Angel One founder buys Mumbai residential tower for ₹711cr
What's the story
Dinesh Thakkar, the founder and CMD of Angel One, has agreed to buy an entire residential tower at Embassy Developments' ultra-luxury Embassy Terazza project in Juhu, Mumbai. The deal is worth around ₹711 crore and is being touted as India's largest single residential unit transaction. Over the past year, the record belonged to USV promoter Leena Gandhi Tiwari for buying two duplexes in Worli for ₹639 crore.
Property details
Transaction on par with market rates
The property spans a RERA carpet area of 63,000 square feet across a G+7-storey tower.
This translates into a ticket size of over ₹1.1 lakh per square foot on the stated carpet area.
The price is said to be on par or slightly above par for the upscale residential area, local brokers said.
Project overview
Know more about Embassy Terazza project
Embassy Terazza is located on Juhu Tara Road and spans over two acres with some 50 residences. The project has an estimated gross development value of over ₹3,000 crore.
It comprises five towers with one residence per floor and offers sea views, landscaped gardens as well as wellness and lifestyle amenities.
Personal touch
Thakkar names his new residence 'Angelus'
Thakkar has named his new residence 'Angelus.' He 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 while adding that it was being created as a family residence.
Growth strategy
Embassy Developments expands residential footprint in MMR
The transaction 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," said Jitendra Virwani, Chairman of Embassy Developments.