In 2019's priciest deal, tech firm founder pays Rs1.29 L/sq ft for SoBo flat

Offering an unobstructed view of the Arabian waters and opulent facilities for its residents, a bare shell apartment in a high rise in SoBo has become the costliest flat to be sold to a homebuyer this year.

The 2,952-square foot flat at Lodha Altamount on Altamount Road has been bought by Manish Patel of MSwipe Technologies at the rate of Rs 1.29 lakh per sq ft.

Patel and wife Shital shelled out Rs 38.08 crore for the 15th-storey flat in the A-wing of the chic 40-odd-storey residential complex, which has two wings in all.

For the astronomical rate, the Patels, who currently reside at Kemps Corner, get parking space that can accommodate a fleet of six cars.

According to the registration documents accessed by this newspaper, the couple paid Rs 2.28 crore as stamp duty for registration of their new home.

The tower offers four-bedroom residencies, five-bedroom duplex and five-bedroom villas. It is said to have luxury amenities including a round-the-clock manager, a valet, a bellboy and a doorman at the service of the residents, among whom are several wealthy businessmen.

Lodha Altamount has been raised on a plot which was once housed Washington House, which was a residential property used by officials of the US consulate. At this new address, the Patels will have the Ambanis for neighbours, whose notoriously expensive bungalow Antilia also lines Altamount Road.

When this correspondent contacted Manish Patel, he refrained from commenting on his recent purchase, the first of this magnitude to have been signed this year.

Rajiv Jain, a south Mumbai realtor, said, the building has received an occupation certificate. "The 40-storey building offers an unrestricted view of the sea and has bare shell flats. Around five to seven families have begun the interior work and may move in by Diwali."

He further said the rate of the recent deal will more or less be the standard for this building because of the luxuries it offers. "Otherwise the rates here are between Rs 70,000-1 lakh per sq ft," he said.

The recent past has seen many dizzying deals shattering records in a city of irrationally priced houses.

Last year in July, a flat exchanged hands in Mumbai's Breach Candy, or Bhulabahai Desai Road, for Rs 1.49 lakh per sq ft. The nearly 2,422-sq ft apartment, in Ashford Palazzo, was sold by Ashford Construction Pvt Ltd to Satish and Sarita Patwari for Rs 36.11 crore.

In March 2018, a 2,300-sq ft sea-facing flat in Worli's Champagne House was sold at a staggering rate of Rs 2.32 lakh per square foot, setting a new record for Mumbai by fetching Rs 53.5 crore. Its current owners, the Kotak family, paid Rs 275 crore for the entire Champagne House.

Last year also saw two top businessmen seal two major deals. Harsh Goenka of RPG Group bought a flat measuring 3,500 sq ft in IL Palazzo for Rs 45 crore. And Nirav Bajaj bought a 16,000-sq ft apartment at Worli's Three Sixty West for Rs 120 crore.

Last month, in a big-ticket deal, the sprawling RK Studios, was sold by the five Kapoor siblings to Godrej Properties Ltd for Rs 250 crore.

Actor Alia Bhatt bought a 2,300-sq ft first-floor apartment in an upscale Juhu locale this year for Rs 13.11 crore.