In India’s most expensive apartment purchase ever, Bajaj Auto Chairman Niraj Bajaj has reportedly bought a sea-facing apartment in Mumbai’s posh Malabar Hill area  for a phenomenal Rs 252.5 crore.

Niraj Bajaj, who as the Chairman of Bajaj Auto, bought the three-floor  luxury apartment from Macrotech Developers and the deal was signed on Monday, March 13, Moneycontrol reported citing documents shared by IndexTap.com.

According to the report, the total area of the three apartments is 18,008 sq ft and comes with eight car parking slots. The apartments are in Lodha Malabar Palaces, which has 31 floors. A stamp duty of Rs 15.15 crore was paid for the deal, the report said.

The  biggest deal closed earlier this year was in February when Welspun Group chairman BK Goenka bought a penthouse in Oberoi Realty’s luxury project Three Sixty West at Worli in Mumbai for Rs 230 crore.

According to real estate experts, there has been an increase in the sales of luxury apartments recently as buyers want to beat the March 31 deadline until which capital gains is exempted on the sale of residential properties if invested again in buying a home.

From April 1, 2023, capital gains that is permitted to be invested under Section 54 in buying a home will be limited only to Rs 10 crore. Any capital gain above Rs 10 crore will be taxed.