Privately-owned Lodha Developers has sold a luxury apartment in Mumbai's Altamount Road for Rs 150 crore, according to media reports.
At Rs 1.60 lakh per square feet, the selling price of the over 10,000 square feet sea-facing duplex apartment is a new record for domestic residential property, analysts said.
Altamount Road in south Mumbai is counted among the costliest residential locations in the world. Billionaire Mukesh Ambani's 27-storey mansion, Antilia, is also located on Altamount Road.
The tree-lined street was earlier rated as tenth most affluent street in the world in a survey conducted by Wealth-Bulletin, a UK-based online news and analysis provider for global wealth management industry.
The duplex apartment sold on Wednesday is located in a luxury residential project that is coming up on land that once housed Washington House, a US consulate property. The Lodhas had bought the building in 2012 from the US consulate for Rs 375 crore.
Bulge-bracket property deals by the rich and the famous are not new to land-starved Mumbai. In September 2015, Pune-based industrialist Cyrus Poonawalla shelled out Rs 750 crore for the iconic Lincoln House in Mumbai. (Read more)
Earlier this year, the family of billionaire industrialist Kumar Mangalam Birla said it had bought Jatia House, another of south Mumbai's rare bungalows, for Rs 390 crore.
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