Mumbai real estate market’s ultra-luxury residential segment is entering a new phase, with the country’s wealthiest buyers increasingly looking beyond individual trophy apartments to acquire larger, more exclusive formats.
In one of the country’s largest single residential-unit transactions, Embassy Developments Limited has signed a Memorandum of Understanding with Dinesh Thakkar, founder, chairman and managing director of Angel One Limited, to sell an entire residential tower at Embassy Terrazza in Juhu for approximately ₹711 crore, the Bengaluru-based developer said in a regulatory filing on September 22.
Embassy described the transaction as India’s largest single residential-unit deal. The purchase involves an entire G+7-storey tower with a RERA carpet area of 63,000 sq ft. At the transaction value, the deal works out to around ₹1.13 lakh per sq ft, setting a new benchmark for residential property in Juhu.
The transaction is notable not simply for its ₹711-crore price tag but for the purchase format. Rather than acquiring a single apartment in a luxury development, Thakkar purchased an entire tower, effectively combining the privacy and exclusivity of a bungalow with the amenities and security of a high-end residential complex.
“Juhu is to Mumbai what Malibu is to the US, an ultra-premium, highly exclusive coastal residential micro-market. We are seeing strong demand for high-ticket homes in Juhu, while the supply of such properties remains limited,” said Ritesh Mehta, senior director and head, North and West, Residential Services and Developer Initiatives, JLL India.
Mehta said the transaction, along with premium developments by leading developers, reflects the values being commanded in the micro-market. Improved connectivity, including the Bandra-Versova sea link, could further strengthen Juhu’s appeal, he added.
“What makes this particular deal attractive is that the homebuyer got the exclusivity and privacy associated with a bungalow, while still living in a private building complex and having access to premium amenities,” Mehta said.
The property offers direct sea-facing views, greater privacy and the feel of a bungalow without giving up the conveniences of a luxury development, he said.
The deal also comes against a backdrop of growing wealth and limited availability of large-format homes in Mumbai’s most coveted neighbourhoods.
“Transactions such as these are fundamentally underpinned by rising wealth, positive sentiment towards prime residential real estate and the scarcity of land in exclusive locations,” said Vivek Rathi, national director, research, Knight Frank India.
Interestingly, in 2024, Rekha Jhunjhunwala, widow of late billionaire investor Rakesh Jhunjhunwala, bought almost all the units in a building to protect the Arabian Sea view from her Malabar Hill home.
Last year, Uday Kotak, founder of Kotak Mahindra Bank, and his family bought the entire building of 22 flats in Mumbai’s Worli for over ₹400 crore. In the latest transactions, they acquired 10 additional sea-facing apartments in the Shiv Sagar Building for over ₹ 200 crore. One of the transactions was recorded at a maximum price of ₹2.89 lakh per sq. ft., according to property registration documents.
From multiple apartments to one extraordinary address
Rathi observes, however, that what makes the Juhu transaction particularly significant is that it involves an entire tower rather than a single apartment. This demonstrates that wealthy buyers continue to have both the capacity and the willingness to make substantial investments in Mumbai’s prime residential market.
He cautioned that a transaction of this magnitude is not representative of the broader housing market, but said it points to resilient demand for ultra-luxury homes in Mumbai.
For Sandeep Reddy, co-founder of Zapkey, the deal reflects a broader shift in how India’s ultra-high-net-worth individuals are approaching luxury real estate.
“India’s ultra-high-net-worth segment is entering a new paradigm where business leaders and founders are seeking singular trophy assets rather than dispersed portfolios,” Reddy said.
He placed Thakkar’s ₹711-crore acquisition among the most significant residential transactions tracked by Zapkey, alongside large deals such as Radhakishan Damani’s ₹1,238-crore Oberoi 360 West cluster involving multiple family members and his ₹1,001-crore Malabar Hill bungalow acquisition.
The trend of high-end deals is not confined to Mumbai. While the city continues to command some of India’s highest residential prices, other luxury markets are also seeing buyers pay record sums for large-format homes. Leena Tiwari’s ₹639-crore purchase of two duplex apartments in Worli, at ₹2.83 lakh per sq ft, is one example. In Gurugram, a penthouse at The Dahlias on Golf Course Road recently breached ₹2.6 lakh per sq ft in a ₹271-crore transaction, according to Zapkey.
What links these deals is not simply their price. It is the growing preference among India’s wealthiest buyers for homes that offer scale, privacy, exclusivity and a sense of ownership rarely associated with conventional apartment living, said Reddy.
At Embassy Terrazza, that demand has translated into the purchase of an entire tower, a format that takes the idea of a Mumbai trophy home to a different scale.
Located on Juhu Tara Road, Embassy Terrazza is an ultra-luxury, low-density development spread across more than two acres, with around 50 residences and an estimated gross development value of over ₹3,000 crore. The project is part of Embassy’s expanding ultra-luxury residential portfolio in Mumbai, following its entry into the market around 18 months ago.
