Mumbai’s real estate market is often said to be a slow but steady race. But if a property gives more returns than the stock market in four decades, then it becomes a topic of discussion. One such example has come to light, when an old video of Motilal Oswal Financial Services Chairman Ramdev Aggarwal went viral on social media. In this he shared the story of his duplex flat in Worli, Mumbai.
This apartment is located in Samudra Mahal, which is built on the sea shore in Worli, a posh area of Mumbai. According to Aggarwal, in 1975-76 this flat was purchased at the rate of only Rs 125 per square feet. Today its price is said to be around Rs 1.25 lakh per square feet. That means a huge price jump over four decades, making it a gold mine of investment.
Higher returns than stock market!
According to Agarwal, this flat has given a CAGR return of about 19% in about 40 years. In comparison, the long-term average CAGR of the Indian stock market has been around 17.5%. Interestingly, Agarwal and his family had purchased this duplex unit in 2021 for around Rs 46.29 crore. This flat is located on the 17th and 18th floors and is equipped with luxury amenities.
Five decade old luxury identity
Samudra Mahal is about 50 years old building, which was constructed in 1973. At one time it was considered the tallest building in the area. This apartment has 25 floors, around 100 luxury flats, duplex units and some ‘Jodi’ apartments. This property once belonged to the royal family of Gwalior and later became the home of many leading industrialists of the country. This complex has also been in the news in the past because of some high-profile residents.
What are the lessons for investors?
This story is not just about a flat, but an example of long-term patience and the power of location. In a city like Mumbai, property purchased at a prime location can become a great means of wealth creation over time. Although every investment carries risk, this example shows that the right time, right place and a long-term perspective can make an investment a multibagger.
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