by THO
Macrotech Developers, which uses the Lodha brand, has sold two apartments in its luxury project Lodha Malabar on Walkeshwar Road, Malabar Hill, one of Mumbai’s posh areas, for ₹270 crore to the chairman and managing director of Wellknown Polyesters Ltd, Anil Gupta, documents accessed by IndexTap showed.
The buyer has paid an agreement value of ₹135.21 crore for the first apartment and ₹8.11 crore as stamp duty. The usable carpet area of the first flat is 9,548 sq. ft and comes with seven car parkings, the documents showed.
The second flat, located in Lodha Malabar, Walkeshwar, Mumbai has been bought for 134.78 crore and a stamp duty of ₹8.08 crore has been paid. The usable carpet area of the apartment is 9548 sq ft and comes with eight car parkings.
The two units were registered on April 12, 2024.
There was no response from the developer. Gupta could not be reached.
Last year, Macrotech Developers had sold two apartments worth ₹109 crore to the directors of Kandoi Fabrics Pvt Ltd, a company that is into manufacturing and exporting packaging fabrics and bags. The promoters of the same company had bought four sea-facing luxury properties in the same project for ₹217 crore in March 2023.
The luxury housing project is called Lodha Malabar Palaces by the Sea and comprises 31 floors. Lodha Malabar, when completed, will offer an unhindered view of the Arabian Sea and the Queen’s Necklace from its Walkeshwar vantage. It’s designed by architect Hafeez Contractor and Club Saint Amand, a private members’ club, will offer hospitality services. The building will have five floors of podium parking.
In March 2023, Bajaj Auto chairman Niraj Bajaj had bought a sea-facing triplex apartment in Malabar Hill for ₹252.5 crore. Around the same time, family members of industrialist JP Taparia, founder of the contraceptive maker Famy Care, had bought six sea-facing properties for around ₹369 crore in Lodha Malabar.
Madhav Goel, director of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, had also around the same time bought a 9,546 sq ft apartment in Lodha Malabar for ₹121 crore.
There was a flurry of luxury housing deals in March last year following a Budget announcement that a ₹10-crore cap had been imposed on the reinvestment of capital gains from the sale of long-term assets, including property.
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Mumbai city recorded registration of 14,411 properties, contributing to a revenue of ₹1,143 crore for the state government in the month of March 2024. Registrations increased by 10% year-on-year (YoY) while revenue from property registrations dipped by 7% on a YoY basis, Maharashtra government’s department of Registrations and Stamps (IGR) data showed.
