Mumbai’s real estate market witnessed yet another high-profile deal as directors of Kandoi Fabrics Pvt Ltd, a renowned Indian manufacturer and exporter of packaging fabrics, acquired two lavish sea-view apartments in the upscale Malabar Hill area.
The properties, located on Walkeshwar Road, were purchased from Macrotech Developers, part of the Lodha Group, for a whopping Rs 109 crore, reported Moneycontrol.
According to the official documents accessed by IndexTap.com, the first apartment, located on the 11th floor, had an agreed value of Rs 54.26 crore. Alongside this, a stamp duty amounting to Rs 3.25 crore was paid for the property, which spans an expansive area of 4,643 square feet.
This opulent unit has been registered under the name of Kandoi Fabrics Pvt Ltd, represented by Rajesh Vijaykumar Agarwal. The second apartment, located on the 12th floor, was acquired by Rahul Kumar Niranjankumar Agarwal, the promoter of Kandoi Fabrics.
This residence possesses the same agreement value and stamp duty as the first, amounting to Rs 54.26 crore and Rs 3.25 crore, respectively. The apartment has a total area of 4,643 square feet.This is not the first time Kandoi Fabrics’ promoters have made headlines with their extravagant property acquisitions.
In March, they acquired four sea-facing luxury properties in the same Lodha Malabar Palaces by the Sea, a luxurious redevelopment project, at a staggering sum of Rs 217 crore. These properties, located on the sixth, seventh, eighth, and ninth floors, each measuring 4,643 square feet, totalled a net area of 18,572 square feet.
All four units were priced at Rs 54.26 crore. The luxurious Lodha Malabar development project has attracted several high-profile entities. In a separate transaction, the family members of industrialist JP Taparia, founder of contraceptive maker Famy Care, purchased six sea-facing properties in the project for approximately Rs 369 crore.
Furthermore, Madhav Goel, director of Tufropes, a leading manufacturer of synthetic fiber rope and netting solutions, secured a 9,546 square feet apartment within the development for Rs 121 crore. In separate high-profile deals, family members and associates of Radhakrishna Damani, founder of the D-Mart chain of stores 28 housing units worth Rs 1,238 crore in Oberoi Realty’s luxury project Three Sixty West in Worli.