In India’s most expensive apartment deal ever, family of industrialist JP Taparia, founder of contraceptive maker Famy Care, has purchased a sea-view luxury triplex apartment for over Rs 369 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group, said persons with direct knowledge of the development.
The apartment on the 26th, 27th and 28th floor of the super-luxury residential tower Lodha Malabar is 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 with a total area of massive 27,160 sq ft at nearly Rs 1.36 lakh per sq ft, making it one of the country’s most expensive residential transactions on a per sq ft basis as well apart from the total value,” said one of the persons mentioned above.
The deal surpasses all the earlier benchmarks including the recent transaction for a penthouse in the same super-luxury tower. Just a fortnight ago, Bajaj Auto chairman Niraj Bajaj purchased a sea-view luxury penthouse for over Rs 252.50 crore in this under-construction project.
Taparias have purchased the apartment from Lodha Group’s listed entity Macrotech Developers. The family has paid stamp duty alone worth Rs 19.07 crore for the deal’s registration that took place on Wednesday evening.
According to regulatory filings, the under-construction luxury tower spread over a total 1.08 acre is scheduled to be completed by June 2026.
ET’s email query to Taparias and Lodha Group remained unanswered until the time of going to press.
In November, Viatris Inc, formerly Mylan Labs, entered into an agreement to acquire Famy Life Sciences—the eyecare business of Taparia family—for around $300 million or over Rs 2,460 crore. The Taparia family, which had owned Famy Care Group, has retained the non-ophthalmic business that will continue to grow.
This is Taparia Group’s second value creation in the healthcare space, after selling Famy Care consisting of women’s healthcare business to Mylan for Rs 5,000 crore in 2015.
The group’s business interest also includes private equity firm Anantha Capital, multiple consumer and pharmaceutical businesses including Springwel and Guardian Pharmacy.
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.
In February, Welspun Group chairman BK Goenka bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore and this was the most expensive residential transaction then. Following this deal, Oberoi Realty paid Rs 230.55 crore for another luxury penthouse in the same project.
Last week, Madhav Arun Goel, director of leading synthetic fibre rope manufacturer Tufropes, also purchased a sea-view luxury apartment for Rs 121 crore in this Lodha Group project in Malabar Hill.
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 leaders, wealthy individuals and C-Suite professionals.