Lodha sells two luxury apartments in Mumbai for Rs 109 crore

Lodha sells two luxury apartments in Mumbai for Rs 109 crore

Macrotech Developers, which uses the Lodha brand after its founder Mangal Lodha, has sold two apartments in its luxury Lodha Malabar on Walkeshwar Road, Malabar Hill, one of Mumbai’s ritziest areas, for Rs 109 crore to the directors of Kandoi Fabrics Pvt Ltd, a company that is into manufacturing and exporting packaging fabrics and bags, documents accessed by IndexTap.com showed.

The first apartment is located on the 11th floor of the project developed by Macrotech Developers Ltd, which uses the Lodha brand after its founder Mangal Lodha, on one of the ritziest areas in the city. The agreement value of the apartment is Rs 54.26 crore. A stamp duty of Rs 3.25 crore was paid for the apartment, which has an area of 4,643 sq ft, the document showed.

This unit has been registered under Kandoi Fabrics Pvt Ltd, represented by Rajesh Vijaykumar Agarwal.

The second apartment is located on the 12th floor and has been bought by Kandoi Fabrics' promoter Rahul Kumar Niranjan Kumar Agarwal. The agreement value of and stamp duty paid for the apartment, identical in area to the first, was the same Rs 54.26 crore Rs 3.25 crore, respectively, the document showed.

The documents were registered on June 1.

Emails have been sent to the builder and to the company.

In March, the promoters of the same company had bought four sea-facing luxury properties in the same project for Rs 217 crore. Located on the sixth, seventh, eighth and ninth floors, the four properties, also of 4,643 sq ft each, amount to a net area of 18,572 sq ft. The units were registered between March 23 and March 29, 2023.

Each unit was priced at Rs 54.26 crore, the documents showed.

The project is called Lodha Malabar Palaces by the Sea and comprises 31 floors. Local brokers said that this is a redevelopment luxury project—where older buildings are demolished and replaced with newer structures—launched by Lodha recently where the minimum size of the unit is around 9,000 sq ft. Each apartment is priced above Rs 100 crore, they said.

Mumbai has seen several big real estate deals of late. On March 13, Bajaj Auto chairman Niraj Bajaj bought a sea-facing triplex apartment in Malabar Hill for Rs 252.5 crore.  The total area of the three apartments was 18,008 sq ft with a carpet area of 12,624 sq ft and came with eight car parking slots, documents showed.

On March 29, family members of industrialist JP Taparia, founder of contraceptive maker Famy Care, bought six sea-facing properties for around Rs 369 crore in Lodha Malabar, Walkeshwar Road, Malabar Hill, Mumbai. The total area of the residential units is 27,160.6 sq ft. The units are located on the 26th, 27th and 28th floors, documents showed. The consideration amount was Rs 369.55 crore. Stamp duty of Rs 19.07 crore was paid.

Madhav Goel, director of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, had on March 23 bought a 9,546 sq ft apartment in Lodha Malabar for Rs 121 crore. The apartment is located on the 19th floor of the luxury Grand Palace Lodha Malabar residential project. The buyer paid a stamp duty of Rs 7.26 crore, according to documents accessed by Indextap.com. The transaction fetched a rate of around Rs 1.26 lakh per sq ft.

Among other big real estate deals, Welspun Group chairman BK Goenka on February 8 bought a penthouse in Oberoi Realty’s luxury project Three Sixty West in Worli for Rs 230 crore, only a few days after 28 housing units worth Rs 1,238 crore were bought by family members and associates of Radhakrishna Damani, founder of Avenue Supermarts, which runs the D-Mart chain of stores in Mumbai.