The founder of one of India's biggest retail stockbrokers snapped up a luxury tower in Mumbai for 7.11 billion rupees ($74.3 million), marking the most expensive known purchase of a single residential unit in the country.
Dinesh Thakkar from Angel One Ltd. purchased the sea-facing eight-storey tower spread across 63,000 square feet (5,853 square meters) in the upscale Mumbai neighborhood of Juhu, the developer, Embassy Developments Ltd., and Thakkar said in a statement on Tuesday. Embassy's shares rose as much as 8.3% in early trade Wednesday before ending the day down 0.8%.
Thakkar's broking business listed in Mumbai in 2020 as online trading took off during the pandemic lockdown.
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The deal reflects a boom in India's luxury housing market as growing wealth and the listing of firms from smaller cities swell the ranks of the country's rich. Mumbai, home to many of the wealthiest families and business leaders, has been at the center of that expansion, with trophy homes commanding increasingly large sums. Last year, pharmaceutical firm USV Pvt. Ltd. Chairperson Leena Gandhi Tewari purchased a 6.39 billion-rupee apartment, while banker Uday Kotak and his family, bought a sea-facing tower for over four billion rupees.
“What we are witnessing is the direct translation of India's corporate wealth creation into rare, trophy real estate,” said Sandeep Reddy, co-founder of property data service provider Zapkey. As many as 37 residential deals have been priced above one billion rupees since January 2025, totaling 56 billion rupees, according to Zapkey.
Luxury apartments in parts of India have been known to sell out within hours, while prices of premium apartments can rival those in parts of New York. Oberoi Realty Ltd. sold out a high-end project in Gurugram near New Delhi in “two hours,” the firm said in July. Last year, DLF Ltd. said it sold out apartments priced at more than $1 million each within a week of opening bookings.
Embassy Developments entered the Mumbai real estate market in January with a plan to invest 45 billion rupees for residential towers across the city. One of its projects in the upscale neighborhood that Thakkar bought his residence in has a gross development value of over 30 billion rupees and offers a single residence across every floor with sea-facing views.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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