Mumbai’s diamond hub misplaces its crown:

One of Mumbai's most famous financial buildings, dwelling to the city's diamond commerce for almost 25 years, is rotating residential.

With the precious gem trade moving to the Bharat Diamond Bourse in Bandra-Kurla convoluted in the last twosome of years, the 25-storey Panchratna building beside Charni road position in Opera House is rotating into a sought-after residential address.

Three office flats in the construction that were turned into residential dwellings were sold a couple of weeks back at Rs 40,000 per sq ft. While this is nearly Rs 10,000 per sq ft more than the going rate in neighbouring residential buildings, an apartment in Panchratna still works out cheaper because deals here are hit on carpet area and not superbuilt up locality like in other properties.

A buyer looking for a 2BHK disperse over a carpet area of 800 sq feet would have to proceed for a 1500 sq ft apartment in any other construction, setting him back by Rs 4.5 crore. In Panchratna, although, a 2BHK 800 sq ft apartment sells for Rs 3.2 crore.

But the comparable rate is not the only affinity. There are eight luxury suites on each of Panchratna's residential levels -- from 8th to 25th - and four of these luxury suites on every floor offer an uninterrupted outlook of the ocean, and the entire expanse of the Queen's Necklace assembled in 1975, the construction was originally intended to have offices up to sixth floor, an open seventh floor, and 144 luxury suites eighth floor overhead. Over a time span of time, as the precious gem trade boomed, a majority of luxury suites were altered into offices. At the last count, there were only 20 residential apartments in the construction.

The process is now being turned around as financial flats alter to residential.

Naresh Mehta, receptionist, Panchratna humanity, calls it a win-win situation for both buyers and sellers. "Sellers are getting a good cost and purchasers a good deal. We have obtained several submissions for transfers," he said.

At one point, Panchratna had an annual turnover of Rs 5,000 crore. Although, as businesses expanded, the construction could not hold stride. Two years back, traders began going to the precious gem Bourse in BKC, keeping only skeletal employees at their offices in Panchratna.

Initially, diamond traders anticipated jewellers to purchase their flats. But that did not happen. As time passed, precious gem traders found it meaningless to maintain two agencies. Since residential units in south Mumbai order a premium and since Panchratna was initially designed for mixed use, some proprietors began discovering the likelihood of seeking change of use and rotating their units into residential dwellings.

The permissions did not take time to come through, and a couple of weeks back, three luxury suites were traded. More sales are expected to materialize in the coming months.

An owner of a luxury suite in the construction, who did not wish to be recognised, said the reduced monthly upkeep and free parking space make Panchratna an appealing proposition. While Panchratna charges just Rs 1.5 per sq ft as monthly upkeep, some of the neighbouring structures charge as much as Rs 10 per month.

With interest for apartments in the construction growing, families that did not sell out when everyone additional did are stimulated. "It would be pleasant to have some families as neighbours afresh. The merchants were not a difficulty, but at the end of the day who doesn't desire to reside in a correct residential building," said an owner.