Businessman buys flat for whopping Rs 45 cr in Malabar Hill

A flat in one of the most sort out building's in Malabar Hill — IL Palazzo — was bought by Harsh Goenka for a whopping Rs 45.2 crore from Citibank India.

The flats are located on the 18th and 19th floors of the building and it is a duplex five bedroom apartment with a sea view. The per square foot rate is over Rs 1.29 lakh per sq ft on carpet area basis. The bank sold the apartment through an auction. When contacted, Citi declined to comment.

The apartment is spread over a carpet area of 3,500 sq ft, and the deal comprised of two car parking spaces. According to an official from Goenka's RPG Group, the family already owns apartment in this iconic building. According to sources in real estate, the deal was concluded through a company called Malabar Coastal Holdings.

The building is located on Little Gibbs Road and is known for prominent billionaire residents like investor Rakesh Jhunjhunwala and late actor Vinod Khanna, among others.

IL Palazzo is one of the landmark buildings, built in 1972. It is surrounded by sea on three sides and commands a panoramic view of the island city. The building has four wings, with two apartments on each floor. A detailed message sent to Anant Goenka, son of Harsh and repeated calls to him, got us no response.

In March, a sea-facing apartment in Champagne, Worli, was sold for a staggering Rs 2.32 lakh a square foot, setting a new record in the city. The 2,300-sq ft flat had fetched Rs 53.5 crore. Last year, another south Mumbai apartment spread over 2,152 sq ft in Ashford Palazzo on Bhulabhai Desai Road was sold for 45 crore, or Rs 2.09 lakh per sq ft, making it the costliest residential apartment transaction in the country.