Niraj Bajaj, chairman of Bajaj Auto, has purchased a sea-view luxury triplex penthouse for over Rs 252.50 crore in South Mumbai’s Malabar Hill from realty developer Lodha Group, in India’s costliest apartment deal yet.
The apartment is on the 29th, 30th and 31st floors of the super-luxury residential tower, Lodha Malabar, located on the plush Walkeshwar Road, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens.
The deal values the triplex, known as The Emperor’s Palace, with a total area of 18,008 square feet at over Rs 1.40 lakh per sq ft, pushing it higher in the tally of the country’s most expensive residential transactions on a per sq ft basis, too.
On the 12,624 sq ft carpet area, the apartment is valued at over Rs 2 lakh per sq ft.
Bajaj has bought the apartment from Lodha Group’s listed entity Macrotech Developers and has paid stamp duty worth Rs 15.15 crore for the deal.
Along with the apartment, the buyer will get exclusive access to eight car parking slots. The deal was concluded and registered on Monday, showed the documents accessed through IndexTap.com.
According to regulatory filings, the under-construction luxury tower spread over a total 1.08 acre is scheduled to be completed by June 2026.
In February, Welspun Group chairman BK Goenka had bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore in the most expensive residential transaction till then. Following this deal, Oberoi Realty paid Rs 230.55 crore for another luxury penthouse in the same project.
Sale of luxury properties has gone up following the announcement in Union budget 2023-24 to limit the deduction from capital gains on investment in residential property to Rs 10 crore from April 1.
Between October and November, members of the Rahul Bajaj family bought five sea-view apartments in luxury residential project Raheja Vivarea in south Mumbai’s Mahalaxmi locality for nearly Rs 104 crore.
Neeraj Bajaj is one of the promoters of Bajaj Group that has over 50,000 employees and a market capitalisation of more than Rs 900,000 crore, making it one of the largest family business houses in the country.
He is the chairman of Bachhraj & Co, Jamanalal Sons and several other Bajaj Group companies. He is also chairman and managing director of Mukand Ltd and the vice chairman of Bajaj holdings and Investments Ltd, and is also on the board of directors of Bajaj Allianz Life Insurance Company Ltd and Bajaj Allianz General Insurance Company Ltd.
Malabar Hill and Walkeshwar Road are among the most sought-after addresses in the country. The micro market is known for its proximity to business hubs and traditional luxury pin codes of India. It houses many high-profile names including industrialists, corporate honchos, wealthy individuals and C-Suite professionals.