Godrejs buys apartments on Carmichael Road for ₹1.78 lakh per sq ft

The four purchased properties are worth ₹290.59 crore with a consolidated stamp duty of about ₹17.5 crore

MUMBAI: Chairperson of Godrej Properties Pirojsha Adi Godrej and his cousin Freyan Crishna Bieri have purchased four apartments in one of his own company’s projects, Godrej Carmichael, at a record price of ₹1.78 lakh per square foot (PSF). Godrej purchased his flats through Ceres Developers, of which he is a director along with Clement George Pinto, Godrej Industries’ chief financial officer.

Godrejs buys apartments in Carmichael Road for ₹1.78 lakh per sq ft

The project is situated off Peddar Road, behind Jindal Mansion. In this part of Mumbai, the last recorded property transaction was by JSW at Morena House at ₹1.63 lakh per square foot. The transaction of ₹1.78 lakh per square foot is thus a record price in this Mumbai micro market, also known as Billionaires’ Row. In Mumbai, the most expensive purchase remains that of banker Uday Kotak, who in February purchased theShiv Sagar building on Worli Sea Face for ₹2.72 lakh per square foot.

According to the documents accessed via property portal IndexTap, the apartments purchased by Ceres Developers were registered on March 25 and Freyan’s apartment on March 9. All four, put together, cost ₹290.59 crore with a consolidated stamp duty of about ₹17.5 crore.

Freyan’s 4,359.92-sq ft apartment on the 22nd floor cost ₹74.02 crore. Going by the transaction details, the deal works out to ₹1,69,776 per square foot.

Details mentioned in the agreement state that two of the three apartments purchased by Ceres Developers are 4,359.92 sq ft and were bought for ₹77.77 crore and 75.87 crore respectively. This works out to a record ₹1,78,372 and ₹1,74,021 per square foot for the 24th- and 23rd-floor apartments, respectively. The third apartment of 3,527.54 sq ft is on the 25th floor and cost ₹20.97 crore or ₹1,78,372 per square foot.

Godrej Carmichael will have one floor each in the basement, ground and 30 floors above, which include eight podium levels. The building’s height will be 119.92 metres, offering views of the Arabian Sea, Mahalaxmi Racecourse and the Willingdon Club. The project is scheduled for completion in December 2030.