Multinational banking and financial institution Citibank has put its residential apartment on the upmarket Carmichael Road in south Mumbai on sale. The flat is on the sixth floor of Usha Kiran building which is the residence of several high net-worth individuals, including Bollywood filmstars and industrialists.
The property (Flat No. 11) has 3,000 sq ft of usable area with four bedrooms, a hall and a kitchen, and a provision for housing a helper too. An open car parking on the ground floor and one in the basement lockable garage are also part of the deal.
According to market sources, the reserve price in Usha Kiran or the minimum price at which the bid would start will be R68,000 per square feet. According to a Cushman and Wakefield report, in the quarter ending June, a residential apartment in Usha Kiran measuring 3,500 sq ft was sold for R23 crore (around R66,000/sq ft). The selling price in Carmichael Road ranges around R50,000-R55,000 per sq ft going upto about R1 lakh per sq ft depending on the quality of the building its maintenance etc, say sources. Some of the other prime buildings on Carmichael Road include Kamal Mahal, Khushnuma and Rashmi.
Usha Kiran is one of the first few high rise buildings to have come up in Mumbai and is said to be the only tall building on Carmichael Road. Bollywood filmstar Kajol resided in Usha Kiran prior to her marriage . Earlier this year, Pirojsha Godrej, executive director of Godrej Properties had also reportedly put his 2,916 sq ft apartment in Usha Kiran on sale.
Carmichael Road, is among the most prime residential locations of island city of Mumbai. It houses very old buildings and bungalows. Many are at least 20 years old, while some would be as old as 40-50 years. An elite neighbourhood, Carmichael Road like Altamount Road and Breach Candy area is the address of many rich and famous. Many corporate honchos and foreign Consulate officials also reside in the area. ?Many old stand alone bungalows are also being converted into new-age high-end residential apartment buildings. It remains a highly aspirational address to have,? said a property consultant.