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 March this year, industrialist Jyoti Prasad Taparia, chairman of Famy Care Ltd, and his family bought six units on the 26th, 27th, and 28th floors spread across a net carpet area of 27160.6 sq ft in both towers in Lodha Malabar project for ₹ 369.55 crore. Earlier that month, Bajaj Auto chairman Niraj Bajaj purchased a triplex on the 29th 30th, and 31st floor spanning 18,004 sq ft in Lodha Malabar for ₹252.50 crore.

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.