Tufropes' director purchases South Mumbai condo for Rs 121 crore

01 Mar 2023

This second significant transaction was disclosed in the Lodha Group's Lodha Malabar project. On March 10, Niraj Bajaj, the chairman of Bajaj Auto, paid Rs 2.52 billion for a triplex apartment measuring more than 18,008 square feet on the project's top three levels, breaking the previous record for the priciest penthouse in the city.

Madhav Goel, director of Tufropes, a top supplier of synthetic fiber rope and netting solutions, has paid Rs 1.21 billion for a 9,546 square foot apartment in the sea-facing Lodha Malabar complex in Malabar Hill. This is yet another high-profile purchase this year.

The apartment was purchased from Macrotech Development Ltd, a listed developer, and will have six parking spaces. It is located on the 19th floor of the opulent residential development on Walkeshwar Road.

According to paperwork, the transaction was registered on March 23 and the buyer paid a stamp duty of 7.26 crore. The purchase brought in $1,26,754 per square foot.

Goel, the director of Tufropes, which prides itself on being a world leader in the production of synthetic fiber rope and nets used in industries such as shipping, fishing and aquaculture, agriculture, horticulture, and sports. He lives in the Sterling Apartments on Peddar Road and holds directorships in Polysil Drip Irrigation and Elixir Industries Private Ltd. in addition to being a designated partner in SMG Designs LLP, Fibretech LLP, and Resin Agency LLP.

The expected possession date of Lodha Malabar, which is now under construction, is June 2026. The project's 36 units are split between the A and B wings and range in size from 3,800 square feet for 4 BHK apartments to 6,640 square feet and 7,995 square feet for 5 BHK duplex homes.

As high-net-worth individuals (HNIs) attempt to reinvest in luxury properties, additional high-value transactions of Rs 200 million and above ticket size are likely to be filed in the luxury segment over the course of the next six days. The government has declared that the exemption from long-term capital taxes for purchasing residential units will be capped at Rs. 100 million as of April 1.

See also:
Feat Properties buys luxury bungalow in Mumbai at Rs 182.75 cr
40% home buyers seek luxury and premium properties: ANAROCK, CII

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