6.1.10

The Burj Khalifa's Indian connection


An apartment on the 100th floor of Dubai’s Burj Khalifa, the world’s tallest building and one of the most sought-after addresses in the world today, comes at a price of Rs 38,000 per sq ft. But don’t hold your breath, desi realty rates beat that by a mile. The rates of apartments in Mumbai and Delhi condominiums are much higher. In fact, the per square foot rate in Mumbai’s NCPA Apartments at Nariman Point is between Rs 90,000 and Rs 1 lakh. Till date the highest per sq ft rate paid in Mumbai stands at Rs 97,842 for a fourbedroom flat at NCPA Apartments in 2007. This is the highest rate paid for a residential unit in the history of Indian real estate. In July-August last year, an apartment in Maker Tower B in Cuffe Parade sold for around Rs 93,000 per sq ft. According to Gulam Zia, national director, research and advisory services of global property consultants Knight Frank, “In the posh localities of Mumbai and Delhi, where there is a scarcity of land, realty prices have shot through the roof. Rates in Mumbai’s western and central suburbs of Worli, Lower Parel and Prabhadevi are upwards of Rs 40,000/sq ft.’’ Realty prices in India are inverse to the country’s image of a developing nation. “Mumbai and Delhi command one of the highest per sq ft rates in the world,’’ says Anshuman Magazine, CMD, CB Richard Ellis, South Asia, a leading global property consultancy firm. In India, while the land cost itself is high, the cost of quality is even higher. If one is paying Rs 38,000 per sq ft for an apartment in the Burj Khalifa, which has amenities such as Armani Hotel, discos and designer shops, for the same price or more in Mumbai or Delhi, one will only be paying for the location and not for the construction or amenities.

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