A city-based businessman has bought two floors of a luxury residential tower at Altamount Road in Mumbai for ₹125 crore which works out to ₹1,47,000 per sq.ft., a near record high in Mumbai.
The property located on the 30th and 31st floors of Lodha Altamount, diagonally opposite Mukesh Ambani’s house Antilia, was on Friday registered in the name of Deven Mehta, the city businessman who is the chairman & managing director of Smart Card IT Solutions Ltd.
The deal was confirmed by officials at the Prabhadevi property registration office.
The irony is that some of the low profile businessmen are now buying high value property in the city at a time when banks are hounding big corporates for defaulting bank loans. Some of the High Networth Individuals (HNIs) who have acquired property in this project include Shrikrishan Jindal and Ajay Jindal, the promoters of Jindal Drugs who have bought the penthouse of three floors estimated at ₹225 crore. The Jains of Bhilasiya Textiles group have also bought three floors at a similar amount in the building.
Lodha Altamount, being developed by real estate developer Lodha Group is coming up on the same plot where Washington House, owned by the American Consulate was located.
Similar to Burj Khalifa
Lodha Altamount is a 40-storey residential building which will be the first building in Mumbai to have a complete glass façade on the lines of the Time Warner building in New York and the Burj Khalifa in Dubai.
Altamount Road is now called the Billionaires’ Avenue as most of the top industrialists are staying here. Apart from Mukesh Ambani, Mr Kumar Mangalam Birla, Narotam Sekhseria of Gujarat Ambuja, Radhakishan Damani of D’Mart are staying here.
Yes Bank managing director Rana Kapoor has brought a plot there to build a bungalow.
