There is a talk among city-based real estate experts about the possibility of Mumbai having its first sea-facing luxury homes with triplex units. Experts told mid-day that a segment of flat-buyers prefer having large areas of flats but in the vertical format instead of a traditional horizontal spread. “Many buyers prefer duplexes or penthouses. If someone is planning to give the option of triplexes to such buyers, it would be an interesting change in the real estate sector. I believe if this plan 
materialises in reality, in that case property will be sold out within no time,” the real estate expert mentioned.

The Tulip Star being razed at Juhu on June 29. Pic/Shadab Khan

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Another section of real estate brokers are of the opinion that the developer might prefer constructing one flat on each floor. “Even real estate players are not aware of the plan. But, we have been hearing about sea-facing premium flats that afford a 360-degree view,” said one of the real estate players.

In April 2024, a bankruptcy court approved the acquisition of Mumbai-based V Hotels Ltd, the owner of Tulip Star, by Macrotech Developers.

“Lodha is known for its brand and the residential building that is coming up will be something that has never been seen before in Mumbai. Hence, the developer is not sharing many details. It will be a truly iconic place and reflect its earlier glory,” another source from the real estate sector added.

Iconic Lodha projects such as the World Towers, Trump Towers and Altamount have made their mark on Mumbai’s skyline.

Lodha is also behind large-scale projects including Pallava, 7 Acre The Park and New Cuffe Parade as well as celebrated global projects No 1 Grosvenor Square in London, the first such endeavour by an Indian developer. The group recently launched Mumbai’s first Six Senses Spa.

Lodha has worked with iconic designers Jade Jagger, Armani and Hadi Tehrani and architecture firm WOHA and launched Mumbai’s first Six Senses Spa at Lower Parel. 

Despite repeated attempts, Macrotech Developers was unavailable for comment by press time.

A history of legal woes

The hotel has been embroiled in litigation ever since hotelier Ajit Kerkar’s Tulip Hospitality Services Pvt Ltd, now known as V Hotels Limited, acquired it (under the then-NDA govt’s divestment programme) from Hotel Corporation of India for R153 crore in 2001. Later, Left parties demanded an inquiry into the sale of the hotel as well as the Airport Centaur Hotel, alleging irregularities. After the UPA came to power in 2004, a CBI inquiry was ordered. The agency did not find anything amiss and closed the case in 2008