Tufropes director Madhav Goel buys luxury apartment in Malabar Hill for ₹121 crore

This second big transaction was reported in the Lodha Malabar project of the Lodha Group. On March 10, Bajaj Auto chairman Niraj Bajaj purchased a triplex apartment of over 18,008 sq ft on the top three floors of the project for ₹252.50 crore, setting the record for the costliest penthouse in the city.

Mumbai: In yet another big-ticket transaction this year, Madhav Goel, director of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, has purchased a 9,546 sq ft apartment in sea-facing Lodha Malabar project in Malabar Hill for a sum of ₹121 crore.

Presently under construction, Lodha Malabar’s likely possession date is June 2026. The project has 36 apartments in A and B wings, comprising mostly of 4BHK apartments measuring 3,800 sq. ft each and ten 5BHK duplex apartments of 6,640 sq ft and 7,995 sq ft configurations. (Bhushan Koyande/ Hindustan Times)

The apartment on the 19th floor of the luxury residential project on Walkeshwar Road was purchased from Macrotech Developers Ltd, a listed developer, and will come with six parking spaces.

The transaction was registered on March 23 and the purchaser paid a stamp duty of ₹7.26 crore, according to documents accessed by Indextap.com. The transaction fetched a rate of ₹1,26,754 per sq ft.

35-year-old Goel is a director at Tufropes, which claims to be a global leader in manufacturing synthetic fibre rope and nets used in sectors like shipping, fishing and aquaculture, agriculture, horticulture, and sports. A resident of Sterling Apartments in Peddar Road, he is also a designated partner in SMG Designs LLP, Fibretech LLP, Resin Agency LLP, and a director in Polysil Drip Irrigation, and Elixrr Industries Private Ltd.

This second big transaction was reported in the Lodha Malabar project of the Lodha Group. On March 10, Bajaj Auto chairman Niraj Bajaj purchased a triplex apartment of over 18,008 sq ft on the top three floors of the project for ₹252.50 crore, setting the record for the costliest penthouse in the city. The transaction fetched a rate of ₹1,40,277 per sq ft on the total area.

Presently under construction, Lodha Malabar’s likely possession date is June 2026. The project has 36 apartments in A and B wings, comprising mostly of 4BHK apartments measuring 3,800 sq. ft each and ten 5BHK duplex apartments of 6,640 sq ft and 7,995 sq ft configurations.

According to industry sources, more high-value transactions are likely to be registered in the luxury segment of ₹20 crore and above ticket size in the next six days as high-net-worth individuals (HNIs) try to reinvest in luxury properties. From April 1, the government has announced that long-term capital taxes exemption towards buying residential units shall be capped at ₹10 crore.