Mumbai’s real estate market is renowned for its opulence and exorbitant prices. Living in South Mumbai, in particular, is known to be a costly affair. However, despite this reputation, there are still billionaires who choose to invest in the city’s most exclusive neighborhoods. Most recently, the family of industrialist JP Taparia, the founder of contraceptive manufacturer Famy Care, purchased one of India’s most expensive apartments.
Located on Walkeshwar Road in the upscale Malabar Hill area of South Mumbai, the lavish apartment spans three floors (26th-28th) and covers an impressive 27,160 square feet. The apartment is situated opposite the governor’s estate, with views of both the Arabian Sea and the Hanging Gardens, as reported by Economic Times. The apartment was purchased from Lodha Group, a prominent real estate developer, for a staggering price of over Rs 369 crore (approximately $49.3 million USD), which equates to approximately Rs 36 lakh (around $48,000 USD) per square foot.
Reports indicate that JP Taparia paid a stamp duty of Rs 19.07 crore (approximately $2.5 million USD) for the property. Malabar Hill is one of the most expensive neighborhoods in India, and this property is currently under construction, with an expected completion date of June 2026. The Taparia family holds stakes in several businesses, including Anantha Capital, Springwel, and Guardian Pharmacy.
All about JP Taparia and family
The Taparias, founders of the contraceptive products company Famy Care, are the largest global producers of Copper-Ts. According to Forbes, approximately 15 percent of women worldwide who use oral contraceptive pills rely on Famy Care’s products.
JP Taparia’s career
Prior to 1990, JP Taparia was involved in his extended family’s hand tools and engineering business. Following this, he began his own venture with Famy Care, which has since become one of the world’s top manufacturers of female oral contraceptives.
Others who bought lavish houses recently
Previously, Bajaj Auto’s chairman Neeraj Bajaj purchased a penthouse for INR 252.50 crore, while Madhav Goel of Tufropes bought an apartment in the same building for INR 121 crore.