Mumbai flat sold for $ 7 Million

by Sanjay Jha | May 1, 2008 at 04:04 am

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US is facing a severe financial crunch and fed is reducing the interest rate every now and then. Even Housing prices have fallen flat. But India seems left out from this crisis. In one of the landmark deal one flat in Mumbai has been sold for $7 mn.

The residential property market may be in slow gear and home prices beyond the reach of the common man, but freak sales of premium apartments at astronomical prices continue to generate considerable interest.

In another rare deal, a fourth floor apartment in Mumbai's oldest skyscraper, Usha Kiran at Altamount Road, was sold at Rs 90,000 for a square foot. The seller, Nirmal Zaveri of Tribhovandas Bhimji Zaveri, said that the 3,000 sq ft pad fetched him $ 6.75 mn.