Kandoi Fabrics, director buy two apartments in Mumbai’s Malabar Hill for Rs 108 crore, ET RealEstate

June 23, 2023

Indian manufacturer, and exporter of packaging fabrics, and one of its directors have bought two sea-view luxury apartments for over Rs 108 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group’s listed company Macrotech Developers.

These apartments are spread over a total of nearly 9,300 sq ft across the 11th and 12th floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.

This is the second such purchase made by the company and its directors after they bought four luxury apartments in the same project for over Rs 217 crore in March.

The latest deals by Kandoi Fabrics and its directors were concluded and registered on June 1. The buyers have paid stamp duty of over Rs 6.5 crore for both the deals cumulatively, showed the documents accessed through Indextap.com.

The apartment spread over 4,643 sq ft on the 11th floor has been purchased by Kandoi Fabrics itself, while the other apartment of similar size on the 12th floor is picked up by its director Rahul Kumar Agarwal. As per the agreement, both apartments will provide the company and its director exclusive access to a total 8 car parking slots.

These deals value the apartments in the tower at nearly Rs 1.17 lakh per sq ft, ranking them higher in the most expensive apartments sold in India on per sq ft basis.

The four apartments bought by the company and its directors earlier are spread over a total 18,572 sq ft across the 6th, 7th, 8th, and 9th floor of the super-luxury residential tower.

The under-construction project had recently witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369 crores.

As a group, apart from Kandoi Fabrics, the company operates through other brands including Daman Polyfabs, Bhim Polyfab Industries, and Kandoi TechFab.

According to regulatory filings, the under-construction luxury tower spread over a total 1.08 acre, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens, is scheduled to be completed by June 2026.

ET’s separate email queries to Kandoi Fabrics and Lodha Group remained unanswered until the time of going to press.

In March, Bajaj Auto chairman Niraj Bajaj purchased a sea-view luxury penthouse for over Rs 252.50 crore in this under-construction project.

Sale of luxury properties had gone up significantly in February and March following the announcement in Union Budget 2023-24 to limit the deduction from capital gains on investment in residential property to Rs 10 crore from April 1. Even now, the deal activity in this segment continues to be robust.

In February, Welspun Group chairman BK Goenka bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore and this was the most expensive residential transaction then. Following this deal, Oberoi Realty had paid Rs 230.55 crore for another luxury penthouse in the same project.

Malabar Hill and Walkeshwar Road are among the most sought-after addresses in the country. The micro market is known for its proximity to business hubs and traditional luxury pin codes of India. It houses many high-profile names including industrialists, corporate leaders, wealthy individuals, and C-Suite professionals.

  • Published On Jun 20, 2023 at 08:33 AM IST

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