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Flat in South Mumbai sold for Rs 33 crore In another freakish transaction barely few weeks after the sprawling duplex in Samudra Mahal building at Haji Ali was bought at Rs 37 crore (over Rs 1 lakh/sqft), another apartment in the art deco Kamal Mahal building on Carmicheal road in south Mumbai has fetched its owner a whopping Rs 33 crore. In 2007, a flat in the NCPA Apartment at Nariman Point was bought by a London-based NRI for Rs 34 crore. The Kamal Mahal flat is located on the fourth floor of the seven-storey building and belongs to one Bhagat family.    However, the identity of the buyer is unknown. The sale papers are expected to be submitted to the building's society for its no objection certificate in the next one week, it is learnt. The apartment (flat no. 8) has a carpet area of 4,171 sq ft and was in the market for the past 15 months. Market sources said the owners had initially set a price of around Rs 40 crore for this flat, but later scaled it down. “Such deals are not representative of the property market today. You can possibly get a flat across the street or on the same road at half the price. Buildings like Kamal Mahal are considered to be iconic and always command a premium when volumes are not available,” said developer Niranjan Hiranandani.    He confessed that when such large transactions are reported, builders take advantage and jack up rates of their own properties. “Some are willing to pay any price because of the building and its location. But when people read about such deals they think the market has gone berserk,” he added. Market sources said flat owners living in premium south Mumbai buildings sometimes demand astronomical amounts for their properties from interested buyers. One such premium penthouse in a high-end building at Pedder Road has been waiting for a buyer for many months now because the owner wants Rs 55 crore for it. Kamal Mahal was constructed more than six decades ago and was one of the first buildings to come up on Carmichael Road. It was originally known as Sethna House.

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