No Buyers In Five Years For Luxury Building In Mumbai’s Napean Sea Road

Napean Sea Road in Mumbai is famous for its high property prices. So, when you hear of a 21-storey super-luxury high-rise that is offering duplex apartments worth Rs 40 crore for sale, it comes as no surprise. The only problem is that this Napean Sea Road building, which goes by the name of The Savoy, has had no takers in the past 5 years. Despite its prime location – Napean Sea Road is as posh as it gets in Mumbai, and the building is close to the landmark Kilachand House – The Savoy has been lying empty despite being ready for the past 18 months.

The extended vacancy at the building has given rise to numerous rumors. Some blame poor planning on the lack of sales, others fault bad vaastu and still others point to ghostly hauntings. The outer structure of the building was completed back in 2006. The flats in the building were put up on sale at the time. But there were no takers. Thereafter, the finishing touches – flooring, illumination, paint, lawns, CCTV – were completed 18 months ago. But apparently, there still have been no developments on the sale front. The Savoy continues to lie empty. Developer Ravi Vaswani started construction on this luxury residential building ten years ago after pulling down a private bungalow.

According to reports, several real estate brokers feel that the initial problem with the lack of apartment sales at The Savoy was that the developers were keen on selling the entire building to a single party. There are listings on several websites where the building with its nine duplex flats is up for sale at a staggering sum of Rs 350 crore. An unidentified real estate consultant revealed that this was the problem. Instead of multiple brokers bringing in multiple buyers, the focus was on a single buyer.

Each duplex apartment covers 5,250 square feet and has four bedrooms, five baths and a lobby area that features imported onyx marble. The apartments feature double glazed windows that keep out heat and noise. Faulty planning has also been raised as an obstacle to sales. Many feel that given the huge amount of space, four bedrooms is not sufficient. Plus, there are complaints of inadequate parking space.

The building complex also houses a health club, a recreation area, a conference room and basement parking. Given the amenities, it should not be terribly difficult to get buyers. Even the Rs 40 crore price tag should not be a deterrent because other properties in the region have gone for prices that are as much as 20 percent above these rates.

If all else fails, the haunted tag is known to stick with unfortunate buildings. However, Vaswani laughs at the idea of the building being haunted. He invites potential buyers to check the property for spirits and promises tongue-in-cheek, “If I see a ghost, I’ll sue him for encroaching on my property.” Vaswani believes that the lack of sales has more to do with these being high-end properties than anything else. He claims that NRIs have already bought three of the flats and is optimistic that sales will happen in the coming months.

Via: Economic Times

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