Rising property rates stand to benefit one more corporate.

Philips India is likely to strike a deal for its South Mumbai apartment at over Rs 50,000 a square foot.

It's classy, snazzy and pricey. The 3,700 square foot duplex on the 3rd and 4th floors in Shanudeep Building, in Mumbai's uptown Altamount Road, was once the home of a British High Commisioner.

Then Philips bought it to house its senior executives. Now the company is looking for a buyer for the apartment to cash-in on the property boom.

The duplex is being auctioned for nothing less than Rs 13.5 cr or Rs 36,500 a square foot. Property consultant Knight Frank has the mandate to sell the property. Consultants say with the current demand for such apartments, it is likely to be picked up for around Rs 20 crores.

That's a little over Rs 54,000 a square foot.

This could be a record for the locality.

Altamount Road properties command between Rs 25000 and 30000 a square foot. But now with property prices booming and only a few apartments for sale on Altamount Road, prices are climbing.

It is learnt many stock brokers and diamond merchants are eyeing this prestigious address.

The apartment is expected to sport a new nameplate next month.