Essar Steel Metal Trading Limited has bought a duplex apartment in Samudra Mahal apartment complex in Mumbai for Rs 42 crore, documents accessed by Zapkey.com showed.
The 3,638 sq ft apartment has been bought by the company from Nayantara Shamik Apparao, the sale deed document showed.
The apartments are located on the 21 and 22nd floor of the project.
The per sq ft price of the unit works out to be Rs 1.15 lakh per sq ft which brokers said is the market rate.
The registration took place on December 8. A stamp duty of Rs 2.1 crore was paid by the buyer, the documents showed.
There was no response from both the buyers and the seller.
In October 2021, veteran investor Raamdeo Agrawal and family had bought a duplex property in the Samudra Mahal project— home of the rich and famous—in Mumbai for Rs 46.29 crore.
Karan Israni had rented a duplex (405, 406) on 5th and 6th floor in Samudra Mahal for Rs 9.45 lakh to Motilal Oswal Asset Management company on August 12, 2021.
Mags Finvest Private limited owned by Shagun Kapur Gogia and Madhu Kapur (family of Yes Bank's late co-founder Ashok Kapur) had rented out a duplex (flat numbers 119 and 120) in Samudra Mahal for Rs 8.2 lakh per month for a tenure of 36 months on August 26, 2021, separate documents shared by Zapkey.com showed.
Samudra Mahal is a nearly five-decade-old luxurious, sea-facing residential complex in Mumbai's posh Worli area. Home to Mumbai's rich, the complex was earlier in the limelight as shamed diamantaire Nirav Modi's residence. Incidentally, both Yes Bank’s founder Rana Kapoor and Modi occupied duplex units on the top floor. It is a two-wing, 25-storeyed complex premium estate and comprises 100-odd three bedroom-hall-kitchen (BHK), duplex units, famous 'jodi' apartments and two bungalows.
Secondly, this is perhaps the only apartment block in the area which has an unhindered 360-degree view of the sea; while the third and most important factor is that this is perhaps among the few complexes in south Mumbai that has a freehold title.
"This is a prestigious address in town. The three-acre complex has about 100-odd apartments and two bungalows. Every fifth level of the building has a duplex. The 3BHK units are of size 1,710 sq ft and the duplex is about 3,420 sq ft. Several owners have bought two 3BHK apartments and turned it into ‘jodi apartments’," says Ritesh Mehta, senior director and head, West India, Residential, Jones Lang Lasalle India.
As far as rental values are concerned, the yield is much higher compared to other buildings in the vicinity. "On average, the rental yield is about 3 percent. A 1,700 carpet sq ft apartment commands a rent of Rs 4.5 lakh to Rs 4.75 lakh a month and a duplex fetches Rs 8.5 lakh to Rs 10 lakh per month," he says.
This property was earlier a palace owned by the royal family of Gwalior.
Located close to the complex is the Madhuli Housing Cooperative Society, which shot into the limelight several years ago thanks to Big Bull Harshad Mehta whose family owned several apartments. There are also a few independent bungalows which at today’s value command anything between Rs 80 crore to Rs 100 crore, as per property consultants active in the area.
Other premium apartment complexes located close to this apartment block include Omkar 1973, Indiabulls Blu, Three Sixty West by Oberoi Realty and Lodha Group's The Park.