Madhav Goel, director of leading synthetic fiber rope manufacturer Tufropes, has purchased a sea-view luxury apartment for Rs 121 crore in South Mumbai’s Malabar Hill from realty developer Lodha Group.
The apartment spread over 9,546 sq ft is on the 19th floors of the super-luxury residential tower, Lodha Malabar, located on the plush Walkeshwar Road, opposite the governor’s estate. The under-construction tower is adjacent to the Arabian Sea and the Hanging Gardens.
The deal values the apartment at nearly Rs 1.27 lakh per sq ft and ranks it among the country’s most expensive residential transactions on a per sq ft basis. The buyer is son of Tufropes’ founder Arun Goel.
He has bought the apartment from Lodha Group’s listed entity Macrotech Developers and has paid stamp duty worth Rs 7.26 crore for the deal. The registration of the deal took place on Thursday, showed documents accessed through IndexTap.com.
Recently, Bajaj Auto’s Chairman Niraj Bajaj purchased a sea-view luxury triplex penthouse for over Rs 252.50 crore in the same tower, in India’s costliest apartment deal yet.
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.
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.