In another big-ticket deal involving a Bollywood personality, actor Ranbir Kapoor last month purchased a sprawling apartment in Pali Hill for Rs 35 crore. The transaction works out to be an eye-popping Rs 1.42 lakh per square feet, the biggest recorded transaction in the suburbs based on rate per sq ft.
The 2,460 sq ft flat is on the seventh floor of Vastu Pali Hill, a recently constructed luxury building in the upmarket residential enclave. Ranbir’s flat comes with two parking slots. The 12-storey tower is also close to the Kapoors’ Krishna Raj bungalow.
Sources said this could perhaps be the highest amount per sq ft paid for a flat in the suburbs.
India’s largest deal was recorded last year when the industrialist Jindal family paid a record Rs 1.60 lakh a sq ft for a 10,000 sq ft duplex in an upcoming Lodha tower at Altamount Road. The last record in the suburbs was when builder Jagdish Ahuja paid Rs 1 lakh a sq ft for a 1,600 sq ft carpet area flat in Sona Villa building, at Perry Cross Road in Bandra (West).
Bollywood considers property as a safe investment despite a stagnant residential property market. Last year, actors Akshay Kumar and Aamir Khan bought apartments in Worli and Pali Hill respectively.
Property market sources said the film industry deals only in full cheque payment when buying property.
Kumar paid Rs 28 crore for a luxury apartment on the 39th floor of the upcoming Skylark Towers.
In 2014, actor Abhishek Bachchan paid Rs 41.14 crore for a similar-size apartment on the 37th floor.