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Worli Flat Tops Mumbai With A Record Deal Of Rs 2.3 Lakh A Sqft

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Worli Real Estate

Being one of the prime real estate destinations in the country’s commercial capital, Worli has come a long way from being a traditional textile mill location, a few decades ago. A great deal of resilience has been shown by this location, as most of the other markets in Mumbai continued to be under pressure.

This upmarket location has strategically managed to retain its premium positioning quite well. In fact it has emerged as a winner with property prices remaining steady all these years.

Its proximity to Nariman Point on one side and airport and the BKC on the other, brings uniqueness to Worli’s locality, which is further enhanced by the Sea-Link Bridge.

Factors like Capital Values, Grade A buildings, Gold Certified Buildings, Consolidation under one Building for companies, Green buildings, New Generation building, Newest Technology used for construction and Ample Car Parking are major factors that are driving the various companies to move from old buildings in Nariman Point to new high end developments in Worli.

Recently, Worli saw a staggering price of Rs 2.32 lakh a square foot for one of its sea-facing apartment, which is a new record in the city. This deal turned out to be way more than the ongoing rate of Rs 16 crore for a similar property in the vicinity and fetched Rs 53.5 crore for a 2,300-sqft flat. Mumbai saw last of such deal in the August 2017, when a house at Pedder Road fetched Rs 2.09 lakh per sq. ft. by a businessman.

The Shah family and Quantyco Realty Pvt Ltd’s director Nilesh Sutar, finalised the sale agreement for the respective ground-floor property at Champagne Building last week. According to the real estate experts, this transaction is a welcome aberration and in no ways points to the revival of the sector. The realtors are not holding this deal as a benchmark for the area as the prices are seemingly unrealistic to them. The prices are even higher than the Samudra Mahal, a premium building attracting the highest rate in Worli.

A stamp duty of Rs 2.67 Crore has been paid by the buyer in this case. According to the reckoner rate, the government’s rate for the cost of the property, for the flat number 1 on the north side is Rs 13.28 Crore. A covered garage in the building located on Khan Abdul Gaffar Khan Road is also being allotted to the new owner.

The deal has been confirmed by the holder of the power of attorney, Dr Abhyudaya Shah. He has already signed the registration documents as his family has been living in the building for past 40 years.

Among the other high-end real estate deal of the year are the last week’s deal of an apartment in Worli at a price of Rs 120 crore at Rs 75,000 per sq ft by the Niraj Bajaj of the Bajaj family. Another deal was the renting of a flat by cricketer Virat Kohli at the top floor of the Raheja Legend at a price of Rs 15 Lakh a month.

 

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