Angel One founder and CMD Dinesh Thakkar has agreed to buy an entire residential tower at Embassy Developments’ ultra-luxury Embassy Terazza project in Mumbai’s Juhu for about Rs 711 crore, in what the developer described as India’s largest single residential unit transaction.
The residence spans a RERA carpet area of 63,000 sq ft across a G+7-storey tower, translating into a ticket size of more than Rs 1.1 lakh per sq ft on the stated carpet area. Local brokers noted that the price was at or slightly above par for the upscale residential area.
Embassy Developments said it has signed a memorandum of understanding with Thakkar for the transaction. The deal is among the largest disclosed residential purchases in Mumbai and underscores the scale of transactions at the top end of the city’s luxury housing market.
Embassy Terazza is located on Juhu Tara Road and is spread across more than two acres, with around 50 residences. The project has an estimated gross development value of more than Rs 3,000 crore.
The low-density development comprises five towers, with one residence per floor, and offers sea and city views, landscaped gardens and wellness and lifestyle amenities. Embassy Developments is executing the project under a development management model.
Thakkar has named his new residence ‘Angelus’. The Angel One founder said privacy, spaciousness and sea views were among the key considerations in his decision to acquire the property.
“For a home of this scale, trust in the developer matters as much as the residence itself,” Thakkar said, adding that the home was being created as a family residence.
The transaction also comes as Embassy Developments expands its residential footprint in the Mumbai Metropolitan Region. The company said the Juhu project has attracted the purchase within 18 months of its launch in Mumbai.
“Mr. Dinesh Thakkar’s acquisition of an entire tower at Embassy Terazza is a strong endorsement of that vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city,” Embassy Developments chairman Jitendra Virwani said.