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Bajaj Auto chairman Niraj Bajaj buys triplex in Mumbai’s Malabar Hill for Rs 252.5 crore

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Bajaj Auto chairman Niraj Bajaj (Image: Bajaj Group)

In yet another large deal in Mumbai, chairman of Bajaj Auto, Niraj Bajaj, has bought a sea-facing triplex apartment from Macrotech Developers in posh Malabar Hill in Mumbai for Rs 252.5 crore, documents shared by IndexTap.com showed.

The agreement to sell was registered on March 13, 2023.

The total area of the three apartments is 18,008 sq ft (carpet area is 12624 sq ft) and comes with eight car parkings, the documents showed.

The stamp duty paid for the deal is Rs 15.15 crore, the documents showed. The project is called Lodha Malabar Palaces by the Sea that comprises 31 floors.

Also Read | Who is Niraj Bajaj? Five things to know about Bajaj Auto chief

Local brokers said that this is a redevelopment luxury project launched by Lodha recently where the minimum size of the unit is around 9000 sq ft. Each apartment is priced above Rs 100 crore, they said.

There was no response from the builder or the buyer.

Last month, Welspun Group chairman BK Goenka has purchased a penthouse for Rs 230 crore only a few days after 28 housing units worth Rs 1,238 crore were bought by family members and associates of Radhakrishna Damani, founder of Avenue Supermarts that runs the D’Mart chain of stores, in Mumbai last week.

The price Goenka paid for purchasing the penthouse in the same project as Damani had made it probably the country’s single most expensive sale of an apartment.

Also Read | Bajaj family buys five luxury flats in Mumbai worth Rs 104 crore: Report

Local brokers say that the uber-luxury market will be on fire until March 31, 2023. This is on account of a provision introduced in Budget 2023, announced on February 1, that was expected to have an impact on the sale of such properties from April 1. A Rs 10-crore cap has been imposed on the reinvestment of capital gains from the sale of long-term assets, including property. No such cap is applicable at the moment.

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