In yet another big property transaction, two directors of Kandoi Fabrics Pvt Ltd, a manufacturer of packaging fabrics and bags, have purchased two sea-facing 4,643 in Macrotech Developers’ luxury project Lodha Malabar project in Malabar Hill for a sum of ₹112.52 crore.
Flat no 1101 in A wing of the project has been registered in the name of Kandoi Fabrics Pvt Ltd, and the agreement signed by Rajesh Vijaykumar Aggarwal, while flat 1201 in the same wing has been booked in the name of Rahulkumar Niranjankumar Aggarwal. Both are directors in Kandoi Fabrics Pvt ltd.
The transactions were registered on June 1, 2023, and the purchasers paid a stamp duty of ₹3.57 crore each. Each apartment comes with four car parkings, according to registration documents accessed and shared by IndexTap.com
In March, days before the norms for capital gains tax were scheduled to change from April 1, Rajesh Aggarwal and Pradeep Laxminarayan Aggarwal had purchased four apartments of 4,643 sq ft each on the sixth, seventh, eighth and ninth floors of A wing, which were purchased for a total sum of ₹217 crore. They had paid collective stamp duty of 13.02 crore for a net carpet area of 18,572 square feet and the flats came with 16 car parkings.
The per square foot rate for the March deal works out to ₹1,16,842 per square foot, while the latest transaction worked out at ₹1,16,865 per square foot.
Apart from the Three Sixty West luxury project by Oberoi Realty in Worli, Lodha Malabar has been the hottest luxury project in demand with high net worth buyers since its launch. The project is a redevelopment project under construction scheduled for completion in 2026.
The project came into news spotlight on March 10 when Bajaj Auto chairperson Niraj Bajaj purchased a triplex penthouse booking the 29th, 30th, and 31st floor sprawled across 18,008 square feet on March 10 for a sum of ₹252.50 crore.
Industrialist JP Taparia, promoter of contraceptive manufacturer Famy Care ltd, broke Bajaj’s purchase record by buying six apartments in Tower A and B spanning 27,160.6 square feet at the cost of ₹369.55 crore. The flats were located on the 26th, 27th and 28th floor of the project.
Earlier, on March 27 and March 25, Madhav Goel and his brother and Saurabh Goel, director and executive advisor of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, had purchased 9,546 square feet apartments on the 19th and 20th floor in Lodha Malabar for a sum of ₹121 crore each.
On March 31, 41-year-old Neha Bagaria, the Bengaluru-based daughter of Anand Jain, chairman of Jai Corp Ltd, had purchased a 9,546 square feet apartment on the 22nd floor of Lodha Malabar for a sum of ₹121 crore.
Lodha Malabar has topped the IndexTap Premier Leaque, a compilation of 10 top selling projects in each micro-market in Mumbai, with turnover of ₹1,200 crore from sale of just 10 units between January to March 2023. The Raheja Modern Vivarea, the latest towers of K Raheja group shaping up in Mahalaxmi, was second with an estimated sales revenue of ₹530 crore from the sale of estimated 34 units during the first quarter.
Oberoi Three Sixty West had emerged as the highest revenue generator with ₹1,885 crore from the sale of 36 units during the same period in Central Mumbai micro-market.
A big chunk of this or ₹1,238 crore was generated from the bulk purchase of 28 apartments by D’Mart Founder Radhakishan Damani registered on February 3, two days after the union budget which capped the capital gain tax benefit at ₹10 crore from April 1.