Apartment in Juhu’s under construction bldg fetches ₹1.18 lakh per sq ft

Sahastraa Advisors bought a luxury Juhu apartment for ₹106.52 crore, setting a new record at over ₹1 lakh per sq ft, with five parking spaces included.

Mumbai: Financial consulting company Sahastraa Advisors Private Limited bought a luxury apartment in an under construction building at Juhu for ₹106.52 crore. That is over a lakh per square feet, a new high for the Juhu area.

Apartment in Juhu’s under construction bldg fetches ₹1.18 lakh per sq ft

Along with the apartment are five car parking spaces. A stamp duty of ₹6.39 crore was paid to purchase the apartment that registered on January 19. The seventh-floor apartment, when ready, will have a RERA carpet area of 8,963 sq ft, showed the property registration document accessed through zapkey.com, a proptech portal.

The company’s directors, Avni Shah, Paresh Shah, and Deep Shah, made the purchase at Lodha Avalon’s tower A at the Juhu Tara Road. The project has been floated by Macrotech Developers and is scheduled to be ready by September 2028. The upcoming building is on the same plot where the popular luxury hotel of the yesteryear - Centaur Hotel exists. This hotel was renamed as Tulip Star.

This real estate purchase works out to be at the rate of ₹1,18,844 per sq ft. Subject to change based on the sub-locality and age of the building, residential real estate in this part of Mumbai is usually between the range of ₹55,000 to 75,000 per sq ft.

In April 2024, the National Company Law Tribunal had approved the sale of V Hotels’ Tulip Star property to Macrotech Developers for around ₹890 crore. V Hotel had liabilities of over ₹2,500 crore.