Bangalore: A quiet 2km-long road in South Mumbai, once dotted with colonial-style bungalows some of which are still standing, is the 10th most expensive street address in the world, according to Wealth-Bulletin, an online finance service that is part of Dow Jones and Co. Inc., now owned by News Corp. News Corp. publishes The Wall Street Journal, which has an exclusive content partnership in India with Mint.
Prices of houses on Altamount Road could go as high as Rs98,500 per sq. ft.
The most expensive street address in the world, according to Wealth-Bulletin, is Avenue Princess Grace in Monaco, where the per sq. ft cost could be equivalent to Rs7.5 lakh.
TOP 10 MOST EXPENSIVE STREETS (Graphic)
Reliance Industries Ltd chairman Mukesh Ambani is building a 27-storey house on Altamount Road.
Aditya Birla Group chief Kumar Mangalam Birla and Housing Development Finance Corp. Ltd chairman Deepak Parekh already live there.
And Tata Sons Ltd chairman Ratan Tata is expected to move into a recently renovated bungalow on the street where the late J.R.D. Tata lived.
“Altamount Road was always a popular address, but the buzz about the place has been created only after the Ambani project was announced,” said S.G. Maheshwari, former president of Estate Agents Association of India, an industry body.
While real estate prices in most parts of Mumbai and the rest of India have cooled—after almost doubling in three years in some cases—those of properties on Altamount Road and the neighbouring Carmichael Road in the city’s south have continued to soar. In a June auction, a 5,000 sq. ft apartment in Kamal Mahal building on Altamount Road was sold by a non-resident Indian family for Rs32 crore (around Rs60,000 per sq. ft).
And two property consultants, who did not wish to be identified, said the apartment was priced “low” because it was on the first floor and didn’t come with a good view.
Many of the bungalows on Altamount Road have been replaced by high-rises.
Pranay Vakil, chairman of real estate advisory Knight Frank India and a resident of Altamount Road, said that the first high-rise on the road, Prithvi Apartments, came up around 30 years ago.
“Now the place is only getting overcrowded with tall buildings all over,” he said.