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Industrialist’s family in India’s costliest apartment deal ever JP TapariaThe founder of contraceptive maker Famy Care has bought a sea-view luxury triplex apartment in the south for over Rs 369 crore. Mumbai‘S Malabar Hill from realty developer Lodha Groupsaid persons with direct knowledge of the development.
The apartments are on the 26th, 27th and 28th floors of Super Luxury residential The tower is located on the plush Walkeshwar Road opposite the Lodha Malabar Governor’s Estate, which touches both the Arabian Sea and the Hanging Gardens.
“The deal values the triplex at a massive 27,160 sq ft with a total area of approximately Rs 1.36 lakh per sq ft, making it one of the costliest residential transactions in the country on a per sq ft basis, with a total Besides the price,” said one of the individuals mentioned above.
The deal has surpassed all previous benchmarks, including the most recent transaction for a penthouse in the same super-luxury tower. just a fortnight ago, Bajaj Auto Chairman Neeraj Bajaj bought a sea-view luxury penthouse worth over Rs 252.50 crore in this under-construction project.
Taparia buys apartment from listed entity of Lodha Group Macrotech Developers, The family alone paid a stamp duty of Rs 19.07 crore for the registration of the deal that took place on Wednesday evening.
Spread over a total area of 1.08 acres, the under-construction luxury tower is slated to be completed by June 2026, according to regulatory filings.
ET’s email queries to the Taparias and the Lodha Group remained unanswered till the time of going to press.
In November, Vytris Inc, formerly Mylan Labs, entered into an agreement to acquire Famy Life Sciences, the Taparia family’s eyecare business, for about $300 million, or over Rs 2,460 crore. The Taparia family, which owned Famy Care Group, retained the non-ophthalmic business which would continue to grow.
This is Taparia Group’s second value creation in the healthcare space, after selling women’s healthcare business Famy Care to Mylan in 2015 for Rs 5,000 crore.
The group’s business interests include a number of consumer and pharmaceutical businesses, including private equity firms Ananth Capital, Springwell and Guardian Pharmacy.
Sales of luxury properties have increased following the announcement in the Union Budget 2023-24 to limit deduction from capital gains on investment in residential property to Rs 10 crore from April 1.
in February, Welspun Group Chairman BK Goenka bought a penthouse in Mumbai’s affluent Worli area for Rs 240 crore and it was the costliest residential transaction at that time. After this deal, oberoi realty For another luxury penthouse in the same project, Rs 230.55 crore was paid.
Last week, Madhav Arun Goel, director of leading synthetic fiber rope maker TuFrops, bought a sea-view luxury apartment in this Lodha Group project in Malabar Hill for Rs 121 crore.
Malabar Hill and Walkeshwar Road are among the most sought-after addresses in the country. Micro Market is known for its proximity to business hubs and traditional luxury pin codes of India. This includes many high-profile names including industrialists, corporate leaders, wealthy individuals and C-suite professionals.
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