Ran­bir’s 35 cr apart­ment a one-off deal, say agents

HT Estates - - HTESTATES - HT Es­tates Cor­re­spon­dent

Ac­tor Ran­bir Kapoor has re­port­edly bought a sea- fac­ing 2,600 sq ft apart­ment in Pali Hill, Mum­bai for ₹ 35 crore. It’s lo­cated close to his par­ents’ home and is per­haps the most ex­pen­sive trans­ac­tion in a rel­a­tively sub­dued real es­tate mar­ket and works out close to ₹ 1.42 lakh per sq ft.

Real es­tate bro­kers ac­tive in the area say that this was a di­rect deal be­tween the seller and the ac­tor through a com­mon link. They are quick to add that the rate quoted is high com­pared to the other deals in the mar­ket.

The go­ing rate in the area is around ₹ 1 lakh per sq ft as most the apart­ments are sea fac­ing and are home to the crème de la crème of so­ci­ety, in­clud­ing Bol­ly­wood stars and politi­cians. Even in the premium Mal­abar Hill, av­er­age rates are around ₹ 1.10 lakh per sq ft to ₹ 1.25 lakh per sq ft, not more than that,” says a bro­ker privy to the facts of the deal.

“Lo­ca­tion is what mat­ters. It is an up­mar­ket area and sea- fac­ing apart­ments com­mand a premium here,” they say. It’s a rel­a­tively new con­struc­tion and the de­vel­oper still has some units in the build­ing.

Kapoor’s flat is on the sev­enth floor of Vastu Pali Hill, a build­ing that came up barely two to three years ago. The apart­ment is lo­cated in the 12-storey tower.

Some bro­kers say t hat this is a one-off deal and may not have an im­pact on the prime real es­tate mar­ket in Mum­bai. “The realty mar­ket may be sub­dued in case of un­der-con­struc­tion projects but trans­ac­tions will al­ways be there in the re­sale mar­ket as it is usu­ally gen­uine buy­ers who will buy. It is more of a need than an in­vest­ment,” they say.

Most deals in the area have been for large- sized apart­ments rang­ing from 5,000 sq ft to 6,000 sq ft with prices rang­ing from ₹ 1 lakh per sq ft to ₹ 1.20 lakh per sq ft, say sources.

In 2014, ac­tor Ab­hishek Bachchan paid around ₹ 40 crore for a sim­i­lar-size apart­ment on the 37th floor. This works out to be around ₹ 1.06 lakh per sq ft.

In­dia’s largest deal was recorded l ast year when i ndus­tri­al­ist f am­ily, t he Jin­dals, paid a record ₹ 1.60 lakh a sq ft for a 10,000 sq ft du­plex in an up­com­ing Lodha t ower at Al­ta­mount

Road. ndia’s res­i­den­tial prop­erty mar­ket has been go­ing through tur­bu­lent times for the past few years. How­ever, things are look­ing up now with changes in the econ­omy and var­i­ous ini­tia­tives an­nounced by the gov­ern­ment. To un­der­stand how var­i­ous mar­ket forces have been mak­ing an im­pact, it is es­sen­tial to look at the over­all eco­nomic sce­nario in the coun­try.

he year 2015-16 saw In­dian econ­omy be­come the fastest­grow­ing in the world with a GDP growth of 7.6%. This, de­spite

SATISH BATE

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