subject: Mumbai residents paid Rs 4-5cr for their flats [print this page] Mumbai residents paid Rs 4-5cr for their flats
In a bonanza for residents of a Khar housing society, a builder has been buying off their mid-sized flats, paying each family between Rs 4 crore and Rs 5.5 crore.
Mumbai-based Parinee Developers claims to have shelled out between RS 4 crore to RS 4.5 crore for a one-BHK flat and RS 5 crore to Rs 5.5 crore for a two and-a-a-half-BHK in the three decade-old Bharatiya Bhavan Cooperative Housing Society, which is located at the corner of 17th Road in Khar (west).
Parinee plans to demolish the buildings and set up a high-end residential tower.
However, there is a word of caution from real estate experts. They warn these huge amounts may send wrong signals in the redevelopment market, unnecessarily create hype and raise expectations of other housing societies in the area. However, Parinee said it is paying this astronomical price only because the society has utilized barely 40% of its floor space index(FSI). The developer has already bought out 20 of the 37 flats in the society and said it is negotiating with the remaining owners. "We are the finalizing the purchase of the remaining 17 flats. Our acquisition cost for all the flats is around Rs 200 crore," said a spoke-person for the developer.
The society comprising six building, each ground plus two floors, is spread over an area of 5,570 square and car parking. The one-BHKs have a carpet area of between 580 to 625 sq ft while the two BHKs are between 800 to 900 sq ft in size.
Courtesy: Times of India Dtd: June 22, 2010
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