Mumbai is full of contrasts. On one hand the coronavirus-induced lockdown rendered many people homeless, on the other hand, it enabled the rich to get richer by investing in properties. The duality of the city can also be observed in the fact that on one hand where affordable housing is a major problem, on the other hand, the city also boosts of some of the most expensive homes. What might be termed as as one of the most costliest deal, a flat in Worli was recently sold for around Rs 1 lakh per sq ft.
According to a report by squarefeatindia.com, the flat, located in focus is on the 23rd floor of Samudra Mahal in Worli. It was sold in the first week of September for Rs 96,776 per sq ft. The flat measures 1,706 sq ft and the buyer paid a whopping Rs 16.51 crore. As per the report,the buyer, named Jai Shankar Krishnan, also owns another flat on the 13th floor of the same building, while the seller is Omega Investment and Properties Ltd.
As per the report, earlier in 2010 a flat in Samudra Mahal measuring 1,706 square feet was sold for Rs 1.07 lakh per square feet rate which sums upto around Rs 18 crore. In 2012, another flat was sold in the same building for Rs 1.10 lakh per square feet. While, in 2015 a flat in the same building was sold for Rs 1.11 lakh per square feet.
Meanwhile, a realty portal Magicbricks has reported up to 5 per cent fall in real estate prices across eight big cities during April-June, while property searches on its platform dipped 27 per cent compared to the previous quarter due to COVID-19 pandemic. The volume of active listing of properties on Magicbricks website, too, fell 42.5 per cent during April-June 2020 from the first quarter of this calendar year, it said in a report.
"The real estate prices in the top 8 cities observed a 2-9 per cent decline in April 2020 as an immediate reaction to the crisis. However, the overall price decline in the April-June quarter remained range-bound, with just 1-5 per cent decrease across TIER I cities," Magicbricks CEO Sudhir Pai said in a report. At the city level, the real estate market of Mumbai Metropolitan Region (MMR) fared slightly better as compared to other regions, despite being worst hit by COVID-19, he added. Prices declined by 0.4 per cent, 0.6 per cent and 0.8 per cent in Navi Mumbai, Thane and Mumbai, respectively.