Param Capital director buys 3 luxe apartments in SoBo for ₹263 crore

A redevelopment project on Walkeshwar Road, Lodha Malabar, witnessed record-breaking purchases earlier this year, and Macrotech Developers collected revenue of ₹1202 crore from the sale of just 10 units in the January-March quarter

Mumbai: Asha Mukul Agrawal, director at Param Capital Research Pvt Ltd, a leading capital market trading and investment firm, has purchased three apartments in Lodha Group’s luxury project Lodha Malabar in South Mumbai for a sum of ₹263 crore.

The under construction site of Lodha Malabar project. (Hindustan Times)

Agrawal, who is one of the two directors of the Bandra Kurla Complex-based firm along with founder Mukul Agrawal, purchased two units on the 25th floor and one unit on the 24th floor in the A wing of the high-rise offering unrestricted views of the Marine Drive.

The 25th-floor twin apartments span across 9,719 sq ft, while the 24th-floor apartment measures 9,525 sq ft, taking the total carpet area to 19,254 sq ft. The deal comes with 10 car parking spaces. Agrawal paid a stamp duty of ₹13.14 crore for the registration of the transaction on September 27, according to registration documents accessed and shared by IndexTap.com.

A redevelopment project on Walkeshwar Road, Lodha Malabar, witnessed record-breaking purchases earlier this year, and Macrotech Developers collected revenue of ₹1202 crore from the sale of just 10 units in the January-March quarter.

In the same month, Pradeep Laxminarayan Aggarwal and Rajesh Vijayakumar Aggarwal and their company Kandoi Fabrics Pvt Ltd had purchased four units on the 6th, 7th, 8th, and 9th floor of A wing measuring18,572 sq ft for ₹217 crore.

Industry experts attributed these purchases to the Finance Ministry’s decision in the union budget presented on February 1 to cap the capital gains tax benefit at ₹10 crore in the new financial year from April 1. This resulted in ultra-high net-worth people investing in high-value luxury properties in February and March before the new changes in the Income Tax provisions came into place.