Although overall property sales were down in financial capital Mumbai among other parts of India, luxury housing demand went up by 151 per cent in the first quarter of 2023. CEOs and ultra-rich families started looking for properties in upscale areas such as Worli and Malabar Hill, ever since the capital gain benefits on luxury homes were capped in February.
After the likes of DMart founder Radhakishan Damani and Bajaj Auto's Niraj Bajaj, the directors of Kandoi Fabrics have spent Rs 109 crore on two sea-facing apartments in Mumbai's Malabar Hill area.
Stacking up properties
The properties have been sold by Lodha Group's arm Macrotech Developers, and are situated on the 11th and 12th floor, covering a carpet area of more than 4,600 square feet.
Each of the apartments is worth Rs 54.26 crore and the buyer has paid a stamp duty of Rs 3.25 crore for each of them.
The first of the two has been bought by Rajesh Agarwal, while the other is under the name of Rahul Kumar Agarwal.
But this isn't the first such purchase for the family, as they bought four sea-facing properties worth Rs 217 crore in Lodha Malabar Palace in March.
Those apartments were also priced at Rs 54.26 crore each, like the two acquired recently.
