MUMBAI: In the highest deal in the country for a residential apartment, a flat in Cuffe Parade's Jolly Maker 1, India's richest housing society and a four-decade-old symbol of Mumbai's affluence, was sold at the rate of Rs 1.11 lakh per sq ft. A 21st floor flat with a carpet area of 2,590 sq ft fetched Rs 29 crore on January 27.
The highest price till now was Rs 1.02 lakh psf after a 3,600 sq ft 19th floor duplex flat in Worli's Samudra Mahal was sold for Rs 37.25 crore in 2010.
The four-bedroom apartment, with a closed garage with two car parks, was sold by the Jagwani family (which runs a jewellery business) to Ashok Patni, one of three brothers who own Patni Computers. The flat is registered in the name of Sadhana Patni, wife of Ashok.
Incidentally, all the three Patni brothers; Narendra, Ashok and Gajendra already own apartments in this sea-facing tower. Jagdish Jagwani, the seller, confirmed the sale but refused to comment on the deal. Mahesh Lalwani, society secretary and Apurva Patni, son of Ashok too refused to comment.
The deal has caused excitement in the otherwise lukewarm realty market but property experts voice caution as it is a one-off transaction.
"Auctions of such exclusive properties do not conform to market norms," said the head of a leading property consultancy firm.
Earlier than that, the last big property deal in the city happened two and a half years ago when a 3,475 sq ft (super built-up) flat in NCPA apartments at Nariman Point was bought by a London-based NRI for Rs97,842 per sqft.
Secret behind the uniqueness of Jolly Maker 1
Imagine living in the sprawling apartment of a posh building with a panoramic view of the city, and actually getting paid to live there.
This is exactly the case with Jolly Maker 1, the exclusive but quaint complex of 175 apartments and 10 bungalows at Cuffe Parade. Comprising two 25-storey residential towers, the richest housing society in India (reserve and sinking fund is estimated to be over Rs 30 crore) is home to Subhash Chandra of Zee, the Goenka family, the Patni family, the Goa-based Salgaocar family, Dr A S Maker, the construction magnate which constructed commercial buildings in Nariman Point and the UAE Consulate. In this complex, instead of paying maintenance, the owners in this get an annual dividend of Rs 6-12 lakh.
Residents in this exclusive complex occupy flats ranging from 1,285 to 2,590 sq ft and enjoy a slew of benefits. None of them have to pay the monthly outgoings, which include a range of municipal taxes, because the society clears all the bills. Each member is charged a token one paise per sq ft per month.
"In fact, this cash-rich society pays every flat-owner a yearly dividend of Rs 300 for every sq ft he or she occupies," said a Jolly Maker resident. So, for someone occupying a 2,500 sq ft flat, the dividend is a cool Rs 7.5 lakhs a year.
The 10,000 sq mtr property includes a health club, a swimming pool and a restaurant, now shut down due to lack of patronage.
The secret of this prosperity?
The society owns six floors in the Nariman Bhavan building at Nariman Point which is leased out to various companies. These fetch a rent of over Rs 50 lakhs a month. Three decades ago, the builder had offered this property as a package to buyers if they agreed to pay about 40 per cent more for their flats.
