Famy Care founder buys India’s costliest luxurious apartment in Mumbai for INR 369 crores (2024)
Mumbai has swanky, and luxurious apartments. From businessmen and industrialists to movie stars and cricketers, Mumbai is home to the richest of the rich. While sky-high real estate prices are a regular thing here, JP Taparia, founder of contraceptive maker Famy Care, just purchased the most expensive apartment in India.
At INR 369 crores, the price tag is not for the faint-hearted. This is believed to be India’s most expensive apartment deal ever, according to Economic Times. The apartment has been purchased from Macrotech Developers, an entity of realty developer Lodha Group. But what piqued our interest is what is it that makes the apartment so expensive? Let’s decode.
India’s costliest luxurious apartment sold in Mumbai
South Bombay (Mumbai) or SoBo as it is popularly known as, is the most posh area of the city. Inevitably, real estate prices skyrocket, and you will find the richest and the most influential people staying here.
JP Taparia’s luxurious flat is situated in Malabar Hills in South Bombay, one of the prime contributing factors to its price. This location encompasses both the Arabian Sea and the Hanging Gardens. The triplex is spread across the 26th, 27th, and 28th floors of Lodha Malabar, a super-luxury residential tower. At INR 1.36 lakh per square foot, the flat has a total area of 27,160 square feet.
Earlier in March, Chairman of Bajaj Auto, Niraj Bajaj held the record for the most expensive luxurious flat in India after bought a sea-facing apartment in Mumbai’s Malabar Hill for INR 252.5 crore.
As Famy Care founder JP Taparia smashed this record by more than a hundred crores, will he be able to hold this title for long? Or is India yet to witness more expensive apartment deals in the future?
I'm well-versed in the domain of luxury real estate, particularly in Mumbai, where opulent living spaces fetch staggering prices. The article you mentioned delves into the recent purchase of what's touted as India's most expensive apartment by JP Taparia, the founder of Famy Care. To understand the factors contributing to its astronomical cost, let's break down the key concepts involved:
Location: The apartment is situated in Malabar Hills, South Bombay, a highly prestigious and upscale area in Mumbai. The location is a significant determinant of real estate prices, especially when it offers panoramic views of the Arabian Sea and the Hanging Gardens. Such exclusivity and scenic beauty elevate the property's value significantly.
Property Features: Described as a triplex, the apartment spans the 26th, 27th, and 28th floors of Lodha Malabar, a super-luxury residential tower. The expansive space, totaling 27,160 square feet, commands an exceptional price tag of INR 1.36 lakh per square foot. Features like triplex layout, size, and the amenities provided contribute to the exorbitant cost.
Market Trends: Prior to this purchase, Niraj Bajaj, Chairman of Bajaj Auto, held the record for the most expensive luxurious flat in India, paying INR 252.5 crore for a sea-facing apartment in Malabar Hill. Taparia's acquisition surpasses this by a significant margin, sparking discussions on whether this will set a new benchmark or if future transactions will escalate even further.
Real Estate Dynamics in Mumbai: South Bombay, often referred to as SoBo, is synonymous with wealth and influence. It's a magnet for the affluent, including businessmen, industrialists, celebrities like movie stars and cricketers, driving real estate prices to unprecedented levels due to high demand and limited availability of prime properties.
JP Taparia's purchase isn't just a lavish accommodation; it's a testament to the opulence and exclusivity that defines Mumbai's luxury real estate market. The combination of location, size, amenities, and the prestige associated with owning property in such a coveted area all contribute to the staggering price tag. As the market evolves and wealth continues to accumulate, it's quite possible that even higher records will be set in the future for such opulent residential spaces in Mumbai.
One such person who bought India's costliest apartment is JP Taparia. He reportedly bought for Rs 369 crore apartment in South Mumbai's Malabar Hill last year. Malabar Hills is one of the most expensive areas in India. Taparia is the founder of contraceptive maker Famy Care, a female healthcare business.
The apartment is part of a sea-view luxury triplex apartment and cost the Taparia family a whopping Rs 369 crore in South Mumbai's Malabar Hill. The apartment has been developed by Lodha Group, the report quotes people familiar with the developments.
JP Taparia, whose family members purchased India's costliest apartment for ₹369 crore in south Mumbai's Malabar Hill, is the Founder of contraceptive maker Famy Care.
Mumbai: India's costliest apartment worth whopping Rs 369 crores has been bought by the family of industrialist JP Taparia, founder of contraceptive maker Famy Care.
Family members of JP Taparia, the industrialist and founder of Famy Care, have purchased a posh triplex apartment in Malabar Hill, South Mumbai, for ₹ 310 crore. Reportedly, the most costly apartment in the nation is the one with a view of the sea.
Antilia is a $4.6 billion private residence in the billionaires row of Mumbai, India, named after an island from 15th century Spanish tales of the Atlantic Ocean Antillia. It is the residence of the Indian billionaire Mukesh Ambani and his family.
Ashutosh Taparia serves as the Chief Revenue Officer and Managing Director - Enterprise Business at CredAble, a leading working capital technology platform in Asia.
Colaba. Situated at the Southern part of Mumbai, Colaba is one of the four peninsulas of Mumbai. The other three are Worli, Bandra and Malabar Hill. It is one of the wealthiest neighborhood in India, known for high-end boutiques, malls and is one of the major tourist attractions in the city.
The straightforward answer to the question of who owns most property in Mumbai would be Godrej Industries. This group stands as the largest private landowner in Mumbai today, boasting holdings of nearly 2,000 acres of mangroves located at Vikhroli, east of the Eastern Express Highway.
The family of Anant Ambani, who just had a massive pre-wedding party, has built a tower in Mumbai. The 27-story house, called Antilia, is said to be the most expensive private residence in the world. Antilia's interiors have rarely been photographed, but it has a 50-seat cinema and three helipads.
A penthouse in Mumbai's Worli luxury tower was reportedly sold for whopping Rs 240 crore to an industrialist. New Delhi: A penthouse in Worli luxury tower was reportedly sold for whopping Rs 240 crore to an industrialist in probably one of the biggest deals made in real estate in India.
Rumoured to be the world's second-most expensive property after Buckingham Palace, Antilia, the Mumbai home of business magnate Mukesh Ambani, chairman of Reliance Industries and his wife Nita (who're now better known as Anant Ambani's parents), rises above Indian city like a Jenga tower.
Malabar Palace is a luxury sea-facing property. In a mega deal in the real estate sector, Bajaj Auto chairman Niraj Bajaj has purchased a sea-facing luxury triplex penthouse in Mumbai's posh Malabar hill area for ₹ 252.5 crore, according to home search portal IndexTap.
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