Yes that true, Rs 34 crore Mumbai flat was brought by an NRI from UK. A four-bedroom flat at NCPA Apartments at the Nariman Point end of Marine Drive for a gravity-defying price of Rs 97,842 per square foot, or Rs 34 crore, which was conducted by C B Richard Ellis, an international property consultant at the Citibank office at Mumbai’s Bandra-Kurla Complex.The plush pad (No. 74) is located on the seventh floor and was put up for sale early this month by its owner, Citibank.

The seventh-floor NCPA apartment has a super built-up area of 3,475 sq ft and a carpet area of about 2,100 sq ft. As laid down by Citigroup. Incidentally, NCPA Apartments has been at the centre of some big deals. In April 2006, According to Times of India 'a similar-sized flat in this building was sold at Rs 63,000 a sq ft.

Flats in NCPA are owned by companies and not individuals. The National Centre for the Performing Arts is the promoter of the property. When bookings for the upmarket building began in the early 1990s, the rate was about Rs 7,000 a sq ft. But at the peak of the property boom in 1995-96, apartments at NCPA fetched about Rs 30,000 a sq ft.

There have been reports of a few high-end apartments in south Mumbai being sold at Rs 1 lakh a sq ft. However, a large component is said to have been in cash, as a result of which, on paper, such transactions were smaller.


Source: (Times, 2)