Two luxury penthouses in Lodha Palava City near Mumbai have been sold for nearly ₹16 crore each, setting a new benchmark for pricing in the locality. The deals were registered on August 29, according to property documents accessed by Zapkey.
Both units are located on the 35th floor of Lodha Hanging Gardens, a high-rise tower being developed on Shil Phata Road in Dombivli by Lodha Developers. Each penthouse measures 4,754 sq ft and was sold at ₹15.59 crore, translating to ₹16,400 per sq ft. This is the highest per sq ft rate recorded in Palava City, real estate brokers familiar with the area confirmed.
The documents also reveal that the two penthouses were sold with a combined allocation of 10 car parking spaces. Buyers identified in the registration papers are individuals named Ali Asgar Khargunwala and Fatema Anguthiwala. For the two transactions, a stamp duty of ₹54.6 lakh and a registration fee of ₹60,000 were paid.
According to Maharashtra Real Estate Regulatory Authority (MahaRERA) records, Lodha Hanging Gardens is still under construction. The scheduled completion date has been listed as March 2030. Despite the long delivery timeline, the two penthouse deals have set a record price level for the locality.
In 2024, apartments in the same Lodha Palava project were sold in the range of ₹14,000 to ₹15,000 per sq ft, with overall ticket sizes crossing ₹7 crore. The recent penthouse transactions, however, have surpassed those numbers, reflecting growing demand for premium housing even in emerging suburban micro-markets.
Apartments by leading Grade A developers in and around the Palava belt are currently priced between ₹9,500 and ₹11,000 per sq ft. Against this backdrop, the penthouse sales at ₹16,400 per sq ft underline a widening gap between regular residential stock and high-end offerings in integrated townships.
Palava City, spread across 4,500 acres, has been positioned as a self-sustained township with residential, commercial, and institutional infrastructure. Abhishek Lodha, managing director and chief executive officer of Lodha Developers, had stated in 2024 that the project could generate over ₹8,000 crore in annual revenue in the future, supported by housing, warehousing, industrial parks, and a proposed life sciences hub.
The developer has also highlighted upcoming infrastructure projects expected to improve Palava’s accessibility. These include the Mumbai-Ahmedabad bullet train station near the township and the Airoli-Katai Naka freeway, a 12-km corridor expected to open early next year. The Navi Mumbai International Airport (NMIA), located around an hour’s drive away, is also likely to boost demand in the region once operational.
Lodha Group has also been in focus for large-scale land deals in the extended Mumbai Metropolitan Region. In November 2024, Amazon Data Services purchased a 38-acre land parcel in Ambernath from the developer for ₹450 crore, according to Propstack records.
The twin penthouse transactions mark a significant milestone for Palava City’s positioning in Mumbai’s luxury housing segment. While most residential sales in the micro-market are still concentrated in the mid-income category, the latest record-setting deals highlight rising demand for high-value properties in large integrated developments.
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