Mumbai, April 5 (Mid-Day): The suburban real estate market has set a record after Bollywood film director Rakeysh Omprakash Mehra sold his flat at the rate of R1.02 lakh per square foot, making it the highest deal in the suburbs. The ground floor flat with a carpet area of 622 sq ft fetched Rs 6.40 crore and was purchased by leading builder Parinee Developers. The flat is in Bhartiya Bhawan building, which is located on 17th Road, Khar (West).

mid-day is in possession of the copies of the agreement between the buyer and seller. The agreement registered at the sub-registrar’s office shows that the market value of the flat is Rs 1.61 crore, but the builder bought the flat for Rs 6.40 crore, paying nearly Rs 5 crore extra.

The ongoing rate in the area is around Rs 35,000 to Rs 40, 000 per square foot. The deal took place last month. 

Repeated attempts to get in touch with Mehra and the builder were futile. Neither Mehra nor Dhaval Shah of Parinee Developers answered our calls or replied to the text messages sent.

According to the agreement copy, the stamp duty of Rs 32 lakh has been paid to the government for the flat. The building is ground plus two-storey and the flat owned by Mehra was on the ground floor of the building.

Sources claim that the building is up for redevelopment, and most of its FSI hasn’t been consumed, adding that had Mehra not sold his flat, he would have got three times the size of the flat after redevelopment.

Ajay Chaturvedi, CEO of Accommodation Times, said, “This a one-off deal and doesn’t represent the market, but still it’s the highest in the suburbs till date. The rate offered by the builder is the highest. The ongoing rate here is Rs 35,000- Rs 40,000 per square foot.”

The highest price paid till now in the western suburbs was in Bandra, after Gautam Ahuja of Ahuja Developers bought a flat for Rs 96, 000 per square foot in his father’s building.