A penthouse in Mumbai sold for a whopping INR 202 crore in Napean Sea Road

With the economy taking a toll on most of our home buying decisions, one is usually forced to postpone the decision to buy a property today. But for some individuals that is not the case. An unidentified industrialist will now be the proud owner of an INR 202 crore penthouse in Mumbai. According to recent reports, the industrialist has booked a 17,000 square feet property in South Mumbai’s Napean Sea Road region and the deal is cited to be the biggest ever. The penthouse at The Residence includes three floors- 20th, 21st and 22nd floor and is being developed by the Runwal Group.

Overlooking the Arabian Sea, the penthouse is said to be one of the most sought after properties in the city. And with Napean Sea Road being one of the most preferred elite real estate destinations in Mumbai, the demand for such luxurious spaces is limited due to its exorbitant pricing. According to current market trends, capital value of apartments in Napean Sea Road is estimated to cost anywhere between INR 44,955 and INR 82,710 per square feet. This allows only the super-rich folks to enter the realty market.

Although the property is still under construction, but the unidentified industrialist has submitted the token amount. The final agreement is likely to be finalized in the coming months. Despite the sluggish market the property has been booked at INR 1,20,000 per square feet rate. The state of the art amenities and specifications are some of the reasons why the property could cost such a whopping amount. The project boasts of having a luxury club house, a swimming pool and an international concierge for the 30 apartments in both the wings. According to reports the project will be completed by 2018. The residential project is developed on the largest available parcel of land in the area.

With INR 100 crore micro markets like Worli, Napean Sea Road and Malabar Hill finding many takers- the future of premium properties in Mumbai seems very bright!