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Why this lavish Mumbai penthouse worth ₹120 crore remained unsold despite high interest
A penthouse in Mumbai worth ₹120 crore sees a lot of interested buyers but still remains unsold, as money alone can't buy this lavish home.
A lavish penthouse in Mumbai on the 60th floor remains unsold despite high demand and dozens of interested buyers. Despite a celebrity broker attached to the property, the penthouse worth ₹120 crore still finds itself vacant because money alone isn't enough to purchase this prime property.
The luxurious penthouse, located in the heart of Mumbai, is still unsold not because of its high price but because of its picky owner, who carefully screens interested buyers, Bloomberg reported. Anyone interested in the 16,000-square-foot, six-bedroom penthouse can expect a detailed screening of their finances, reputation and background.
The report said the owner of the property may go as far as making a real estate agent visit their office to assess the nature and scale of their company’s business.
Until now, the owner's rigorous screening process has ruled out many high-profile potential buyers, including several high-income people from the Bollywood industry.
The property is located on the 60th floor of One Avighna Park in Lower Parel, Mumbai, built and owned by a realty firm. Nishant Agarwal, whose family owns the realty firm, told Bloomberg, “Money can’t actually buy this. We want to make sure it's the right kind of person.”
Read more: Top real estate deal: 12,000 sq ft penthouse in Pune sold for ₹37 crore
Celebrity broker Ravi Kewalramani is a member of the team tasked with screening the buyers of the six-bedroom property, which includes a glass-walled elevator, a rooftop pool, gym and parking space for eight vehicles.
Kewalramani said, “Most of the time, people want a family, they want someone who’s going to get along with the neighbors, someone who is not egoistic about the money, someone who’s grounded.”
While the property is on the market for a whopping ₹120 crore ($14.2 million), the owners are also considering renting it out ₹40 lakh rent per month.
Despite a high number of offers for the property, not many make it part of the deep screening process to the final stage of speaking to the owner. Bollywood industry players were screened but ultimately rejected as they “won't fit in” with the current communities residing in the area.
The owner of the property, currently residing in Dubai, is looking for "a good family-oriented" homebuyer, but there is no preference over the ethnic background.
