Mahyco’s promoter family buys apartment in Mumbai’s Malabar Hill for Rs 122 crore

July 17, 2023

In one of the most expensive property transactions, the promoter family of biotechnology and seeds major Maharashtra Hybrid Seeds Co (Mahyco) has purchased a sea-view luxury apartment for over Rs 122 crore in south Mumbai’s Malabar Hill from realty developer Lodha Group’s listed company Macrotech Developers.

The buyer Rajendra Barwale, director of Mahyco, along with his wife and son, has bought the apartment spread over a total of nearly 9,546 sq ft on the 2nd floor of the super-luxury residential tower Lodha Malabar on Walkeshwar Road.

The transaction values the apartment at Rs 1.28 lakh per sq ft ranking it higher in the most expensive houses sold anywhere in India on per sq ft basis. The total area includes an exclusive balcony and terrace area enclosed to the apartment.

The transaction was concluded and registered on June 30 and the buyers have paid Rs 7.33 crore as stamp duty alone for its registration, showed the documents accessed through Indextap(dot)com. As part of the agreement, the Barwale family will also get exclusive access to 6 car parking slots in the residential tower.

Mahyco, known for its high-yielding and affordable seeds, was instrumental in bringing BT Cotton in India in 2002 when its founder Badrinarayan Barwale formed a joint venture with Monsanto Investments to form Mahyco Monsanto Biotech, now part of the Bayer Group.

The under-construction project had recently witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369 crores.

According to regulatory filings, the under-construction luxury tower spread over a total 1.08 acre, opposite the governor’s estate, touching both the Arabian Sea and the Hanging Gardens, is scheduled to be completed by June 2026.

ET’s email query to Barwale’s team and Lodha remained unanswered until the time of going to press.

In March, Bajaj Auto chairman Niraj Bajaj purchased a sea-view luxury penthouse for over Rs 252.50 crore in this under-construction project.

In February, Welspun Group chairman BK Goenka bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore and this was the most expensive residential transaction then. Following this deal, Oberoi Realty had paid Rs 230.55 crore for another luxury penthouse in the same project.

Malabar Hill and Walkeshwar Road are among the most sought-after addresses in the country. The micro market is known for its proximity to business hubs and traditional luxury pin codes of India. It houses many high-profile names including industrialists, corporate leaders, wealthy individuals, and C-Suite professionals.

  • Published On Jul 17, 2023 at 06:30 PM IST

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