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Malabar Hill: Kandoi Fabrics, directors buy 4 luxury apartments in SOBO’s Malabar Hill for Rs 217 crore


Kandoi Fabrics, Indian manufacturer and exporter of packaging fabrics, and its directors have bought four sea-view luxury apartments for over Rs 217 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group.

These apartments are spread over a total 18,572 sq ft across the 6th, 7th, 8th, and 9th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.

The under-construction project last week witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369-crore.

ET was first to report the Taparia family deal that was registered on 29th, while Kandoi Fabric and its directors’ transactions were registered between March 23rd and 29th.

Kandoi Fabrics itself has purchased two apartments on the 6th and 8th floor, while the company’s directors Pradeep Aggarwal and Vijay Aggarwal have bought apartments on the 7th and 9th floor of the tower, showed the documents accessed

The company and its directors have purchased the apartments from Lodha Group’s listed entity Macrotech Developers. They have paid total stamp duty alone worth Rs 13.02 crore for the registration of all four transactions.

As a group, apart from Kandoi Fabrics, the company operates through other brands including Daman Polyfabs, Bhim Polyfab Industries, and Kandoi TechFab.According to regulatory filings, the under-construction luxury tower spread over a total 1.08 acre, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens, is scheduled to be completed by June 2026.

ET’s email queries to Kandoi Fabrics and Lodha Group remained unanswered until the time of going to press.

These deals value the apartments in the tower at nearly Rs 1.17 lakh per sq ft, ranking them higher in the most expensive apartments sold in India on per sq ft basis.

Sale of luxury properties had gone up significantly in February and March 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.

Last month, Bajaj Auto chairman Niraj Bajaj purchased a sea-view luxury penthouse for over Rs 252.50 crore in this under-construction project.

In February, Welspun Group chairman BK Goenka bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore and this was the most expensive residential transaction then. Following this deal, Oberoi Realty had paid Rs 230.55 crore for another luxury penthouse in the same project.

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 leaders, wealthy individuals, and C-Suite professionals.


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