Why a ₹120 Crore Mumbai Penthouse Remains Unsold Despite High Demand
A luxury ₹120 crore penthouse in Mumbai remains unsold due to the owner's stringent buyer-screening process, which goes beyond just financial criteria.
Mumbai PenthouseLuxury PropertyBuyer ScreeningReal EstateHigh DemandReal Estate MumbaiNov 18, 2024
The penthouse boasts top-notch amenities, including a glass-walled elevator, a rooftop pool, a gym, and parking for up to eight vehicles. However, these extravagant features are not enough to secure a sale. The owner's criteria for an ideal buyer are stringent, focusing on social status, financial stability, and personal background. The screening process can be so thorough that it involves real estate agents visiting potential buyers' offices to verify their business operations.
Nishant Agarwal, speaking to Bloomberg, emphasized that money alone isn't enough to purchase the property. 'We want to make sure it's the right kind of person,' he stated. One of the key figures in the screening process is celebrity broker Ravi Kewalramani, who shared insights into the selection criteria. 'Most of the time, people want a family; they want someone who’s going to get along with the neighbours, someone who is not egoistic about the money, and someone who’s grounded,' Kewalramani told Bloomberg.
Due to these stringent requirements, many high-profile buyers, including those from the Bollywood industry, have been rejected. The rigorous screening process often culminates in a final interview with the owner, which many have failed to pass. The current owner, who resides in Dubai, describes an ideal buyer as 'a good family-oriented' individual, without any preference for a specific ethnic background.
In addition to considering a sale, the owners are also contemplating renting the property for a monthly rental of ₹40 lakh. This dual approach reflects their commitment to ensuring the right fit for the property, whether through a sale or a long-term lease. The penthouse's unsold status, despite its prime location and luxury features, underscores the owner's commitment to maintaining a selective and high-standard community.
Frequently Asked Questions
How much is the Mumbai penthouse worth?
The Mumbai penthouse is worth ₹120 crore.
What amenities does the penthouse offer?
The penthouse includes a glass-walled elevator, a rooftop pool, a gym, and parking for up to eight vehicles.
Why is the penthouse unsold despite high demand?
The penthouse remains unsold due to the owner's stringent buyer-screening process, which goes beyond financial criteria to include social status, financial stability, and personal background.
Who is screening potential buyers for the penthouse?
The screening process involves real estate agents, including celebrity broker Ravi Kewalramani, and culminates in a final interview with the owner.
Where is the penthouse located?
The penthouse is located on the 60th floor of One Avighna Park in Lower Parel, Mumbai.
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