MUMBAI: Mehul Madhusudan Shah, founder, promoter, chairman and managing director of pharmaceutical company Encube Ethicals, and his wife Niti Shah have acquired a luxury apartment in the Juhu locality for ₹106.52 crore. The purchase is on the same plot that once housed Centaur Hotel, later renamed Tulip Star, which closed down years ago due to severe financial liabilities and multiple legal disputes.
The purchase of this apartment and Shah’s company’s decision to go public unfolded simultaneously. On August 1, Encube Ethicals that deals with topical formulations serving patients and leading pharmaceutical brands around the world filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed ₹3,000 crore Initial Public Offering (IPO).
According to property registration records accessed via Zapkey, the transaction to purchase the luxury apartment was registered on July 31.
The ultra luxury home purchased is on the 10th floor of Lodha Avalon Tower A on Juhu Tara Road. The apartment has a carpet area of 916.29 square metres or 9,862.88 sq ft and was purchased at a rate of approximately ₹1.08 lakh per sq ft. The transaction also includes five car parking spaces.
The project is coming up on a 6.23 acre plot and is planned to have 59 apartments (one each on the entire floor) and five duplexes for sale, in addition to an 11 storey commercial structure. This commercial building will also have upper and lower ground floors besides having a basement.
{{/usCountry}}The project is coming up on a 6.23 acre plot and is planned to have 59 apartments (one each on the entire floor) and five duplexes for sale, in addition to an 11 storey commercial structure. This commercial building will also have upper and lower ground floors besides having a basement.
{{/usCountry}}On luxury apartments, CRE Matrix & India Sotheby’s Realty’s latest report states that Mumbai recorded a record breaking ₹18,512 crore in luxury home sales ( ₹10 crore and above) during H1 calendar year 2026, which is the highest ever half yearly transaction value across primary and secondary markets.
“A record 1,699 luxury units were sold over the last 12 months, while H1 CY’26 alone witnessed 957 luxury home sales, marking a 26% Year on Year growth. The ₹20 to 40 crore segment continues to gain momentum, with 156 units sold in H1 CY’26, a 136% increase compared to H1 CY’23,” Abhishek Kiran Gupta, chief executive officer and co-founder of CRE Matrix and IndexTap.com, a prop-tech platform.
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