Real estate or false prestige ?

Real estate or false prestige ? Il Palazzo, one of the most prominent landmark buildings on Little Gibbs Road at Malabar Hill, Mumbai. The Il Palazzo flat, 13B, is a sea-facing flat with a large living room, spacious bedrooms and a separate servant’s quarter.
On Tuesday, Il Palazzo, created a national record after this apartment was sold at an astonishing rate of Rs 1.20 lakh a square foot, each floor tile more expensive than a Nano car!

The buyer was none other than veteran Bollywood actor and BJP MP Vinod Khanna and his wife Kavita, who paid Rs 30 crore for the 2,500 sq ft (carpet area) flat located on the 13th floor of the B wing. The Khannas already own an apartment in the C wing of the 21-storeyed Il Palazzo. Among the prominent residents of Il Palazzo is Rakesh Jhunjhunwala, a share market broker, who bought a duplex for Rs 25.25 crore from the American Express bank in 2006.

The last big sale happened about six months ago when a flat measuring 3,475 sq ft (super built up) in the NCPA Apartments at Nariman Point was bought by a London-based NRI at the rate of Rs 97,842 a sq ft.

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