Three floors of a residential project coming up on the land which was once the bungalow of the late film star Dilip Kumar have been reportedly sold for ₹172 crore to a private company, Apco Infratech Private Ltd.
The property, ‘The Legend by Ashar’, is being jointly developed by Saira Banu, wife of the late film star, and real estate developer Ashar Group at Pali Hill, Bandra in Mumbai.
The bungalow which was under dispute for a long time with many claimants was demolished last year to make way for an ultra-luxury 11-floor residential building.
The project will include a 2,000-sq-ft museum, with separate entry for visitors, on the ground floor immortalising the legacy of the legendary actor.
The purchase of three sea view flats on floors 9, 10 and 11 have a combined area of 9,527 square feet and the transaction, according to a press release issued by the developers, was sealed at a rate of ₹1.81 lakh per square foot.
This, according to real estate consultants, is a record for the Mumbai real estate market.
The deal was registered on July 23, the press release added.
Neither the buyer nor the developers offered any comment.
The MahaRERA registered project is due for completion in 2027.
Since June 2023 Mumbai has witnessed a 11.5% rise in luxury real estate prices, making it third globally in terms of price rise, after Manila and Tokyo, according to a report by property consultant Knight Frank.
Delhi’s prime residential prices soared by 10.5% in the last year, putting it at the fifth spot on the prime global cities index.
