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