Nov 22 2007
Which of the following headlines do you think people were talking about at the water cooler today:
1. Army called into Kolkata and curfew imposed
2. An Indian farmer commits suicide every 30 minutes (17,520 a year)
3. Citibank sells off the most expensive flat in India at USD 8.5 million
Ding Ding Ding…if you picked number 3 you are right.
The flat in question is located at NCPA Apartments in Nariman Point, the flat had been owned by Citibank for many years. It’s located on the 7th floor and is 2100 sq ft, which works out to Rs. 162,000 sq/ft (USD 4,048) for a total of Rs 34 crore (USD 8.5 million). NCPA Apartments was built by construction giant Shapoorji Pallonji in the early 1990’s, back then the starting price for flats were around Rs. 7,000 sq/ft. At the peak of the property boom in 1995-96 the price was around Rs 30,000.
The winning bidder was none other then Kewalramani of Record Investments and Leasing Pvt. Ltd. Never heard of him? Don’t worry I didn’t and most people have no friggin’ clue who he is or the investment vehicle used to purchase the flat.
There were a total of 5 bidders on the property, the other 4 as reported by the Times of India:
– wife and daugher of the chairman of a new private sector bank, stopped at Rs. 33.6 crore
– wife of the CEO of one of the largest mobile carriers (Sunil Mittal??), who stopped at Rs. 31 crore
– a women who already has a flat in the building, stopped at Rs. 29 crore
– an influential and trusted CEO in one of the country’s largest business houses, stopped at Rs. 20 crore