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Wellknown Polyesters' chairman, Anil Gupta. Mr. Gupta, along with his wife and the company itself, purchased two sea-facing apartments in the ultra-luxury Lodha Malabar project for a sum exceeding INR 270 crore. This translates to INR 1.41 lakh per square foot, making it one of the most expensive residential transactions ever recorded in India based on per square foot pricing. The stamp duty alone for this purchase cost over INR 16.20 crore, highlighting the significant financial implications of such high-end deals.
These expansive apartments are located on the 17th and 18th floors of the Lodha Malabar tower, offering breathtaking Arabian Sea views and likely other high-end amenities as per the project description. The total area includes balconies and enclosed terraces, adding to the sense of spacious living. The Gupta family will also enjoy exclusive access to six car parking spaces within the complex.
Malabar Hill and Walkeshwar Road have long been Mumbai's most sought-after residential addresses. The area's proximity to business centers and its reputation as a traditional luxury area attract a prominent clientele, including industrialists, corporate leaders, and C-suite executives. Over the past two years, the Indian luxury housing market, particularly in Mumbai's upscale South Mumbai and Worli-Prabhadevi areas, has witnessed an increase in demand and sales activity.
The Lodha Malabar project itself is scheduled for completion by June 2026 and is spread over 1.08 acres. Located opposite the Governor's estate and boasting views of both the Arabian Sea and the Hanging Gardens, the project is designed to be a super-luxury residential tower. According to regulatory filings, the project has witnessed other record-breaking deals in recent months. In March 2023, industrialist JP Taparia's family purchased a triplex on the 26th, 27th, and 28th floors for INR 369 crore, making it the most expensive apartment deal in the country at that time. Just two weeks prior, Bajaj Auto chairman Niraj Bajaj had purchased a sea-view penthouse in the project for over INR 252.50 crore. These transactions highlight the intense competition for luxury apartments in this prime Mumbai location.
Wellknown Polyesters, established in 1996 by Anil Gupta, is a leading polyester yarn manufacturer and exporter. The company has a continuous polymerization unit with a capacity of 700,000 metric tons per annum in Daman and exports its products to over 50 countries. While details of the exact purpose behind this significant real estate purchase remain undisclosed, it marks a distinct shift for Gupta. Previously known for his focus on growing Wellknown Polyesters' manufacturing capabilities, this extravagant residential acquisition suggests a potential diversification of his investment portfolio or a desire for a prestigious residence in Mumbai.
Looking beyond Gupta's personal investment strategy, this record-breaking purchase by Wellknown Polyesters, a company primarily focused on manufacturing, could signal a promising trend. Large Indian corporations may be increasingly looking to invest in the booming luxury real estate market, either for their own use or as a potential revenue stream through rentals or property management. This could have a significant impact on the dynamics of the luxury housing market in India, potentially increasing competition for prime locations and further inflating property values. It will be interesting to see if this deal by Wellknown Polyesters is an isolated incident or the beginning of a larger trend in corporate investment within the Indian luxury real estate sector.
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