Real Estate News No 7

Kotaks Purchase Flat in National Centre for Performing Arts Flats for Rs 26 Crore

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MUMBAI: A three-bedroom flat in NCPA flats at Nariman purpose was sold for over Rs 26 crore to Cumulus Trading Pvt. Ltd, an organization promoted by the Kotak family. Flat 72, that contains a built-up space of 2,880 sq ft, was sold by Puma Properties, a 100% subsidiary of metals container maker Kaira will, at a rate of Rs 90,000 per sq. feet.

"Cumulus Trading, an organization majority owned by Suresh Kotak, has bought shares of Puma Properties Ltd from Kaira will Co Ltd on June 11. Cumulus has paid taxes applicable to it," the Kotak cluster said in an exceedingly statement, confirming the acquisition. The flat is found on the seventh floor of the sea-facing tower.

This is the third flat bought by the family in NCPA. In 2006, managing director of Kotak cluster Uday Kotak bought a 3,500 sq-ft four-bedroom flat on the sixth floor for Rs 13 Crore at the speed of Rs 40,000 a sq ft. This apartment is true next to a 2,885 sq-ft three-bedroom flat where the family stayed.

Kaira will have told BSE it had disposed of investment in Puma Properties, while not providing additional details. The corporate bought the apartment 30 years ago for Rs 1.5 Crore.

Property Consultants Say it's not a record-breaking deal; however it assumes some significance because it was sold when the important estate market is sluggish, particularly within the premium phase. "Good buildings command a premium, particularly from neighbors who are able to shell out over a traditional buyer," said Pranay Vakil, chairman of Knight Frank, international property consultant.

Kaira will have sold its entire investment in Puma Properties to the client, effectively transferring the possession of the flat that has been lying vacant for pretty much 2 years.