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On one hand you have India's debt-laden property market struggling to sell billions of dollars worth of yet-to-be finished homes while on the other you have news of luxury apartments being sold at hundreds of lakhs.

A property deal worth Rs 160 crore has taken the entire realty market by storm in Mumbai.

As per a report in the Times of India, real estate developer Lodha Group has sold an under-construction luxury tower at Altamount Road in Mumbai for Rs 160 crore.

The report further says that the duplex, spread accross 10,000 sq ft, is believed to have been brought by a pharma company. Touted as the biggest apartment deal in India, the rate per sq ft paid is Rs 1.60 lakh, reportedly.

In current property market scenario, developers are turning to deep discounts, free parking spots and even gimmicks like gifts of gold coins and motorbikes as they seek to turn property inventory into cash.

It may be recalled that in August, a sea-facing triplex penthouse in South Mumbai's Napean Sea Road locality was bought by an industrialist for a whopping Rs 202-crore deal.


Source: Zee Media Bureau
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