Rs.200 crore for an acre at Khar, Mumbai

By Pallavii Pitale
Mumbai based developer has been offering Rs. 4-4.5 crores for a 1 BHK flat and Rs. 5-5.5 crores for a 2BHK flat in an old society of Khar, west. The real estate experts warn that this would create an unnecessary hype and raise expectations for the other housing societies in the nearby area.
Bharatiya Bhavan, a three decade old society with six ground +2 buildings is spread over an acre of plot with ample parking and open space is located at the prime junction of 17th rd. and Ambedkar Rd. at khar- w. it comprises of 1BHK and 2 ½ BHK flats with 580-625 sq. ft. and 800-900 sq.ft. respectively.
Parinee Developers is planning to set up a high- end tower project at the said plot and is offering a bonanza for the residents of this society as it has used only 40% of it’s FSI till date. Out of the total 37 flats, 20 have been purchased by the developers and they are negotiating with the remaining ones. The total acquisition cost for the flats is supposed to be Rs. 200 crores, said the spokes person for the developer.
The FSI purchased by builder and not one bed room hall kitechen, as hyped in media is still within the limits of property rates offered in the area, which is between Rs.18000/- to Rs.25,000/- per sq.ft. salable.