Who is JP Taparia, industrialist who bought India's most-expensive apartment
What's the story
JP Taparia, an industrialist and founder of Famy Care, has bought a luxury triplex apartment worth Rs. 369 crores located at Malabar Hill, in Mumbai.
His family purchased the sea-facing property, which covers 1.08 acres, from the real-estate company named Macrotech Developers.
According to The Economic Times, this is the most expensive residential property in the country.
Property
The total area of the apartment is 27,160 square feet
The property lies on the 26th, 27th, and 28th floors of Lodha Malabar, a super-luxury residential apartment. Each unit has 20 parking spaces.
The total area of the triplex apartment is 27,160 square feet, priced at Rs. 36 lakh per square foot.
The consideration payment was Rs 369.55 crore and a stamp duty of Rs 19.07 crore was paid, per reports.
Business
What do we know about the new owner?
Taparia is the founder of Famy Care, a Mumbai-based pharma company that makes hormonal and female reproductive healthcare products, including emergency contraceptives.
The firm has grown to become one of the world's leading manufacturers of female oral contraceptives.
As per Forbes, about 15 % of women in the world who are on oral contraceptive pills, consume Famy Care products.
Details
Taparia's family is among the highest individual taxpayers in India
In 2016, Taparia made headlines when he purchased an 11,000 square feet duplex apartment in Mumbai's Bandra-Kurla Complex (BKC) for Rs. 60 crores.
Reportedly, it was the highest amount paid for an apartment in the BKC area. The deal translated to a rate of around Rs. 55,000 per square foot.
Also, Taparia's family falls under the category of the highest individual taxpayers in India.
Details
Before Famy Care, Taparia was involved in his family business
Till 1990, Taparia was involved in his family's hand tools and engineering businesses. He later branched off on his own, with Famy Care.
Talking of real estate revenue, as per the latest assessment of Knight Frank India, a real-estate consultancy firm, property sales registration in Mumbai stood at 12,421 units in March 2023, contributing more than Rs. 1,143 crores to the state revenue.
Related
Until now, Niraj Bajaj held record for India's most-expensive flat
In March, Niraj Bajaj, the chairman of Auto Bajaj, held the record for the most expensive luxury flat in the country. He bought a sea-facing duplex apartment for Rs. 252.50 crores.
The property spans over 18,008 square feet and lies on the top three floors of the Lodha Malabar Hill project.
The deal was priced at Rs. 1,40,277 per square foot.