Chhetri, the current captain of the national team and poster boy of Indian football, was the fifth player called for auction in the star-studded event at an upscale city hotel and many were expecting that he would go for at least twice his base price of Rs 80 lakhs.
But only two teams -- Delhi Dynamos and eventual buyers Mumbai -- took part in the bidding for a player who has been the poster boy of Indian football since the retirement of Bhaichung Bhutia in 2011.
The 30-year-old Chhetri, however, said that he was not disappointed with the price in which he was bought by the Mumbai team owned by Bollywood heartthrob Ranbir Kapur.
"I have played highest level of football for the last 13 years and fortunately I have enough money. I am not disappointed as money is not my priority," said Chhetri who has played 87 international matches and is the country's highest goal scorer with more than 40 strikes.
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"I have played all over the world but have not played in Mumbai for long. So I am excited to be playing in Mumbai," added Chhetri who has played for Mohun Bagan, JCT, East Bengal, Dempo, Kansas City Wizards, Sporting Lisbon B side, Churchill Brothers and Bengaluru FC.
"We have not in our dreams thought that we would get Chhetri at this price. He is such a great player, one of the best the country has ever produced. The level of a player he is, the leadership he has given to the clubs he has played and for the national team, I am shocked and surprised to buy him at Rs 1.2 crore," said Ranbir.