Two luxury penthouses sold for nearly ₹16 crore at Lodha Palava City near Mumbai, setting a record of ₹16,400 per sq ft
In a landmark real estate deal, two luxury penthouses at Lodha Palava City near Mumbai were sold for ₹16 crore each, setting a record at ₹16,400 per sq ft
Two luxury penthouses, each over 9,500 sq ft, have been sold for nearly ₹16 crore at Lodha Palava City on Shil Phata Road in Dombivli, near Mumbai, according to property registration documents accessed by Zapkey. The units, sold at ₹16,400 per sq ft, set a new record for the locality, local brokers said.
The documents show that the two penthouses, located on the 35th floor of Lodha Hanging Gardens by Lodha Developers, measure 4,754 sq ft each and were sold for ₹15.59 crore apiece.
The documents show that the two units were sold along with 10 car parking spaces.
The two units were registered on August 29, with a stamp duty of ₹54.6 lakh and a registration fee of ₹60,000 paid.
According to the Maharashtra Real Estate Regulatory Authority (MahaRERA) website, the building is under construction and will be completed in March 2030.
The two units have been purchased by individuals named Ali Asgar Khargunwala and Fatema Anguthiwala, the documents show.
In 2024, two apartments at the Lodha Palava project sold for over ₹7 crore, at rates of ₹14,000 and ₹15,000 per sq ft. However, the two penthouses sold last month at over ₹16,400 per sq ft set a new record for the area.
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Apartments being constructed by Grade A developers in the vicinity of Lodha Palava City are being sold in the price range of ₹9,500 per sq ft to ₹11,000 per sq ft.
An email query sent to Lodha Developers did not get any response. The story will be updated if a response is received. The homebuyers could not be reached for comment.
All about Palava City
Palava City, spread across 4,500 acres near Mumbai, could generate over ₹8,000 crore in annual revenue in the coming years, driven by residential and commercial developments, warehousing and industrial spaces, and a life sciences hub, Abhishek Lodha, managing director and CEO of Lodha Developers, had said last year.
Also Read: Buying a property is better than renting one: Abhishek Lodha
According to the property registration documents accessed by Propstack, Amazon Data Services Pvt Ltd bought a 38-acre land parcel in Ambernath near Mumbai from Macrotech Developers, also known as Lodha Group, for ₹450 crore in November last year.
The company has maintained that the upcoming Mumbai-Ahmedabad bullet train station near its project and the 12-km-long Airoli-Katai Naka freeway, which is expected to open early next year, will boost connectivity with Navi Mumbai, which is home to several IT companies.
The upcoming Navi Mumbai International Airport (NMIA) is also around an hour's drive from Palava City.
