In one of the biggest residential deal for Mumbai real estate market in 2024, Anil Gupta, Chairman & MD of Wellknown Ployesters Ltd, has purchased two apartments worth Rs 270 crore in Lodha Malabar project in South Mumbai being constructed by Macrotech Developers, according to registration documents accessed by IndexTap.com.
The same project was in news for Bajaj Auto Chairman Niraj Bajaj in 2023, who had bought a sea-facing triplex apartment from Macrotech Developers in posh Malabar Hill in Mumbai for Rs 252.5 crore.
The total area of the three apartments had purhcased 18,008 sq ft (carpet area is 12624 sq ft) with eight parking lot.
Also read: Bajaj Auto Chairman Niraj Bajaj buys triplex in Mumbai’s Malabar Hill for Rs 252.5 crore
Gupta on the other hand, has purchased two apartments on the higher floor of Lodha Malabar having agreement value each of over Rs 135 crore, taking the total to Rs 270 crore, the documents showed.
The two apartments measure above 19,000 sqft of carpet area and come with 15 parking lots, the documents revealed.
The transaction was registered on April 12, 2024.
Gupta could not be reached for a comment and a email query sent to spokesperson of Macrotech Developers did not get any response.
About the building
Malabar Palaces by Lodha is being constructed on Walkeshwar Road in the Malabar Hill area, considered to be one of the most expensive residential area in the country.
Also read: 8 things you should know about India's costliest residential deal in Mumbai
The building is designed to have parking spaces from level P0 to P4. The fifth floor will have a clubhouse and common area amenities. Apartments start from the sixth floor and go all the way up to 31 floors. The tower is spread across 1.08 acres and is scheduled to be completed by June 2026.
According to records of the Maharashtra Real Estate Regulatory Authority (MahaRERA), the developer has proposed to construct two wings, namely A and B, wherein 36 apartments of 4 BHK and a 5 BHK penthouse will be constructed.
The area of these apartments is expected to range from 3,842 sq.ft. to 11,635 sq. ft. approximately, according to RERA declarations by the developer in 2023.
Meanwhile, according to local brokers, homebuyers in the Malabar Hill area are generally High Net-Worth Individuals (HNIs) who can afford to purchase homes in the range of Rs 1 lakh to Rs 2 lakh per sq. ft. These HNIs include CEOs, CXOs and business tycoons.
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