In a record-breaking real estate deal, Asha Mukul Agrawal, the wife of stock market investor Mukul Agrawal, has purchased three ultra-luxury apartments in the Lodha Malabar, a prestigious sea-facing residential project by the Lodha Group in Mumbai’s Malabar Hill area. The transaction amounted to a staggering Rs 262 crore, with each square foot of space costing Rs 1.36 lakh, making it one of the most expensive property acquisitions based on per sq ft price.
Luxurious Apartment Details:
- One of the apartments, situated on the twenty-fourth floor, was acquired for Rs 130 crore and spans an area of 9,535 sq ft.
- Additionally, two apartments on the twenty-fifth floor, worth Rs 132 crore, were purchased, boasting a combined area of 9,719 sq ft.
Asha Mukul Agrawal also paid a significant stamp duty of Rs 13.1 crore for these opulent properties. As part of the purchase, she secured a total of ten car parking spaces.
Rising Trend Among Industrialists:
- This extravagant property acquisition trend extends to other industrialists as well. Notably, Jyoti Prasad Taparia and Anjali Ashutosh Taparia, founders of Famy Care (a contraceptive maker), invested Rs 369.55 crore in a sprawling apartment within the Lodha Malabar project, following a similar Rs 1.36 lakh/sq ft pricing.
- Earlier, Niraj Bajaj, chairman of Bajaj Auto, acquired a penthouse in the same development for Rs 252 crore.
- The owners of Maharashtra Hybrid Seeds Company (Mahyco) purchased a sea-view apartment in Malabar Hill for approximately Rs 122 crore.
Current Status and Possession Date: The Lodha Malabar project is currently under construction, with an expected possession date of June 2026. It comprises 36 apartments in A and B wings, primarily featuring 4 BHK apartments of 3,800 sq ft each and ten 5 BHK duplex apartments ranging from 6,640 sq ft to 7,995 sq ft in size.
This upscale property market in Mumbai continues to witness high-profile acquisitions by prominent individuals and industrialists, reflecting the city’s enduring appeal for luxury real estate investments.