Mumbai: The flat in Malabar Hill's IL Palazzo building fetched Citibank a whopping Rs 28 crore. Five years back, bidding for the same flat was done by the veteran bollywood actor, Vinod Khanna for just Rs 2 crore less.
Khanna had emerged as the highest bidder with a record bid of Rs 1.20 lakh a sq ft for the 2,550 sq ft flat. However, the deal did not go through at that time. According to the sources, the flat finally went at between Rs 1.10 - 1.13 lakh per sq ft.
Interestingly, the residents get first preference to buy the flat if they can match the highest offer. The Khannas already own an apartment in C wing of the building.
The successful bidder for the 13th floor flat in B Wing of the 21-storey building is a diamond merchant, who bought the flat for his son. The businessman also owns another flat in the same building complex.
ACitibank spokesperson refused to comment on the deal. Citibank has sold more than a dozen flats in Mumbai alone. These include a flat each in Meher Apartments (Altamount Road), Kanti on Mt Mary Road in Bandra, Hormuzd off Carter Road, NCPA Apartment at Nariman Point and five apartments at Harbour Heights building, Colaba.
L Palazzo was constructed in 1972 by a prominent Parsi developer of that time and counts stock broker Rakesh Jhunjhunwala, who bought a duplex for Rs 25.25 crore from American Express Bank in 2006, among its prominent residents.