In what could be one of the most expensive residential apartment transactions to happen in the country, RPG Group chairman Harsh Goenka has bought a 5-bedroom luxury sea-view apartment in Mumbai’s Malabar Hill for Rs 45.2 cr from Citibank India.
The deal values the 18th and 19th floors of the duplex apartment in the tower IL Palazzo at over Rs 1.29 lakh per sqft on carpet area basis, beating all earlier benchmarks. In 2013, Yes Bank’s Rana Kapoor had bought a similar size 5-bedroom sea-view apartment in this building from Bank of America for Rs 39 cr, or Rs 1.11 lakh per sqft. The bank has sold the apartment through an auction and the transaction was registered earlier this week.
Goenka’s new apartment has a carpet space of 3,500 sqft with two car parking spaces allotted to it. The family, which already owns couple of apartments in this iconic building, has concluded this deal through a special purpose vehicle (SPV) company called Malabar Coastal Holdings.
The building on Little Gibbs Road is known for its prominent residents like billionaire investor Rakesh Jhunjhunwala and late actor Vinod Khanna. Aditya Birla group chairman Kumar Mangalam Birla also used to reside in this building earlier.
One of the landmark buildings, built in 1972, IL Palazzo is placed on the highest point of South Mumbai, surrounded by sea on three sides and commands a panoramic view of the island city. The building has four wings, with each floor having two apartments.
Goenka had emerged as the highest bidder through the auction conducted by Citibank. However, the deal was held back given the usual notice period of 10 days for existing residents of IL Palazzo. Residents of the building enjoy the first right of refusal and get a preference to buy a flat if they can match, or outbid, the highest offer.
Last year, another south Mumbai apartment spread over 2,152 sqft in Ashford Palazzo on Bhulabhai Desai Road was sold for Rs 45 cr, or Rs 2.09 lakh per sqft, making it the costliest residential apartment transaction in the country.
In February, business family Taparias bought four apartments in Runwal Group’s upcoming luxury tower The Residence at Nepean Sea Road for Rs 240 cr. This deal works out around Rs 1.2 lakh per sqft.