JP Taparia Family Acquires Sea View Luxury Triplex in Lodha Malabar, Walkeshwar For Almost 370 Cr INR

JP Taparia Family Acquires Sea View Luxury Triplex in Lodha Malabar

South Mumbai:

The family of billionaire JP Taparia, creator of contraceptive manufacturer Famy Care, has acquired a sea-view luxury triplex flat in south Mumbai's Malabar Hill from real estate developer Lodha Group, according to sources with direct knowledge of the transaction.

The apartment on the 26th, 27th, and 28th floors of the ultra-luxurious residential skyscraper Lodha Malabar is situated on the exclusive Walkeshwar Road, next the governor's estate, with views of both the Arabian Sea and the Hanging Gardens.

The acquisition exceeds all previous standards, including the recent sale of a penthouse in the same ultra-luxury skyscraper. Niraj Bajaj, chairman of Bajaj Auto, paid over 252.50 crore for a luxurious penthouse with a view of the sea in an under-construction development.

Taparias acquired the apartment from the listed firm of the Lodha Group, Macrotech Development. The family spent 19.07 crore in stamp duty alone to register the transaction. According to regulatory papers, the 1.08-acre luxury skyscraper now under construction is expected to be finished in June 2026.

In November, Viatris Inc, previously known as Mylan Laboratories, agreed to buy Famy Life Sciences, the eyecare firm of the Taparia family, for around $300 million or over 2,460 crore. The family that formerly controlled Famy Care Group has retained the non-ophthalmic company, which will continue to expand.

This is Taparia Group's second health care-related value creation; in 2015, it sold Famy Care, a women's health care firm, to Mylan for 5,000 crore.

The group's commercial interests also include Anantha Capital, a private equity company, and a number of consumer and pharmaceutical companies, including Springwel and Guardian Pharmacy.

With the declaration in the Union Budget 2023-24 that the deduction for capital gains on residential property investments would be capped at 10 crore as of April 1, 2023, the sale of luxury homes has increased.