Politician’s son buys apartment in Worli highrise for Rs 100 crore

Redefining the term ‘skyrocketing real estate prices’, a politician’s son has bought an apartment in a Worli highrise for a staggering Rs 100 crore.

Ajeenkya Patil, son of former Bihar Governor and Congress leader D.Y Patil, purchased the triple-duplex in Worli’s Silverene Terrace by paying the outlandish sum of Rs 100 crore. Located at Worli Sea face, developer Noshir Talati secured the redevelopment rights of the Silverene Bungalow back in 2007 and completed construction in 2013.

The 23-storey-building is one of the most expensive properties in the city, and a sought after address for politicians, corporates and entertainers. Patil has purchased a part of the 21st, 22nd and 23rd floor of the sea-facing property, which also includes a terrace.

According to a leading daily, the property has been purchased in the name of Patil’s firm named AIPS Real Estate and the signatory is one of the firm’s directors, Rajesh Raorane. It was bought for Rs 95.4 crore and the stamp duty amounted to an additional Rs 4.7 crore.

While a company spokesperson confirmed the deal, he also stated that it was bought by the company for the purpose of investment.

According to Rajesh Dhariwal, who owns a real estate agency in Worli, “In recent months, a number of high-end real estate projects have come up in areas like Worli, Prabhadevi and Lower Parel leading to an abundance in expensive properties. But owing to the prices, there are still relatively few takers. The excessive supply has therefore led to a serious slump in the real-estate market for flats in the Rs 15-50 crore range.”

“However, this deal is bound to provide some relief to builders who are struggling to sell plush properties in the area,” he added.