Luxury Real Estate News:
The Chairman of Bajaj Auto, Niraj Bajaj, has purchased a triplex penthouse at the under-construction Lodha Malabar project, located in the upscale Malabar Hill neighborhood of Mumbai. The ₹252.5 crore ($34 million) transaction was for an 18,000 Sq Ft luxury property includes four bedrooms and offers views of the Arabian Sea and Mumbai’s skyline. The building also offers amenities such as a private gym, swimming pool, and rooftop terrace. The implied rate for the transaction is ₹1.40 lakh per Sq Ft. For context, the approximate rate in Midtown Manhattan is $1,517 per Sq Ft (₹1.25 lakh).
Malabar Hill is known for being one of India’s most expensive neighborhoods, with properties often selling for tens of crores. The purchase could be interpreted as a sign of confidence in the city’s luxury real estate market after the challenges posed by the COVID-19 pandemic.
This deal in March sets a new record for Mumbai’s most expensive apartment, which was previously a ₹240 Cr transaction in Worli completed in February.
Via: ET Realty
Last modified: March 27, 2023