Angel One founder buys Juhu bldg for ₹711 cr

The upcoming property which will have three-, four- and five-bedroom apartments is located in Juhu Tara Road, and will be ready for possession in 2029

MUMBAI: In a largest single residential unit transaction in the country, Dinesh Thakkar, founder, chairman and managing director of Angel One Limited, a leading Indian fintech and financial services company, has bought an ultra-luxe residential tower, developed by Embassy Developments Limited, in Juhu for over ₹700 crore.

Angel One founder buys Juhu bldg for ₹711 cr

The Bengaluru-based developer on Tuesday announced that a Memorandum of Understanding (MoU) for the sale of the tower in its project Embassy Terazza was inked recently.

The project comprises five towers, one of which will be the Thakkar residence -- an entire ground plus seven storey tower with a RERA carpet area of 63,000 sq. ft., and a transaction value of approximately ₹711 crore. The square foot value of the deal comes to approximately ₹1,12,857.

The upcoming property which will have three-, four- and five-bedroom apartments is located in Juhu Tara Road, and will be ready for possession in 2029. The neighbourhood is home to leading business families and top celebrities from showbiz.

Embassy Terazza, is a low-density development spanning over two acres with approximately 50 residences with an estimated Gross Development Value in excess of ₹3,000 crore.

Speaking about the deal, Jitendra Virwani, chairman, Embassy Developments Limited said, “Over the last three decades, Embassy has built a deep understanding of what today’s homebuyers value most. We have brought that philosophy to Mumbai, and in a relatively short period, it has resonated with some of the country’s most discerning buyers. 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.”

In a statement issued by his company, Thakkar said: “Juhu has always had a special character that very few locations in Mumbai can match. When I started looking for a new home, my focus was on privacy, spaciousness, exceptional sea views and creating a luxurious, iconic sanctuary that would become our family home. We have named our dream home ‘Angelus’. I look forward to seeing ‘Angelus’ at Embassy Terazza take shape as a very special home for our family.”