India's Most-Expensive Apartment Deal: J P Taparia Buys Triplex In South Mumbai For Rs 369 Crore

In the most expensive apartment deal, J P Taparia, founder of contarceptive maker Famy Care, has purchased a luxury sea-facing triplex apartment in South Mumbai’s Malabar Hill for Rs 369 crore from Lodha Group, according to an ET report. It added that the apartment on the 26th, 27th and 28th floor of the super-luxury residential tower Lodha Malabar is located on the plush Walkeshwar Road.

“The deal values the triplex with a total area of massive 27,160 sq ft at nearly Rs 1.36 lakh per sq ft, making it one of the country’s most expensive residential transactions on a per sq ft basis as well apart from the total value,” according to the ET report quoting a source.

It is the latest development in the country’s luxury housing market, which is witnessed a good demand momentum. In February, DMart founder Radhakishan Damani’s family members and associates have bought as many as 28 housing units worth Rs 1,238 crore in Mumbai. It is perhaps the biggest property deal in India.

In the same month, real estate developer Godrej Properties Ltd acquired Raj Kapoor’s Bungalow in Chembur to develop a premium residential project. Last week, realty major DLF Ltd also announced that it has sold 1,137 luxury apartments, priced Rs 7 crore and above, for over Rs 8,000 crore within 3 days, in its housing project in Gurugram.

The luxury real estate deal is also coming close on the heels of a Budget 2023, effective from April 1. Finance Minister Nirmala Sitharaman in her Budget Speech 2023 on February 1 announced, “For better targetting of tax concessions and exemptions, I propose to cap deductions from capital gains on investment in residential house under Section 54 and 54F to Rs 10 crore.”

Currently, deduction is available to individuals and HUFs without any monetary limit from capital gains arising on transfer of long-term capital asset if such capital gains or net consideration is reinvested in new residential property within a period of one year before or two years (three years if property is constructed) after the date of transfer. The Budget 2023 proposes to limit this deduction to Rs 10 crore. Hence, any capital gains in excess of INR 10 crores will now be subject to capital gains tax.

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