty department where the sale deed was registered. The Khannas already own an apartment in C Wing of the building. IL Palazzo residents were given the oppurtunity to buy a flat if they can match the highest offer. The recent bidder of the flat is a diamond merchant who owns a flat in the same complex and bought the 13th floor flat in B Wing of the 21-storey building for his son.
Citibank as well as other multinational banks like Bank of America (BOA) and Standard Chartered are hiving off their real estate all over the country. The multinational banks have successfully sold out dozen properties at Andheri, Vashi and Nariman Point. Now, Bank of America has put a duplex flat in IL Palazzo on the block. It is a 5bhk flat on the 12th and 13th floor in D Wing with 4,200 sqft and the price quote is around Rs 35 crores.
Citibank has successfully sold many projects in Mumbai which include a flat each in Hormuzd off Carter Road, NCPA Apartment at Nariman Point, Meher Apartments (Altamount Road), Kanti on Mt Mary Road in Bandra, and five apartments at Harbour Heights building, Colaba. A five storey building co-owned by HSBC and Standard Chartered was sold to Peninsula Land Ltd, an Ashok Piramal Group company. The name of the project is Bishopsgate in Breach Candy which was sold for Rs 272 crores.
Commonfloor’s take: The real estate in Mumbai has always shown a rise in the economic market with excellent launch of commercial and residential projects.
Expensive apartment deal in Mumbai
Expensive apartment deals in Mumbai real estate
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