Capital firm director buys Rs 2.63 bn Mumbai apartments

03 Oct 2023 CW Team

Asha Mukul Agarwal, the director of the capital market investment and trading firm Param Capital, has made a substantial investment in three luxury apartments in the upscale Malabar Hill area of South Mumbai. The apartments, located on the 24th and 25th floors of the Lodha Malabar super-luxury residential tower on Walkeshwar Road, were acquired from Microtech Developers, a listed company of the Lodha Group.

Agarwal's purchases include two apartments on the 25th floor, totalling 9,719 sq ft, acquired for over Rs 1.32 billion, and a single apartment spanning 9,535 sq ft on the 24th floor, purchased for Rs 1.30 billion. These transactions were registered on September 27, with a total stamp duty of nearly Rs 131.5 million paid. Mumbai's property market set a new benchmark in September with stamp duty collections exceeding Rs 11.21 billion.

These apartments also come with exclusive access to ten parking slots within the tower. The under-construction Lodha Malabar project recently witnessed India's most expensive apartment deal when the Taparia family acquired a triplex on the 26th, 27th, and 28th floors for Rs 3.69 billion.

The luxury tower, situated on a 1.08-acre plot opposite the governor's estate, with stunning views of both the Arabian Sea and the Hanging Gardens, is slated for completion by June 2026.

This purchase follows other high-profile real estate investments in Mumbai, including Bajaj Auto chairman Niraj Bajaj's acquisition of a sea-view luxury penthouse for over Rs 2.52 billion in the same under-construction project, and BK Goenka, Welspun Group chairman's purchase of a penthouse in Worli for Rs 2.40 Bn.

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