Lodha Group’s luxury flat in Mumbai sells for Rs 122 crore

According to local brokers, Malabar Palaces is a redevelopment luxury project — an old building was razed to build a new structure, launched by Lodha recently.

Rajendra Barwale, director, Barwale Seeds Private Limited, along with two family members has bought a Rs 122-crore apartment in Mumbai’s Malabar Hill, considered to be the most expensive residential area in the country, the latest in a string of luxury home buys in the area, according to documents accessed by IndexTap.

The apartment in the Malabar Palaces project is being developed by Macrotech Developers Ltd, popularly known as the Lodha Group, on Walkeshwar Road, Malabar Hills.

The agreement for the property with a carpet area of 9,546 sq ft, which includes an enclosed balcony, veranda and terrace, was registered on June 30, 2023, with the buyer paying a stamp duty of Rs 7.33 crore, documents reviewed by Moneycontrol show. The apartment also comes with six parking spaces.

The developer is yet to respond to Moneycontrol’s email. A text message has been sent to the Barwale family as well. The copy will be updated when responses come in.

According to local brokers, Malabar Palaces is a redevelopment luxury project — an old building was razed to build a new structure, launched by Lodha recently. It has 31 floors and is expected to be completed by June 30,  2026.

The apartments seem to be in demand. In June, directors of Kandoi Fabrics Pvt Ltd, which makes and exports packaging fabrics and bags, bought two apartments in the luxury project for Rs 109 crore.

One of the apartments is on the eleventh floor with an area of 4,643 sq ft and was valued at Rs 54.26 crore. The second unit is so the same size and was priced the same but is on the floor above.

In March, two directors of Kandoi Fabrics had bought four sea-facing luxury properties worth Rs 217 crore in the project. The four are spread across 18,572 sq ft, with each unit measuring 4,643 sq ft and priced at Rs 54.26 crore, registration documents showed.

Elite clientele

The same month, Bajaj Auto chairman Niraj Bajaj bought a sea-facing triplex apartment from Macrotech Developers in the same complex for Rs 252.5 crore.

On March 29, family members of industrialist JP Taparia, founder of contraceptive maker Famy Care, bought six sea-facing properties worth around Rs 369 crore in the project. The total area of the units is 27,160.6 sq ft. These apartments are located on the 26th, 27th and 28th floors, documents showed.

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 for Rs 121 crore.