Lodha Group has recently sold two luxurious residences to the chairman as well as the executive director of Wellknown Polyesters Ltd Anil Gupta. Two properties were officially registered on April 12th.
Macrotech Developers, which uses the Lodha brand and has recently sold two units within its luxury development Lodha Malabar situated on Walkeshwar Road, Malabar Hill which is one of Mumbai's most luxurious locations, for a price of an amount of Rs270 crore to the managing director and chairman from Wellknown Polyesters Ltd, Anil Gupta. The documents obtained by IndexTap were revealed.
The purchaser has received the agreed value of Rs135.21 crore to purchase the first property along with Rs8.11 crore for stamp duty. The area that can be used for carpets in the flat's first floor is 9,548 square. feet and includes seven parking spaces, according to the document.
The second house, situated in Lodha Malabar in Walkeshwar, Mumbai has been bought at 134.78 crore. A stamp duty of Rs8.08 million has been paid. The area that can be used for carpeting in the property is 9548 square feet and includes eight parking spaces for cars.
Two units were officially registered on the 12th of April, 2024.
The developer did not respond to the developer. Gupta was not able to be reached.
In the year 2000, Macrotech Developers sold two properties in the amount of Rs109 crore to the director of Kandoi Fabrics Pvt Ltd which is a business that manufactures packaging fabric and bags. The promoters of this company also bought four luxurious properties facing the sea in the same project for Rs 217 crores in March 2023.
The property is dubbed Lodha Malabar Palaces by the Sea and has 31 floors. Lodha Malabar will, if finished, provide unobstructed views over the Arabian Sea and the Queen's Necklace from the Walkeshwar view. The building was designed by Hafeez Contractor. Club Saint Amand, a private members' club offers catering services. The structure will feature five levels of parking on a podium.
In March 2023 Bajaj Auto chairman Niraj Bajaj was a buyer of a triplex with a view of the sea situated in Malabar Hill for Rs252.5 crore. At the same time the family of industrialist JP Taparia, founder of Famy Care, the maker of contraceptives Famy Care, had bought six ocean-facing homes for 369 crores located in Lodha Malabar.
Madhav Goel, the director at Tufropes the world's leading producer of synthetic fiber rope as well as solutions for netting, also in the same period purchased an apartment of 9,546 square feet in Lodha Malabar at a price of around Rs121 crore.
The market was abuzz with luxurious housing transactions in March, last year. This was in the wake of a Budget announcement that announced a Rs10 crore limit was imposed for the reinvestment of capital gains made from the sales of assets that are long-term, such as properties.
Mumbai City registered 14,411 homes, which contributed to the state government's income of 1,143 crore in March 2024. Registrations grew by 10% for a year (YoY) and revenue generated from registrations for property fell by 7 percent on a year-on-year basis, Maharashtra government's Department of Registrations and Stamps (IGR) information indicated.
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