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The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road, overlooking both the Arabian Sea and the Hanging Gardens. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.
The Taparias have reportedly paid stamp duty worth Rs 19.07 crore for the registration of the deal, which was finalized last Wednesday evening. The triplex apartment spans a massive 27,160 sqft, and the deal values it at nearly Rs 1.36 lakh per sq ft, making it one of the country's most expensive residential transactions on a per sqft basis.
The deal was completed with the Lodha Group's listed entity, Macrotech Developers. The under-construction luxury tower, spread over a total of 1.08 acres, is scheduled to be completed by June 2026, according to regulatory filings.
The Taparia family's healthcare business, Famy Life Sciences, was acquired by Viatris Inc, formerly Mylan Labs, in November 2022, for around $300 million or over Rs 2,460 crore. The family retained the non-ophthalmic business, which is expected to continue growing. The Taparia Group's business interests also include private equity from Anantha Capital, multiple consumer, and pharmaceutical businesses, including Springwel and Guardian Pharmacy.
The recent announcement made in the Union Budget 2023-24 has reportedly led to an increase in the sale of luxury properties in India. The budget announced that the deduction from capital gains on investment in residential property would be limited to Rs 10 crore from April 1st, 2023. This change is expected to impact the demand for high-end luxury homes, as investors may now consider investing in properties that are priced below the new limit.
The move is aimed at curbing the practice of wealthy investors using real estate as a tax-saving tool. It is expected to impact investors who have invested in multiple high-value properties with the intent of claiming large capital gains deductions. The impact of the budget announcement has been seen in recent transactions in Mumbai's luxury real estate market, with multiple high-value property deals being reported in quick succession. The sale of the luxury triplex apartment in Malabar Hill for Rs 369 crore is just one example of the trend.
Last month, Welspun Group chairman BK Goenka purchased a penthouse in Mumbai's affluent Worli locality for Rs 240 crore, making it the most expensive residential transaction at the time. In the same project, Oberoi Realty paid Rs 230.55 crore for another luxury penthouse. Last week, Madhav Arun Goel, director of leading synthetic rope manufacturer Tufropes, also purchased a sea-view luxury apartment for Rs 121 crore in the Lodha Group's Malabar Hill project.
Malabar Hill and Walkeshwar Road are among the most sought-after addresses in India, known for their proximity to business hubs and traditional luxury areas. The micro-market houses many high-profile names, including industrialists, corporate leaders, wealthy individuals, and C-Suite professionals.
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