Malabar Palace is a luxury sea-facing property.In a mega deal in the real estate sector, Bajaj Auto chairman Niraj Bajaj has purchased a sea-facing luxury triplex penthouse in Mumbai’s posh Malabar hill area for Rs 252.5 crore, according to home search portal IndexTap. Mr Bajaj has bought the apartment from realty developer Lodha Group, the website further said. The agreement to sell was registered on March 13, 2013. According to Forbes, Niraj, a Harvard Business School grad, chairs Bajaj Auto. He is on the board of directors of Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.On Instagram, IndexTap said that the three flats have a total area of 18,008 square feet and come with eight car parking slots.The apartment is on the 29th, 30th and 31st floors of Lodha Malabar Palaces project. The stamp duty paid for the deal is Rs 15.15 crore.The Bajaj group was founded by Jamnalal Bajaj, who set up the group in 1926. Today, it is a conglomerate of 40 companies in sectors such as two-wheelers, financial services and electrical appliances.Last month, Welspun Group chairman BK Goenka has purchased a penthouse for Rs 230 crore, according to GQ. The apartment is located in Worli.In October last year, actor Madhuri Dixit bought a luxurious apartment in Worli, Mumbai for Rs 48 crore. The property is located in the Indiabulls Blu project.The area of the apartment located on the fifty-third floor is 5,384 square feet and it comes with seven car parking slots.She bought the apartment from Calleis Land Development Private Limited.In July 2022, Zishaan Hayath, a promoter of edutech firm Toppr.com, bought a luxury apartment in Mumbai for Rs 41 crore in a project of realty firm Rustomjee.