In yet another high-value real estate deal involving a pharmaceutical entrepreneur, Mehul Madhusudan Shah, founder, promoter, chairman, and managing director of Encube Ethicals, along with Niti Mehul Shah, purchased a luxury apartment in Mumbai’s Juhu for ₹106.52 crore, according to property registration documents accessed by Zapkey.
The transaction assumes significance as Mumbai-based Encube Ethicals, a fully integrated speciality pharmaceutical company, recently filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise about ₹3,000 crore through an initial public offering (IPO).
The apartment is located on a higher floor of Avalon Tower A at Lodha Avalon on Juhu Tara Road. The property was purchased from V Hotels Limited, represented by its authorised signatory, Vaibhav Kolwalkar, and the transaction was registered on July 31, 2026.
According to the documents, the apartment has a carpet area of 916.29 sq m (9,862.88 sq ft), translating to an approximate price of ₹1.08 lakh per sq ft. The purchase also includes five car parking spaces.
The buyer and the seller could not be reached.
Bollywood stars, including Amitabh Bachchan, Varun Dhawan, Ajay Devgn, Shahid Kapoor, and Kartik Aaryan, own properties in the Juhu area of Mumbai.
Previous luxury transactions in Mumbai
India’s ultra-luxury housing market saw one of its strongest years on record in 2025, with wealthy individuals and entities spending over ₹7,100 crore on 51 marquee residential transactions. Of this, properties worth about ₹1,530 crore in Mumbai had direct links to buyers from the pharmaceutical sector, according to data collated by Zapkey.
The highlight of the year was pharmaceutical firm USV chairperson Leena Gandhi Tewari’s purchase of two ultra-luxury sea-facing duplex apartments in Mumbai’s Worli for nearly ₹739 crore, the largest single residential deal ever recorded in India.
Last year, directors of a financial consulting firm, Sahastraa Advisors Private Limited, purchased a luxury apartment at Avalon Tower in Mumbai’s Juhu area for ₹106 crore, according to property registration documents accessed by Zapkey.com.
In 2025, Heena Lalwani, promoter of Aatman Innovations Private Limited, a company engaged in publishing, distributing, and marketing books, purchased a luxury apartment for ₹113.42 crore in Mumbai’s Juhu, according to property registration documents accessed by Zapkey.com
