Ranbir’s new flat costs Rs 1.42 lakh per sq ft!

Highest rate paid so far for a Mumbai residence, 10x what previous owner paid

The 34-year-old Ranbir Kapoor has paid the highest per square foot rate for an apartment in Mumbai. He recently bought an apartment on the seventh floor of a building in Pali Hill, Bandra and shelled out Rs 1,42,184 per square foot, making it the highest rate ever paid in the maximum city. Ranbir Kapoor concluded the deal on April 27 and paid a whopping Rs 35 crore for the 2,469.60 sq feet apartment in Vastu Pali Hill building.

Khyati Valia bought the flat for Rs 3.5 crore in 2012. Four years later, she sold it for ten times her acquisition price

Mumbai has witnessed several high-end deals but all of them have been in South Mumbai. The highest so far has been in Darshan Apartment in Malabar Hill. The triplex flat got sold for Rs 57 crore and cost the new owners Rs 1.35 lakh per sq ft in the year 2013.

Ranbir beat all the previous deals in South Mumbai as well as the suburbs with his latest acquisition. Interestingly, Vastu Pali Hill is not a high-end building that offers several amenities. The 12-storey building with two basements for parking has in all 21 flats. The flat comes with two parking lots, one in the basement and one in the open. The building does not have the who’s who of the city living in it. Interestingly, the flat acquired by Ranbir is valued at a mere Rs 11.31 crore as per the Ready Reckoner rate.

The actor, who has given several hits in his career spanning nine years, has acquired the four-bedroom flat from Khyati Valia, who is on the board of directors of several real estate and financial services companies.

According to the papers available with TGS, the actor paid the first instalment of Rs five crore for the flat on March 2. He paid the next instalment of Rs ten crore on April 20, and a week later concluded the deal by paying the remaining Rs 20 crore. On the same day, he registered the deal with Department of Registration and Stamps. Over and above the Rs 35 crore tag for the flat, the actor shelled out Rs 1,75,30,000 for stamp duty and registration.

Ten times the return in four years
The owners of the flat bought by Ranbir Kapoor struck gold. Khyati Valia bought the flat for Rs 3.5 crore in 2012. Four years later, she sold it for ten times her acquisition price. Her neighbour, Shraddha Valia too bought the four-bedroom flat for Rs 3.4 crore in December 2011 and registered the deal in April 2012. Barely a month later in May 2012, she sold it for Rs 23.75 crore to actress Nadia and her husband Shirish Godbole.

The new house is barely a stone’s throw away from his parents Rishi and Neetu Kapoor’s bungalow KrishnaRaj. Ranbir’s next door neighbour in the new house will be South Indian actress Nadia or Zareena Moidu. Moidu, who has done several Telugu, Malayalam and Tamil movies, owns the house on the same floor. Interestingly, Moidu and her husband Shirish Godbole, an investment banker, also paid a bomb for their house when they bought it in May 2012. They paid Rs 23.75 crore for the flat, which was valued at Rs 8.32 crore as per the ready Reckoner rates back then

Deals in the past
There have been several high-end deals in Mumbai. However, all the record breaking ones have been reported from South Mumbai. Ranbir’s is the first ever record breaker from suburbs.

In 2013, a sea-facing flat in Darshan Apartment, Malabar Hill building was sold for Rs 57 crore, at Rs 1.35 lakh per sq ft. In the same year, a duplex in Worli’s Samudra Mahal was sold for Rs 43 crore, at Rs 1.18 lakh per sq ft. In 2012, a flat in Tahnee Heights on Napean Sea Road was sold for Rs 39 crore, at Rs 1.2 lakh per sq ft. Ranbir struck his deal for Rs 1.42 lakh per sq ft, the highest so far.

Other acquisitions
Apart from acquiring real estate in Mumbai, Ranbir has also bought a flat in Trump Towers, Pune. His father Rishi Kapoor was the first to buy a 4,415 sq ft house on the 12th floor of one of the two Trump Towers in Kalyani Nagar way back in October 2015. He paid Rs 11.12 crore for the property. A couple of months later, in December, Ranbir bought a house of the same size on the 10th floor for Rs 11.12 crore. The duo paid stamp duty of Rs 67 lakh each for their houses.

The family is also redeveloping their bungalow KrishnaRaj on Pali Hill. Rishi and Neetu Kapoor bought the bungalow way back in September 1980, after they got married in January the same year. They purchased the bungalow from Chandru Raheja of K Raheja Corporation and one Rajendra Kumar Kapur, chief promoter of Pali Hill Co-operative Housing Society, for Rs 11 lakh back then. The bungalow with three outhouses has been home to the couple and their son Ranbir since 1980.

A good 35 years after they bought KrishnaRaj bungalow, actors Rishi and Neetu Kapoor have decided to bring it down to make way for a 15-storey highrise. The new structure will have seven flats, of which two are super luxury triplex apartments. The new building will have six floors for parking 45 cars. The liveable floors will begin from the seventh floor and will have open to sky decks. The Kapoors have planned for a lounge and a swimming pool on the terrace. The building, when complete will rise up to 69.88 metres.


Originally published at thegoldensparrow.com.