Family members of industrialist JP Taparia have bought six sea-facing properties worth around Rs 369 crore in south Mumbai. The sale deed was registered on March 29, 2023. The deal was signed from listed real-estate developer Macrotech Developers.
Reportedly, brokers said this is likely the most expensive residential property deal in the country.
The total area of the residential units is 27,160.6 sq ft. The units are located on the 26th, 27th and 28th floors, documents showed. The consideration amount was Rs 369.55 crore. A stamp duty of Rs 19.07 crore was paid, Moneycontrol reported.
The apartments are in the super-luxury residential tower Lodha Malabar. The properties are located on Walkeshwar Road, Malabar Hill area of the city. The units come with 20 car parkings.
Brokers said that the value of the triplex makes the per-sq ft cost almost Rs 1.36 lakh per sq ft, and is perhaps the most expensive residential property deal.
JP Taparia Business
JP Taparia is the founder of the contraceptive products firm Famy Care.
Until 1990, JP Taparia was engaged in hand tools and engineering business. It was their family business.
Later, he started his own business with Famy Care which is a leading manufacturer of female oral contraceptives and Copper-Ts.
Moreover, on March 13, Bajaj Auto chairman Niraj Bajaj purchased a triplex apartment of over 18,008 sq ft on the top three floors of the Lodha Malabar Hill project for Rs 252.50 crore, setting the record for the costliest penthouse in the city. The transaction fetched a rate of Rs 1,40,277 per sq ft on the total area.
In February, DMart founder Radhakishan Damani’s family members and associates bought as many as 28 housing units worth Rs 1,238 crore in Mumbai.
Meanwhile, Knight Frank India, in its latest assessment noted that Mumbai city (area under BMC jurisdiction) saw property sales registration of 12,421 units in March 2023, contributing over Rs 1,143 Crores (Cr) to the state revenues.
Of the total properties registered, 84% were residential while 16% were non-residential properties. With a revenue collection of Rs 1,143 Cr in March 2023, Mumbai registered its highest revenue collection since April 2022.
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