Maftlal Group’s Scion Buys SoBo Apartment Worth Rs 89 Cr; Pays Rs 4.45 Cr As Stamp Duty

Maftlal Group’s Scion Buys SoBo Apartment Worth Rs 89 Cr; Pays Rs 4.45 Cr As Stamp Duty

Maftlal Group’s Scion Buys SoBo Apartment Worth Rs 89 Cr; Pays Rs 4.45 Cr As Stamp Duty
(Lodha Luxury)

Two weeks after RPG Group Chairman Harsh Goenka bought an apartment in the plush south Mumbai’s Malabar Hills for over Rs 45 crore, Mafatlal Denims Managing Director Vishad P Mafatlal has bought a luxury duplex apartment in the Altamount Road area for Rs 89 crore. Looks like south Mumbai is becoming the most sought-after destination for residential purchases of industrialists.

The deal

Mafatlal has bought the property along with his wife Rupal for Rs 89 crore in the Lodha Group’s Altamount Towers. The bare-shell apartment is spread in an area of over 10,000 sqft and located at the 10th and 11th floor of the B-wing. Along with the property cost, the Mafatlals also submitted a stamp duty of Rs 4.45 crore. Going by the price of the apartment, the per sq ft rate comes close to Rs 90,000. While the purchase was made in May, the news has been made public now.

The project

Lodha’s Altamount Towers are located at the Altamount Road of south Mumbai, also known as SoBo. The locality is home to many industrialists and hence, is known as the Billionaires’ Row. It is the 10th most expensive streets in the world. For this project, the Lodha Group had purchased the area from the US Consulate for Rs 375 crore. A luxury residential tower of 40 floors, including eight podium levels, Lodha Altamount has modern architecture designed by German-Iranian architect Hadi Teherani. There are over 52 residences in the project, including 4BHK apartments, 5BHK villas and 5BHK duplex.

It has a rooftop observatory overlooking the Arabian Sea. This observatory is 500 ft above ground level. The project has all the luxurious facilities that ensure that the top shots have a comfortable lifestyle. These include Limousine at call, personalised care for pets and plants, baby-sitting, electronic visitor registration, auto-recognition of vehicles entering the premises and wrist-band access to elevators.

Deals that SoBo witnessed

South Mumbai has recently witnessed some big real estate deals and most of these properties have been acquired by business scions.

These include:

*In May, Echjay Industries Private Ltd bought an apartment in the same project on the 24th floor. The deal was signed for Rs 41.65 crore for an apartment spread over an area of 4,592 sqft.

*Harsh Goenka of RPG Group bought an apartment for Rs 45 crore in IL Palazzo. The apartment is spread over an area of 3,500 sq ft.

*In March, Nirav Bajaj purchased a 16,000-sqft apartment in Worli's Three Sixty West for Rs 120 crore.

*Also, Uday Kotak of the Kotak family bought the Champagne House bungalow in Worli for Rs 275 crore.

*In February, the Taparias purchase four apartments in Runwal Group’s upcoming luxury project, The Residence. Located at Nepean Sea Road, the apartments were bought for Rs 240 crore.

*Promoters of Jai Corp recently bought sea-view bungalow La Bonita in the Breach Candy locality for Rs 152 crore. The property was purchased from the Mehta family, in-laws of ace cricketer Sachin Tendulkar.

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