Mumbai-based Lodha Developers has sold a triplex apartment at its super-luxury premises on Altamount Road, in tony SoBo, for Rs 150 crore. The deal makes for among the largest transacted in recent times, several people with knowledge of the development told FE, adding that the triplex is built across 15,000 square feet of carpet area.
A spokesperson from Lodha confirmed the development but the details were not available till the time of going to press.
The uber-luxury residential project is coming up on land that once housed Washington House, a US consulate property. The Lodhas had bought the building in 2012 from the US consulate for R375 crore.
Last month the developer sold a 2,826 sq ft, five-bedroom apartment at the same location for a reported Rs 40 crore to an unidentified Mumbai-based businessman. That’s Rs 1.42 lakh per sq ft and believed to be the highest price paid for a flat housed in a building that’s under construction.
Rated among the 10 most costly streets in the world, Altamount Road is home to several celebrities and businessmen. India’s richest person and chairman of Reliance Industries Mukesh Ambani ‘s residence Antilla is on Altamount Road.
Altamount Road with the neighbouring areas of Carmichael Road and Malabar Hill are counted among the most expensive addresses in the world and properties here are coveted by the who’s who in Mumbai. In August, a 17,000 sq ft sea-facing triplex penthouse in The Residence, being built by the Runwal Group on South Mumbai’s Napean Sea Road, was sold for Rs 202 crore.
In September, Cyrus Poonawalla, the Pune-based billionaire and chairman of Serum Institute of India, forked out Rs 750 crore to snap up the colonial era bungalow — Lincoln House — on Breach Candy. In another deal, Aditya Birla Group chairman Kumar Mangalam Birla emerged as the highest bidder for another iconic bungalow situated on Malabar Hill for Rs 425 crore.
Sanjay Dutt, executive MD, Cushman & Wakefield, South Asia, said the sale at the Lodha project was one of its kind because such exclusive units were hard to come by. The property has been designed by architect Hadi Teherani and will have residences whose interiors can be customised according to the preferences of customers. There will be just one apartment per floor with a private lift lobby. The glass walls will overlook the Arabian Sea as also the metropolis. Among the amenities, the project is slated to have a state-of-the art clubhouse with luxury amenities and landscaped features. It will also have private observatory and party lounge, situated 500 feet above the ground. The luxury apartments will be serviced by St Amand.