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An Indian manufacturer and exporter of packaging cloth, and one of its directors have bought two sea-view luxury apartments in the south for over Rs 108 crore. Mumbai‘S Malabar Hill from realty developer Lodha Groupis a listed company of Macrotech Developers,
The apartments are spread over approximately 9,300 sq. ft. on the 11th and 12th floors of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.
This is the second such purchase by the company and its directors after buying four luxury apartments in a single project for over Rs 217 crore in March.
Latest Deals By kandoi fabric and its directors were concluded and registered on 1st June. The buyers have cumulatively paid stamp duty of over Rs 6.5 crore for both the deals, showed documents accessed through Indextap.com.
The 4,643 sq ft apartment on the 11th floor has been bought by Kandoi Fabrics itself, while another apartment of the same size on the 12th floor has been bought by its director Rahul Kumar Agarwal. As per the agreement, both the apartments will provide the company and its director exclusive access to a total of 8 car parking slots.
The deals price the apartments in the tower at around Rs 1.17 lakh per sq ft, which makes them rank high among the costliest apartments sold in India on a per sq ft basis.
The four apartments purchased earlier by the company and its directors are spread over a total of 18,572 sq ft on the 6th, 7th, 8th and 9th floors of the super-luxury residential tower.
The under-construction project recently bagged the country’s costliest apartment deal with industrialist JP Taparia’s family on the 26th, 27th and 28th floors of the tower for Rs 369 crore.
As a group, apart from Kandoi Fabrics, the company operates through other brands including Daman Polyfabs, Bhima Polyfab Industries and Kandoi Techfab.
The under-construction luxury tower, spread over a total of 1.08 acres, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens, is scheduled to be completed by June 2026, according to regulatory filings.
ET’s separate email queries to Kandoi Fabrics and Lodha Group remained unanswered till the time of going to press.
in March, Bajaj Auto Chairman Neeraj Bajaj bought a sea-view luxury penthouse worth over Rs 252.50 crore in this under-construction project.
Sales of luxury properties had increased significantly in February and March following the announcement in the Union Budget 2023-24 to limit the deduction from capital gains on investment in residential property to Rs 10 crore from April 1. Even now, deal activity in this segment remains strong.
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 In the same project, Rs 230.55 crore was paid for another luxury penthouse.
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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