Mumbai: Bajaj Auto Chairman, Niraj Bajaj buys Rs 250 crore penthouse in Malabar Hill

Mumbai's real estate is probably the costliest in India, and while most city dwellers look for affordable housing and low rents, demand for luxury homes has also surged. Localities such as Worli and BKC are favourites among CEOs of top firms, as they decide to either move to or invest in India's financial capital. Malabar Hill is one of the most upscale parts of Mumbai, and is now home to Bajaj Auto Chairman, who has bought a Rs 252 crore penthouse in the area.

On top of India's real estate pile

Niraj Bajaj has bagged a triplex that includes the 29th to 31st floors of a super-luxury tower perched in the heights of the South Mumbai locality. The Lodha Malabar penthouse opposite the governor's estate, places Bajaj right in the middle of the Arabian Sea and Hanging Gardens. Spread over a massive 18,000 square feet, the house has also been named the Emperor's Palace, and Bajaj paid Rs 1.40 lakh per square feet.

Surpasses other big ticket buys

The stamp duty for the triplex with an eight-car parking alone is as high as Rs 15 crore. This purchase surpasses the deal for a Rs 240 crore Worli penthouse, bought by Welspun Group chairman BK Goenka last month.