In what has been touted as the biggest apartment deal in India, a duplex in an under- construction luxury tower at Altamount Road has sold for Rs 160 crore. The 10,000 sq ft apartment in Lodha Altamount is believed to have been bought by the Jindal family that runs a pharma firm Jindal Drugs. In September, industrialist Cyrus Poonawalla paid Rs 750 crore for the former palace property at Breach Candy, which once housed the US Consulate. It was the costliest deal in the country for a private residence.
The Jindals, it is learned, currently reside in an upmarket locality in south Mumbai and plan to shift once the building is complete in the next 18 months. Incidentally, about three years ago, the Jindals had paid the highest price when they bought their SoBo flat in 2012 at Rs 1.20 lakh a sq ft. Sources familiar with the transaction said the family has paid a record price of Rs 1.60 lakh a square ft. The Jindals are said to have already paid about 30% of the amount.
Past residential deals in Mumbai have touched upwards of Rs 1.25 per square feet in landmark buildings like Samudra Mahal at Worli and Ill Palazzo at Hanging Gardens. A Lodha spokesperson said: "We are pleased that the highest price in the country has been achieved in our project. This proves that there is a high demand for high-quality products."
The duplex apartment is on the 34th and 35th floors of the 40-stored tower, which includes 8 podium levels of parking and 53 residences. Construction has been completed until the 24th floor for the core level and 14th for the slab. The project is expected to be completed by April 2017. The Lodhas had bought this property , located near Mukesh Ambani's Antilla tower, for Rs 375 crore from the US Consulate a few years ago.It housed the consulate staff in a building called Washington House.
In 2013, leading glassware company Borosil bought a sea-facing apartment in Samudra Mahal at the rate of Rs 1.23 lakh per sq ft (Rs 21 crore) from the Poonawalla family . It was then the highest flat deal in India. Industry experts said the Lodha transaction is a one-off and does not reflect general market sentiments. "Apartments in such buildings will continue to fetch premium rates because of their location, profile of residents and upkeep," they said.