Niraj Bajaj buys triplex at Walkeshwar for ₹252.50 cr

Mumbai Industrialist Niraj Bajaj has bought an 18,000 square feet triplex at Walkeshwar for ₹252

Mumbai Industrialist Niraj Bajaj has bought an 18,000 square feet triplex at Walkeshwar for ₹252.50 crore, making it this year’s single biggest residential property transaction so far.

Niraj Bajaj buys triplex at Walkeshwar for ₹252.50 cr

Bajaj is chairman and MD of Mukand Ltd. He also serves on several boards and has been four-time national table tennis champion, and an Arjuna awardee. His splashy acquisition of the 29th, 30th and 31st floors of the Lodha Malabar Palaces by the Sea was registered on March 10th and as per details made available by IndexTap.com, a b2c real estate advisory platform, he paid a stamp duty of ₹15.15 crore. The three apartments come with 8 car park slots. Of the three apartments, the one on the 29th floor has the largest carpet area of 6,061 sq. ft followed by the flat on the 30th floor which has a carpet area of 3,593 sq. ft while the smallest flat is on the highest floor of the building which is 2,929 sq. ft. The total carpet area admeasures 12,624 sq. ft as per RERA norms. However, each of the flats also includes balcony/verdanah/open Terrace (EBVT) area of 1,441 sq. ft and enclosed EVBT area of 3,943 sq. ft. in addition to the carpet area as per the documents. Bajaj has paid ₹1,40,277 per sq. ft. for the property.

The Lodha Malabar project received commencement certificate in March 2022 and the likely possession date is June 2026. The project has 36 apartments in all spread over two wings.

Other than the triplex penthouse bought by Bajaj, the project mostly comprises of 4BHK apartments admeasuring 3,800 sq. ft each and ten 5BHK duplex apartments of 6640 sq ft and 7995 sq ft each configurations.

Lodha Malabar is part of the developer’s Lodha Luxury Collection which includes its London property No 1 Grosvenor Square, Lodha Altamount on Altamount Road, Lodha Maison, 12 garden townhouses in Worli, Lodha Ciel at World Towers at Lower Parel and Lodha Seamount near the Raj Bhavan.

Lodha Malabar, when completed, will offer an unhindered view of the Arabian Sea and the Queen’s Necklace from its Walkeshwar vantage. It’s designed by architect Hafeez Contractor and Club Saint Amand, a private members’ club, will offer hospitality services. The building will have five floors of podium parking.

“In Budget 2023, the government announced that long term capital taxes exemption towards buying residential units shall be capped at ₹10cr starting April 1, 2023. We had said that day itself it will lead to a surge in luxury unit sales before March 31, 2023. Luxury home buyers still have a window of 15 days to benefit from the old policy which changes on April 1,” said Abhishek Kiran Gupta, CEO & Co-Founder, CRE Matrix and IndexTap.com.

This is the third big ticket transaction since the union budget on February 1. Two days after the budget, D Mart owner Radhakishan Damani, his immediate family and close associates purchased 28 units in a bulk deal for a total of ₹1,238 crore at Oberoi Realty’s Three Sixty West at Worli. On February 8, Welspun Group chairman BK Goenka purchased a penthouse in the same luxury project for ₹230 crore. The penthouse on the 63rd floor spread across a carpet area of 29,885 sq. ft had fetched a rate of ₹76,961 per sq. ft.

Pankaj Kapoor, Managing Director, Liases Foras, an independent non-brokerage real estate research company, said, “We have seen a rise in sales of ultra-luxury properties for the last two years. The prices, after prolonged stagnancy and correction, have recently started appreciating. Thus, there is improved investors’ inclination toward real estate.”