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The acclaimed Indian packaging fabrics manufacturer and exporter, Kandoi Fabrics, and one of its esteemed directors have procured two extravagant, sea-facing apartments in the prestigious Malabar Hill of South Mumbai. The upscale properties, valued at over Rs 108 crore, have been purchased from Macrotech Developers, a prominent entity in Lodha Group's portfolio.
With a combined expanse of almost 9,300 sq ft, these opulent flats are situated on the 11th and 12th floors of Lodha Malabar, an elite residential tower on Walkeshwar Road. This marks the company and its directors' second noteworthy purchase in the same project, following their acquisition of four luxury flats worth over Rs 217 crore in March.
Finalized and registered on June 1, Kandoi Fabrics and its directors accomplished the recent transactions, cumulatively contributing a hefty stamp duty exceeding Rs 6.5 crore, as indicated by documents available via Indextap.com.
The company now possesses a spacious 4,643 sq ft apartment on the 11th floor, while Rahul Kumar Agarwal, its director, has chosen a similarly sized flat on the 12th floor. Both properties also offer exclusive access to eight car parking spaces. Valued at approximately Rs 1.17 lakh per sq ft, these acquisitions place the apartments among India's most expensive on a per sq ft basis.
Previously, the company and its directors purchased four apartments spread across the 6th to 9th floors, covering a combined area of 18,572 sq ft in the same luxury tower.
This under-construction project, set over 1.08 acres and situated opposite the governor's estate, with picturesque views of the Arabian Sea and the Hanging Gardens, has previously experienced a record-breaking deal. Industrialist JP Taparia's family secured a triplex on the 26th to 28th floors for an impressive Rs 369 crores, setting the precedent for high-ticket deals.
Kandoi Fabrics, a group with brands such as Daman Polyfabs, Bhim Polyfab Industries, and Kandoi TechFab under its umbrella, is scheduled to complete the luxury tower by June 2026.
Luxury real estate transactions have surged following the Union Budget 2023-24 announcement to cap the deduction from capital gains on residential property investments at Rs 10 crore from April 1. This policy change has stimulated continued robust activity in this segment, as evidenced by deals such as Bajaj Auto chairman Niraj Bajaj's purchase of a penthouse for over Rs 252.50 crore, and Welspun Group chairman BK Goenka's acquisition of a penthouse for Rs 240 crore.
Renowned for its proximity to key business hubs, traditional luxury pin codes, and housing numerous high-profile names, Malabar Hill and Walkeshwar Road continue to attract esteemed industrialists, corporate leaders, affluent individuals, and C-Suite professionals.
In conclusion, despite the volatile economic landscape, the luxury real estate market in India remains a hotspot for high-net-worth individuals and corporations like Kandoi Fabrics. These ongoing significant transactions reflect the enduring allure and prestigious status of properties in Malabar Hill and surrounding affluent areas.
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