Mumbai, May 30: For the super-rich, home is where the crores are.

Sachin Tendulkar is the latest in the series of Mumbai’s billionaires who have bought prime properties in upmarket areas at rates that have made India’s financial capital among the most expensive places for real estate in the world.

Property dealers say Sachin got a very good price for the bungalow, Dorab Villa, located in the upscale Perry Cross Road in Bandra (West), considered by Mumbaikars as the queen of the suburbs.

Derek Bosco, a prime property dealer, said that at Rs 35 crore — the reported price — the deal was a steal. The heritage 1920 bungalow measures around 9,000sqft.

“A sum of Rs 35,000 per square foot is marvellous for a heritage villa,” said Bosco. Sachin bought his dream home last December and recently completed the paperwork.

Lutyens Delhi with its Rs 100-crore-plus bungalows built on 3-4 acres of land may have raised the bar for super-expensive residential properties in the country, but when it comes to the rate per square foot, Mumbai is still leagues ahead.

A typical luxury apartment in Mumbai spreads over 4,000-4,500sqft.

“Every second building in a good locality in Mumbai commands a huge price, anything above Rs 25,000 per square foot, even up to Rs 1 lakh per square foot,” said architect and town planner Anant Gadgil.

Little Gibbs Road on Malabar Hills is a charming residential enclave, tucked away from the bustle of a congested metropolis. Earlier this month, one of the most prominent buildings on the road, El Palazzo, created a national record after a 2,500sqft apartment was sold to actor and BJP leader Vinod Khanna for Rs 1.2 lakh per square foot.

Khanna’s record-making deal outdid that struck by London-based NRI Kewalramani, who acquired a 3,475sqft property in the NCPA Apartments at Nariman Point at Rs 97,842 per sqft seven months ago. The flats there are among the most expensive in Mumbai with an uninterrupted view of the sea.

Around February this year, a fourth-floor apartment in Mumbai’s oldest skyscraper, Usha Kiran on Altamount Road, sold at Rs 90,000 per sqft. The seller, Nirmal Zaveri of Tribhovandas Bhimji Zaveri, said the 3,000sqft pad had fetched him Rs 27 crore and that the buyer was a representative of financial services company Indiabulls.

Indiabulls, however, denied it had bought the flat but agreed it could have been a private purchase by one of its top executives.

Property experts said these prices cannot be viewed as a benchmark as the area has a limited supply of real estate.

“High-end buyers are keen on south Mumbai properties because of the status attached to them. Properties in the area will always sell at a premium,” said Sanjay Dutt, deputy managing director, Cushman & Wakefield.

The newest localities to enter the high-end realty league are parts of Bandra and Juhu-Versova on the suburbs.

This is Mumbai’s so-called “Glamour Crescent” — home to the who’s who of India’s entertainment and glamour industry.

Shah Rukh Khan’s bungalow, Mannat, at Bandra Bandstand, is currently valued at Rs 70-100 crore. The approximate rate here is Rs 30,000-plus per sqft, compared with Rs 15,000-20,000 per sqft in Juhu, where Amitabh Bachchan owns a bungalow.

With Shining India glistening, wealthy individuals are looking to enter the club of elites with expensive homes. Among the most impressive buildings under construction in Mumbai is Shapoorji Pallonji’s Imperial Towers on Kambala Hill.

The complex will have two 65-storey towers, with the first 12 reserved for car parking. Each tower will have two 25,000sqft penthouses on top. At a conservative price of Rs 50,000 a sqft, each of these penthouses could cost Rs 125 crore.

A 36-storey apartment block is coming up on Altamount Road, at the site of an old bungalow. The first 12 stories offer just amenities. The remaining 24 have 12 duplex apartments stacked on top of each other. Each apartment has its own huge terrace and an elevator to take the car right up to the living room. The whole building itself is on a hill, enhancing the view.

The price? Available only to high net-worth individuals on request.