Pharmaceutical company Gufic bought a luxury duplex in Mumbai’s Juhu for Rs 236.33 crore. The property, located in the Lodha Avalon project, spans 19,694 square feet and includes 10 car parking spaces. The deal was executed on October 19, and the company paid Rs 14.18 crore in stamp duty fees.
Synopsis
Gufic has made a significant real estate purchase with the acquisition of a luxury apartment in Mumbai. The duplex is located in the upscale Lodha Avalon project on Juhu Tara Road, featuring 19,694 square feet of space. This transaction, valued at Rs 236.33 crore, highlights the ongoing demand for luxury residential properties in the city. The purchase also involved a considerable stamp duty of Rs 14.18 crore for registration.
MUMBAI: Pharmaceutical company Gufic has purchased a luxury duplex apartment in a residential development Lodha on Mumbai’s plush Juhu Tara Road, for Rs 236.33 crore. The property has a carpet area of around 19,694 sq ft and the transaction includes 10 car parking spaces.
The apartment is located on the 14th floor of one of the towers of the under-construction project Lodha Avalon in Juhu, which is counted amongst Mumbai’s established luxury residential markets. The transaction was executed on October 19, and registered two days later.
The purchase consideration of Rs 236.33 crore translates into an approximate rate of Rs 1.20 lakh per sq ft on the carpet basis, making it a high-value residential property transaction. The acquisition comes amid continued demand for large-format luxury residences in Mumbai.
The company has paid nearly Rs 14.18 crore in stamp duty alone for registration of the deal, showed documents accessed through Zapkey.com.
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The buyer was represented in the transaction by its director Vipula Jayesh Choksi, while the seller, V Hotels Ltd, was represented by its authorised signatory Solomon Sasane, according to the registration details.
Gufic is a pharmaceutical company engaged in the research, development, manufacturing and marketing of pharmaceutical and herbal products, active pharmaceutical ingredients (APIs) and lyophilised injections. The company also has a presence in several international markets.
ET’s email queries to Gufic and seller Lodha Developers remained unanswered until the time of going to press.
The acquisition comes amid continued demand for large-format luxury residences in Mumbai, particularly in established residential locations such as Juhu, which offer proximity to the city’s commercial districts, entertainment industry and coastal areas.
Juhu has remained an important market for premium residential transactions, with developers catering to buyers seeking larger apartments, duplex residences and properties with multiple parking facilities.
The transaction also highlights the scale of ticket sizes in Mumbai’s luxury housing segment, where individual residential purchases can cross Rs 100 crore, particularly for large apartments in premium developments.
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