HomeDaily NewsDNA: Mumbai: In record deal, Walkeshwar duplex sold for Rs 1.56 lakh a square feet

DNA: Mumbai: In record deal, Walkeshwar duplex sold for Rs 1.56 lakh a square feet

The sale of a flat at Walkeshwar for Rs 47 crore has set a new record for residential property deals so far this year. The duplex was sold for Rs 1.56 lakh a square feet, which is Rs 7,000 more than the last such transaction of 2018.

The property on the 19th and 20th floors in the B wing of Legend Co-operative Housing Society Ltd is spread over 3,012 sq ft and offers an unobstructed sea view.

Walkeshwar is home to some of the city’s high-profile people, including the chief minister and Governor.

According to the registration papers accessed by this newspaper, the property changed hands from a 50-year-old woman, M Maheshwari, to another woman of the same age, S Zaveri.

The deal earned the government Rs 2.35 crore in stamp duty. Along with the flat, Zaveri also got four car parkings – two on the podium and the rest are on the ground floor.

The ready reckoner rate – prices of real estate blocks for a given area published and regulated by the state – for the area is Rs 27.19 crore. Akash Zaveri, son of the new owner, refused to comment on the deal.

Pankaj Kapoor, managing director of real estate research firm Liases Foras said, “The ready reckoner rates do not reflect the real market value. Also, there are factors like location, amenities and convenience add value to a property.” The flat being a duplex could have pushed up the price, he said.

This deal has surprised local real estate brokers. S Maheshwari, a property agent from Malabar Hill, said, “The ongoing rate in the building is Rs 1.25 lakh per sq ft. As one goes deep, you will find that most homeowners belong to a specific community and are diamond merchants. This has to be the reason for the high rate.”

When DNA visited the premises, the building supervisor said it has a swimming pool, a gymnasium and other modern amenities.

The last big-ticket residential block sale had taken place last month at Breach Candy where a flat was sold for Rs 1.49 lakh per sq ft. The 2,422-sqft flat at Ashford Palazzo was sold by Ashford Construction Pvt Ltd. to Satish Patwari and Sarita Patwari for Rs 36.11 crore.