The promoter family of the major biotechnology and seed company Maharashtra Hybrid Seeds Co (Mahyco) has paid more than $120 million for a luxury flat with a sea view in south Mumbai's Malabar Hill from real estate developer Lodha Group's listed company Macrotech Developers in one of the priciest real estate deals ever.

The apartment, which spans a total of almost 9,546 square feet on the second story of the ultra-luxury residential skyscraper Lodha Malabar on Walkeshwar Road, was purchased by the buyer Rajendra Barwale, director of Mahyco, along with his wife and son.

The flat is valued at Rs 1.28 lakh per square foot, placing it higher in the list of the most expensive homes ever sold in India. A private balcony and patio area that is enclosed to the apartment are included in the overall area.

According to the records retrieved by Indextap(dot)com, the deal was completed and registered on June 30 and the buyers paid 73.3 million in stamp duty alone for its registration. The Barwale family will also get exclusive use of six parking spaces in the residential tower as part of the agreement.