Deven Mehta, 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 lakh per sq ft.
The flat, on the 30th and 31st floors of Lodha Altamount, was registered on Friday in the name of Mr.Mehta, chairman and managing director of Smart Card IT Solutions Ltd. The deal was confirmed by officials at the Prabhadevi property registration office.
Mr. Mehta is in his late 40s, and keeps a low profile personally. He was known as a successful investor in the capital markets before he founded his company, which as its name suggests, makes smart cards. .
The building, which will be 40 storeys high, is is on the plot formerly known as Washington House, owned by the American Consulate, and almost opposite Mukesh Ambani’s tower, Antilla. It is being developed by the Lodha Group. Real estate consultants The Hindu spoke to says that the going rate per floor at the building is ₹75 to ₹80 crore.
Almost ready, but not occupied yet — possession is expected in July — it will be the first building in Mumbai to have a complete glass façade. Each floor has approximately 4,250 sq. ft. carpet area and two flats. The building has eight floors for parking, two swimming pools (on the 8th & 40th floors), an observation deck, concierge service, a banquet room, in-house chef, spa, health club and library.
Among other buyers so far, according to sources familiar with the project, are Shrikrishan Jindal and Ajay Jindal, the promoters of Jindal Drugs (the three-floor penthouse, estimated value ₹225 crore), the Jain family of Bhilasiya Textiles group (three floors for a similar amount), Deven Doshi, MD of Echjay Industries Ltd (one floor), Dinesh Kanabar, CEO of Dhruva Advisors & former CEO of KPMG (one floor).
Altamount Road is sometimes referred to as Billionaires’ Avenue from the number of high net worth residents, which include (apart from Mr. Ambani), Kumar Mangalam Birla, Narotam Sekhseria, and Radhakishan Damani. Joining them soon will be Yes Bank managing director Rana Kapoor, who has brought a plot to build a bungalow.
