Mumbai flat snapped up for Rs 89.99 cr by this industrialist's scion

In another high value real estate deal in Mumbai, industrialist Vishad P Mafatlal, grandson of Arvind Mafatlal, has bought a 10,085 sq ft flat in the tony Altamount Road neighbourhood for a whopping Rs 88.99 crore. The duplex bare shell flat is located on the 10th and 11th floors of the B-wing of Lodha Altamount.

According to realty sources, the flat was sold last month by Lodha Developers to Vishad P Mafatlal and Rupal V Mafatlal; both the buyers have mentioned Mafatlal Centre, Nariman Point, as their contact address during the purchase.

The total amount paid by the Mafatlals is Rs 88,99,30,000, while the ready reckoner rate for the flat is Rs 82,87,51,500. Apart from this, the Mafatlal’s paid Rs 4.44 crore as stamp duty to register the flat with the state government’s registration department. The per sq ft rate comes close to Rs 90,000. The flats being on lower floor could be the reason for it going cheaper than earlier deals. (Floor rise usually charged adds to the cost) Vishad Mafatalal is MD of Mafatlal Denim and is associated with few other companies.

A detailed email sent to the Mafatlals did not elicit any response.

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Last month another flat in the same building, measuring 4,592 sq ft and located on the 24th floor, was sold for Rs 41.65 crore. The buyer Echjay Industries Private Ltd paid stamp duty of Rs 2.08 crore for the flat. The building is at a stone’s throw away distance from Mukesh Ambani’s bungalow Antilia.

By Varun Singh, DNA