Lodha MalabarLuxury 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
Lodha Malabar
Lodha Malabar