News: Rs 711 Crore Juhu Tower Deal Raises Whole-Tower Question-28-09-2026

Angel One founder Dinesh Thakkar is set to buy a G+7-storey tower called ’Angelus’ at Embassy Terrazza in Mumbai’s Juhu for approximately Rs 711 crore. Of around 63,000 sq ft, it offers sea views and privacy while keeping a luxury gated community’s amenities and security. Last week Embassy Developments told regulators it had signed an MoU to sell Thakkar the whole tower, with a RERA carpet area of about 63,000 sq ft, making it one of India’s biggest single residential-unit deals by the developer’s account. Embassy Terrazza, on Juhu Tara Road, is a low-density ultra-luxury scheme over more than two acres, with around 50 residences and an estimated GDV of over Rs 3,000 crore.

The sale points to a niche but emerging pattern among India’s ultra-high-net-worth individuals (UHNIs): buying an entire residential building for private and extended-family use, for bungalow-style privacy and space together with a luxury development’s services. Experts said that if it reached Delhi-NCR it would stay confined to a small group of UHNI buyers who put exclusivity, privacy and rarity ahead of ordinary investment returns.

Land scarcity in Mumbai is a major factor, as standalone sea-view bungalows in prime areas are hard to get and very costly. A tower inside a luxury development is a compromise: a large private home with more control, plus shared amenities.

Sudershan Sharma, Executive Director, India Sotheby’s International Realty, called the deal a unique purchase of a highly customised prime asset, and said whole-property buying by prominent entrepreneurs and families has been seen before but "will remain a niche segment, driven by UHNI buyers for whom exclusivity and asset rarity are non-negotiable." Similar purchases could occur in Delhi-NCR and Bengaluru, which have more room for low-density, private buildings, if developers create sufficiently differentiated, large-format, exclusive residences, he said.

Ritesh Mehta, Senior Director and Head - West, East & North India, Residential Services, JLL India, said buyers increasingly want entire buildings or customised developments rather than a single apartment, for added privacy and customisation. Mumbai’s land scarcity and redevelopment make this possible there, whereas Delhi-NCR has land for larger projects.

Sharma named multi-generational living without sacrificing personal space as the main driver and said buyers already take several residences for extended family. His firm lists a standalone 11-storey Juhu building, with one triplex and two quadruplex residences, at Rs 95 crore, a format for large or joint families. Supply is the constraint, he said, since few projects combine location, privacy, views and rarity.

Mumbai has precedents. In 2024 Rekha Jhunjhunwala bought nearly all units in a Malabar Hill building, reportedly to protect her Arabian Sea view. Earlier, the late Rakesh Jhunjhunwala acquired all 12 apartments in Malabar Hill’s Ridgeway Apartments for a combined Rs 371 crore in 2013 and 2017, then demolished it to build a private family home. In 2024-25 Uday Kotak and family bought all 22 apartments in Worli’s Shiv Sagar Building for more than Rs 400 crore, and later 10 more sea-facing apartments for more than Rs 200 crore, one recorded at Rs 2.89 lakh per sq ft, per registration documents.