Lodha Palava Penthouses Sold for INR 16 Cr Each

In a historic realty transaction, two upscale penthouses at Lodha Palava City off Mumbai were sold for approximately Rs.16 crore each, establishing a new price trend of Rs.16,400 per sq ft in the Dombivli area.

As per property registration records viewed by Zapkey, the penthouses are positioned on the 35th floor of Lodha Hanging Gardens and are each 4,754 sq ft in size, coming to more than 9,500 sq ft in total.

The transactions, registered on August 29, had 10 car parking spaces and entailed a stamp duty of Rs.54.6 lakh and registration charges of Rs.60,000 per unit. 

Key highlights:

• Two penthouses at Lodha Palava City sold for INR 15.59 crore each, setting a new local record of INR 16,400 per sq ft in Dombivli
• The luxury units span 4,754 sq ft each on the 35th floor, with 10 parking spaces included and possession expected by March 2030
• Upcoming infrastructure projects like the bullet train and Navi Mumbai airport are driving high demand for ultra-luxury homes in the region

The purchasers were Ali Asgar Khargunwala and Fatema Anguthiwala, based on official documents. Although the homebuyers were unavailable for a comment, local brokers confirmed this to be the highest rate ever recorded in the region.

"These transactions reflect the growing demand for ultra-luxury apartments in future locations supported by robust infrastructure plans," said a Mumbai-based real estate consultant.

The complex is being built and is likely to be finished by March 2030, as per MahaRERA.

Also Read: Lodha Developers Q1FY26 Pre-Sales Up 10% to Rs. 4,450 Cr

Earlier, high-end apartments in the same project were being sold at more than Rs.7 crore at prices ranging from Rs.14,000 to Rs.15,000 per sq ft. Compared to this, similar projects in the locality by Grade A players are available between Rs.9,500 and Rs.11,000 per sq ft.

With projects like the Mumbai-Ahmedabad bullet train, Airoli-Katai Naka freeway, and the Navi Mumbai International Airport in the pipeline, experts indicate connectivity and future growth prospects continue to fuel demand in Palava City.