1-BHK flat in Mumbai sold for Rs 4.5 cr

In a bonanza for residents of a Khar housing society, a builder has been buying off their mid-sized flats, paying each family between Rs 4 crore and Rs 5.5 crore. Mumbai-based Parinee Developers claims to have shelled out between Rs 4 crore to Rs 4.5 crore for a one-BHK flat and Rs 5 crore to Rs 5.5 crore for a two-and-a-half-BHK in the three-decade-old Bharatiya Bhavan Cooperative Housing Society. Parinee plans to demolish the buildings and set up a high-end residential tower.