Kandoi Fabrics directors spend Rs 217 crore to buy four apartments in Mumbai

There has been a flurry of property deals, both in Mumbai and Delhi, following a Budget announcement on February 1. Representational photo

In yet another large deal in Mumbai, two directors of Kandoi Fabrics, manufacturer and exporter of packaging fabrics and bags, have bought four sea-facing luxury properties worth Rs 217 crore in Mumbai, documents accessed by Zapkey showed.

The four properties are spread across 18,572 sq. ft. of net area. Each unit has a size of 4,643 sq. ft. The units were registered between March 23 and March 29, 2023.

The consideration amount paid for the four properties located in the Lodha Malabar project by Macrotech Developers Ltd was Rs 217 crore with each unit priced at Rs 54.26 crore, the documents showed.

A stamp duty of Rs 13.02 crore has been paid on the four units, at Rs 3.25 crore per unit.

Pradeep Laxminarayan Agarwal and Rajesh Vijayakumar Agarwal have bought apartments on the sixth, seventh, eighth and ninth floors. The units come with 16 car parking slots.

Emails have been sent to Macrotech Developers Ltd and Kandoi Fabrics. Their response is awaited.

On March 13,  Bajaj Auto Chairman Niraj Bajaj bought a sea-facing triplex apartment from Macrotech Developers in the posh Malabar Hill area in Mumbai 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 comes with eight car parking slots, the documents showed.

The project is called Lodha Malabar Palaces by the Sea that comprises 31 floors. Local brokers said that this is a redevelopment luxury project 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.

On March 29, 2023, family members of industrialist JP Taparia, founder of contraceptive maker Famy Care, bought six sea-facing properties worth around Rs 369 crore in Mumbai from listed real-estate developer Macrotech Developers. 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.

The Malabar Palaces project is being constructed on Walkeshwar Road in the Malabar Hill area, considered the most expensive residential area in the country.

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 the sea-facing Lodha Malabar project on Malabar Hill for Rs 121 crore. The apartment is located on the 19th floor of the luxury Grand Palace Lodha Malabar residential project on Walkeshwar Road. It was purchased from Macrotech Developers Ltd, a listed developer. The buyer has 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.

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.

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.