The family of industrialist J P Taparia has bought India's most expensive apartment deal ever, according to The Economic Times (ET). The apartment is part of a sea-view luxury triplex apartment and cost the Taparia family a whopping Rs 369 crore in South Mumbai's Malabar Hill. The apartment has been developed by Lodha Group, the report quotes people familiar with the developments. JP Taparia is the founder of the contraceptive products firm Famy Care.
The apartment is on the 26th, 27th, and 28th floors and is a part of the super-luxury residential tower Lodha Malabar. The tower is located on the plush Walkeshwar Road, opposite the governor's estate. The property touches both the Arabian Sea and the Hanging Gardens, the report said.
Quoting one of the persons aware of the news, ET reported, "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."
The triplex deal surpasses all noteworthy deals made so far. Bajaj Auto chairman Niraj Bajaj also bought a penthouse in the same super-luxury tower only 15 days ago. Niraj Bajaj paid over Rs 252.50 crore for this under-construction project, ET reported.
Taparias purchased the apartment from Lodha Group's listed entity, Macrotech Developers. They paid Rs 19.07 crore in stamp duties alone. The property was registered on Wednesday, March 29.
The ET report said that the under-construction luxury tower is spread over a total area of 1.08 acres and is scheduled to be completed by June 2026.
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Malabar Hill and Walkeshwar Road are in great demand in the country. The location is known for its proximity to business centres and its traditional identity as a luxury Indian postcode. It is home to several high-profile names, which include influential industrialists, corporate leaders, and high-net-worth individuals.