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kandoi fabricIndian manufacturer and exporter of packaging fabric, and its directors have bought four sea-view luxury apartments in South Mumbai’s Mumbai for over Rs 217 crore. Malabar Hill from realty developer Lodha Group,
The apartments are spread across the 6th, 7th, 8th and 9th floors of the super-luxury, totaling 18,572 sq. ft. residential Tower Lodha Malabar on Walkeshwar Road.
Last week, the country’s most expensive apartment deal was signed with industrialist JP in this under-construction project. TapadiaThe family is buying a triplex on the 26th, 27th and 28th floors of the tower for Rs 369 crore.
ET had first reported the Taparia family deal registered on March 29, while the transactions of Kandoi Fabric and its directors were registered between March 23 and 29.
Documents accessed by Zapkey.com show that Kandoi Fabrics itself has bought two apartments on the 6th and 8th floors, while company directors Pradeep Agarwal and Vijay Agarwal have bought apartments on the 7th and 9th floors of the tower.
The company and its directors have bought apartments from a listed entity of the Lodha Group Macrotech Developers, He has paid a total stamp duty of Rs 13.02 crore alone for registration of all the four transactions.
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 queries sent to Kandoi Fabrics and Lodha Group remained unanswered at the time of writing.
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.
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.
last month, Bajaj Auto Chairman Neeraj Bajaj bought a sea-view luxury penthouse worth over Rs 252.50 crore in this under-construction project.
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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