Office to Home, Realty Touches Sky in Mumbai, Bangalore | |||
| Mumbai: In what is touted as the largest commercial transaction of 2010 in Mumbai suburbs, a brand new office building at Kalina has been sold for Rs 407 crore. Market sources said the deal was signed sometime last week. The buyer, Edelweiss Broking Ltd, is believed to have paid around Rs 20,000 per sq foot for over two lakh sq ft space in the 14-storey building, Lotus Midtown, located outside the Bandra-Kurla Complex. The building has been constructed by Anand Pandit of the Lotus Group. A real estate analyst said demand for commercial properties was once again picking up. However, he said it is mainly coming from Indian companies rather than multinationals as was the case earlier. Last February, a four-storey commercial building at Worli was sold for Rs 640 crore, one of the costliest of its kind in the country. The Wadia Group sold its property to Axis Bank, which is planning to shift its headquarters to the building. The building, Wadia Tower A, located on Bombay Dyeing Mill compound on Pandurang Budhakar Road, has a saleable area of over 4 lakh square feet. It worked out to Rs 16,000 per sq. foot. Mallya’s luxury flats to be priced at Rs 20 Cr It’s official now. Liquor and aviation baron Vijay Mallya is uncorking a Rs 1,500 crore-luxury residential play in the heart of Bangalore on Vittal Mallya Road, along with Prestige Estates. This could well be the most expensive residential project to be sold in Bangalore’s real estate history, as the asking rate per sq ft is pegged at a whopping Rs 33,000. Mallya plans to develop 75 apartments over 5- lakh sq. ft. Mallya is razing down his ancestral home spread across approximately 4 acres of land and is situated adjacent to the UB City to construct a 31 storey high -rise super luxury residential building likely ot be called ‘Residences at UB City’. TOI though has learnt that the project would have 75 super luxury apartments of 6,000 sq ft to 7,000 sq ft in size sporting price tags anywhere between Rs 15 crore and Rs 20 crore apiece. What is now known is that as part of the project, Mallya is building a 70,000 sq ft to 80,000 sq ft penthouse for himself, which will be the only home in Bangalore to have a bird’s eye view of Cubbon Park, MG Road, Vidhana Soudha, and the entire central business of the city. Also, at 31 storeys high, it could well be the only house in Bangalore that can boast of reaching to the stars. Once upon a time, the land, on which UB City and Mallya’s house are situated, comprised a brewery, belonging to the UB Group. TOI was the first to break the story on July 11, 2008. |
