It pays to live in these tony towers

Residents of Jolly Maker 1, tony towers at Cuffe Parade in south Mumbai, have a great view, a swimming pool and a health club. And they get paid to live there.

This at a time when most new fancy buildings command a hefty maintenance fee of Rs. 10-15 a square feet — meaning you have to fork out Rs. 1.5 lakh a month for a 10,000-sq.ft property.

In a strange one-off, this over 35-year-old, 22-storey towers, comprising 170 flats and 10 bungalows, has possibly the richest housing society in India with a sinking fund of over Rs. 30 crore.

The society pays residents a dividend of around Rs. 300 a sq.ft. With flats ranging from 1,285 sq.ft to 2,600 sq.ft, the annual earnings are of Rs. 3.85-Rs. 7.8 lakh with no maintenance charges.

A member of the Cuffe Parade Residents’ Association explained that three decades ago, the cash-strapped builder offered flat buyers a package of the lease amount of six floors in Nariman Bhavan, a commercial building at Nariman Point, if they paid a premium. The leased properties in Nariman Bhavan reportedly earn Rs. 5 crore in annual rent.

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Printable version | Jul 30, 2021 10:34:13 PM |

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