Bandra-Khar (west), Mumbai’s costliest real estate belt outside the island city, exemplifies the unrealistic property prices despite a market meltdown.
Bandra’s Carter Road, Bandstand and Pali Hill are trying to catch up with Cuffe Parade and Malabar Hill. Prices in these upmarket suburban enclaves here have spiralled to between Rs 40,000 and Rs 60,000 a sq ft from Rs 15,000 per sq ft only six years ago.
In a recently completed luxury building on Pali Hill, which was recently mired in controversy over construction violations, the developer is believed to be quoting a mindnumbing Rs 75,000 sq ft (carpet area) and has sold apartments at close to Rs 40 crore each.
Recently, a 1,140 sq ft flat (carpet) on Pali Hill was sold for Rs 7 crore. A sea-facing apartment of similar size on Carter Road has received offers of up to Rs 9 crore-the owner wants Rs 11 crore. Elsewhere in Bandra-Khar , the average rate is Rs 25,000/sq ft.
Even tiny one-BHK flats in old buildings are being quoted at Rs 1.5 crore while 2-BHKs command around Rs 3 crore. In brand new towers , builders demand 20% to 40% in cash upfront, encouraging only those with black money to invest.