Mumbai, March 21: The Mumbai real estate market was abuzz with activity in February. Residential property and freehold land held out promise to both buyers and sellers, particularly in the mid-budget segment. Out of the 72 realty transactions, 34 were residential, 11 related to transfer of freehold land, while 24 transactions were of commercial premises. Rates in the premium segment were seen taking a dip while the mid-budget segments are looking up. For example, a residential property at Sorab Bharucha Road in Colaba, south Mumbai, was sold at Rs 7,057 per sq ft while the rates at Prabhadevi are hovering around Rs 9,500 per sq ft. The rate for a residential property - Sagar Teer Society - at Napean Sea Road stood at Rs 12,264, Warden Road rate stood at Rs 13,327 per sq ft while Malabar Hill hit yet another low at Rs 10,312. Residential space at Altamount Road fetched a better price at Rs 11,444 per sq ft. As far as the corporate segment of the market is segment, pharmaceutical companies like Parke Davis managed the highest deal for the month by selling its factory and premises at Saki Naka to Classic Builders & Developers for Rs 49.30 crore. The property which measures about 51,197.40 square metres together with buildings and other structures was up for sale for nearly two years has finally found buyers.
BPM Industries continued to shed its real estate assets.
Last month, BPM industries sold off about 18,100 sq ft of commercial space of Solitaire Building in Chakala for over Rs 8 crore. The sale includes parking space for ten cars.
The other relatively smaller deals of the month include Caprihans India, which sold its office premises at Shivsagar Estate at Worli to Keygien Global for Rs 2.15 crore. Tata group company Tata SSL sold 8,042.40 square metres of land at Mulund-Borivili Link Road for Rs 2.15 crore.
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