Jindals Buy One of Mumbai's Most Expensive Flats

File image of Napean Sea Road. Image courtesy: BCCL

A sea-facing Napean Sea apartment has been sold for Rs 39 crore, setting a record of sorts in Mumbai's depressed real estate market.

The 3,320 sqft, 28th-floor apartment belonging to real estate developer Tulsi Bhimjyani in Tahnee Heights has been bought by the Jindals of Jindal Steel Works.

The deal struck at Rs 1,20,000 per sq ft is the most expensive for tony Napean Sea Road so far.

The 35-storied Tahnee Heights is one of the plushest residential buildings in south Mumbai. It has a swimming pool, a fitness centre, a club house and a community centre. This will be the Jindals' fourth apartment in the building.

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With the flat, which offers an unhindered view of the Arabian Sea, the Jindals have got one enclosed and three open parking lots.

According to market sources, the Bhimjyanis - Tulsi, his wife Leena and sons Anshul and Devang - will soon shift into a rented apartment before moving to a more spacious apartment at Worli.

Previous Expensive Real Estate Deals

The deal has set the real estate circles in Mumbai abuzz. The last time the sale of an apartment came anywhere close to the Bhimjyani-Jindal deal was in 2010 when a 1,706 sq ft flat in Samudra Mahal Building in Worli was sold for Rs 1,07,000 per sq ft.

In November 2007, a four BHK flat at NCPA Apartments was sold at Rs 97,842 per sq ft and in May last year, a 3,475 sq ft flat in NCPA Apartments was sold for Rs 85,000 per sq ft.

The Bhimjyanis are one of the most reputed developers in Mumbai with ongoing projects in Thane and Vidyavihar. The family also has substantial land holdings in Raigadh district.

Authors: Yogesh Sadhwani and Bapu Deedwania