Wellknown Polyester’s CMD buys two flats in Mumbai’s Malabar Hill for Rs 270 crore

April 16, 2024

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Polyester yarn manufacturer and exporter Wellknown Polyester’s Chairman & Managing Director Anil Gupta has bought two sea-view luxury apartments south Mumbai’s Malabar Hill for over Rs 270 crore, making it one of the most expensive residential transactions anywhere in India on a per sq ft basis.

Gupta along with his wife and the company has bought the apartments–on the 17th and 18th habitable floor of super-luxury residential tower Lodha Malabar on Walkeshwar Road–from realty developer Lodha’s listed company Macrotech Developers.

The transaction values the apartment at Rs 1.41 lakh per sq ft. The buyers have paid over Rs 16.20 crore as stamp duty alone for the registration of the deals that took place on Friday, showed the documents accessed through IndexTap.com.

Gupta has purchased one of these apartments jointly with the company Wellknown Polyester, while the other apartment has been bought along with the company as well as his wife as co-owners.

The total area of the apartment includes an exclusive balcony and enclosed terrace. As per the agreement, the Gupta family will also get exclusive access to six car parking slots in the residential tower.

ET’s email queries to Gupta’s team, Wellknown Polyester and Macrotech Developers remained unanswered until the time of going to press.

According to regulatory filings, the luxury tower spread over 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.

Started in 1996 by Anil Gupta, Wellknown has a continuous polymerization unit with a capacity of 700,000 metric tonne per annum in Daman for manufacturing of polyester yarns.

Apart from being one of the leading companies in the domestic market, it has established a presence in the global polyester yarn market with exports to over 50 countries.

In March 2023, the Lodha Malabar project witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floors of the tower for Rs 369 crore.

Just a fortnight prior to that, Bajaj Auto chairman Niraj Bajaj had purchased a sea-view luxury penthouse in the project for over Rs 252.50 crore.

In February 2023, Welspun Group chairman BK Goenka had bought a penthouse in Mumbai’s affluent Worli locality for Rs 240 crore, which was then the most expensive residential transaction. 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, and C-Suite executives.

Over the past two years, the Indian luxury housing market has witnessed a remarkable surge in demand and sales activity across the nation’s top eight cities. The country’s financial capital, Mumbai emerged as the leader in this segment, with most such transactions recorded in upscale South Mumbai and Worli-Prabhadevi area.

  • Published On Apr 16, 2024 at 08:43 AM IST

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