Family members of industrialist J P Taparia, founder of contraceptive maker Famy Care, have bought six sea-facing properties worth around Rs 369 crore in Mumbai from listed real-estate developer Macrotech Developers Ltd, documents accessed by Zapkey showed. The sale deed was registered on March 29, 2023.
Brokers said this is likely the most expensive residential property deal in the country.
The properties are located in Lodha Malabar, Walkeshwar Road, Malabar Hill, Mumbai. The units come with 20 car parkings.
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. A stamp duty of Rs 19.07 crore was paid, documents showed.
Brokers said that the value of the triplex makes the per-sq ft cost almost Rs 1.36 lakh per sq ft, and is perhaps the most expensive residential property deal.
Queries have been sent to both Taparias and the Lodha Group. This report will be updated once a response is received.
Flurry of property deals
There has been a flurry of property deals, both in Mumbai and Delhi, following a Budget announcement on February 1. This is expected to impact the sale of such properties from April 1, 2023. A Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including property. No such cap is applicable at the moment.
Budget 2023 has capped the deduction on capital gains on investment in residential property at Rs 10 crore. “For better targeting tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under Sections 54 and 54F to Rs 10 crore,” Finance Minister Nirmala Sitharaman had said in her Budget proposal for 2023-24.
On March 13, Bajaj Auto chairman Niraj Bajaj purchased a triplex apartment of over 18,008 sq ft on the top three floors of the Lodha Malabar Hill project for Rs 252.50 crore, setting the record for the costliest penthouse in the city. The transaction fetched a rate of Rs 1,40,277 per sq ft on the total area.
Similarly, Welspun Group chairman BK Goenka purchased on February 8, 2023, a penthouse 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.
The price Goenka paid for the penthouse, in the same project as Damani’s, probably makes it the country’s most expensive sale of an apartment.
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