Mumbai’s IL Palazzo flat sold for Rs 39 cr

18 Feb 2013 Editorial Team

In Mumbai, in one of the residential realty transactions, Bank of America has sold a 5-bedroom luxury sea-view apartment in Malabar Hill area to the promoter of an Indian private bank for Rs 39 crore. The deal values the 12th and 13th floor duplex apartment in IL Palazzo at over Rs 1.11 lakh per sq ft on carpet area and Rs 93,000 per sq ft on built-up basis.

The apartment is spread over a built-up area of 4,200 sq ft and has carpet space of 3,500 sq ft. The buyer will also get the right to use two basement car parking spaces allotted to the apartment, 12-D, in the north wing of this 21-storey iconic building.

Both Bank of America and the transaction advisor property consultancy firm CBRE declined to comment on the deal.

One of the landmark buildings, IL Palazzo, built in 1972, is placed on the highest point of south Mumbai, surrounded by sea on three sides and commanding a view of the island city. The building has four wings with each floor consisting of two apartments. The building on Little Gibbs Road is known for its prominent residents like billionaire investor Rakesh Jhunjhunwala and actor Vinod Khanna.

Aditya Birla Group chairman Kumar Mangalam Birla also used to live in this building earlier. The buyer had emerged as the highest bidder nearly two weeks ago.

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 the flat if they can match or outbid the highest offer.

However, the banker has now been finalised as the buyer with no resident of the building matching the offer. Last year, an apartment on 28th-floor of Tahnee Heights, a residential tower on Nepean Sea Road in south Mumbai, was sold for Rs 1.20 lakh per sq ft.

The apartment with 3,320 sq ft space had then managed to fetch around Rs 39 crore, setting a new national record.

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