Massive Mumbai property buy! For Rs 127 cr, this honcho buys 3 floors in Prabhadevi building

At a time when luxury home sales have slowed down, a big ticket deal worth Rs 127.49 crore by Group Managing Director of Welspun, Rajesh Mandawewala, has drawn attention in the corporate capital of India. The flat with a total carpet area of 20,989 sq ft is at ‘25 South’ in Prabhadevi, said a DNA report, adding that the last such big deal was accomplished in Worli where Industrialist Niraj Bajaj had paid Rs 120 crore for a single flat in Worli.
 
The sea-facing apartment in an upcoming South Mumbai residential tower was reportedly constructed by Wadhwa Group and Hubtown. A person known to the deal told DNA, “This is the biggest floor plate we sold in this building to an individual, all the top three floors, 45,46 and 47 of one of the wings have been bought by Mandawewala. All the three flats are bare shell flats, the carpet area is above 20,000 sq ft while the super built up will come up to 30,000 sq ft.”
 
The new owner will also get a total of 14 car parks along with the flats. The report quoted source as saying, “The buyer even paid above Rs 6.37 crore ad stamp duty for registering the documents. Apart from this the buyer also paid a GST on the total amount which brings the figure close to Rs 140-150 crore.” 
 
Notably, the 25 South is a luxurious residential project, offering 3 BHK, 4 BHK and 4 BHK plus family room residences across three towers. The key features of these residences is that they reportedly offer sea views from one or more rooms. 
 
Spread over a 5-acre land parcel, the project is 110 meters from the shoreline of the Arabian sea, said the report, adding that it will be ready by 2023.
 
Earlier, industrialist Niraj Bajaj had accomplished the big ticket deal paying Rs 120 crore for a 1,587 sq mt apartment in Worli. Bajaj also got eight car parking slots. 
 
Housing experts reportedly say that this is the most someone has paid for a single flat. 
 
Watch this Zee Business video

Before that businessman, Deven Mehta had shelled out Rs 57.45 crore for an apartment in Lodha Altamount at Peddar Road, DNA added.