Samudra Mahal Flat Sale Creates Buzz

more images

MUMBAI, INDIA (Gaeatimes.com)- The realty market in India has witnessed one of the most expensive transactions to have been carried out in the country with a flat at Worli’s Samudra Mahal building being sold for a whopping 37 crores, according to reports. Although certain reports are claiming that the total worth of the transaction was 33 crores while other reports putting the amount at over 36 crores, one thing is for sure that the deal has been successful in creating a buzz in the realty market for its stiff price.

It has been revealed that the sea-facing duplex apartment in Samudra Mahal was sold in an auction that was held on Monday. Despite the fact that most people involved in the deal have not made a public statement about the transaction, a number of media source have highlighted that the South Mumbai flat was sold for more than Rs. 90,000 per square feet resulting in the multi-crore deal. The Samudra Mahal apartment, which is located at the 19th and 20th floor of the building, expands over an area of 3,640 square feet and comprises of four bedrooms and two car parks.

Since the news of the transaction has circulated, reactions have been pouring in from various quarters. Global property consultants Knight Frank chairman, Pranay Vakil has pointed out that the Samudra Mahal duplex deal is one of its kind and should not be perceived as a benchmark for the assets in the area. At the same time, Pranay Vakil also emphasized that open auctions of these properties do not follow the rules of the market and owing to the internal tussle between the bidders, the price escalates.