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Old buildings still in demand

Mumbai again recorded the most expensive flat deal in India. “Flats in such landmark buildings will continue to fetch premium rates despite the slowdown,” said a property analyst. “It again proves that buildings constructed three to five decades ago are still much sought-after,” he added.

It was only four months ago that a flat in Cuffe Parade‘s Jolly Maker 1, India’s richest housing society and a four-decade-old symbol of Mumbai’s affluence, was sold at Rs 1.11 lakh per sq ft. It was hailed as a record then. The 21st floor flat with a carpet area of 2,590 sq ft fetched Rs 29 crore on January 27. It was sold by the Jagwani family, which runs a jewellery business, to Ashok Patni, one of the three brothers who own Patni Computers. Prior to that, the highest rate was Rs 37.25 crore for a 3,600 sq ft flat in Worli‘s Samudra Mahal in 2010.

In 2007, a 3,475 sq ft (super built-up) flat in NCPA Apartments at Nariman Point was bought by a London-based NRI at Rs 97,842/sq ft. Five years ago, actor Vinod Khanna and wife Kavita quoted an astounding Rs1.20 lakh per sq ft for a 2,500 sq ft flat in the B-wing of Il Palazzo on Little Gibbs Road, Malabar Hill. But the Khannas later scrapped the deal as they felt they had overbid.

Via : TOI

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