After Mumbai’s ₹711 crore luxury Juhu tower deal, could Delhi-NCR be next?

Mumbai’s ₹711-crore deal is a unique example of a customised, large-format asset offering privacy and amenities. Could a similar trend emerge in Delhi-NCR?

Angel One founder Dinesh Thakkar is set to acquire a G+7-storey tower at Embassy Terrazza in Mumbai’s Juhu for approximately ₹711 crore. Named ‘Angelus’, the tower spans around 63,000 sq ft and offers sea views, privacy and exclusivity, while retaining access to the amenities and security of a luxury gated development.

Embassy Developments Limited has signed a Memorandum of Understanding with Dinesh Thakkar, founder, chairman, and managing director of Angel One Limited, to sell an entire residential tower at Embassy Terazza, Juhu, for approximately ₹711 crore.

The transaction highlights a niche but emerging trend among India’s ultra-high-net-worth individuals (UHNIs): acquiring an entire residential building or tower for private and extended-family use. The model offers the privacy and space of a bungalow, combined with the amenities, security, and services of a luxury residential development.

This raises the question: Could entire-tower purchases emerge as a similar niche trend in Delhi-NCR? Real estate experts said such acquisitions are likely to remain limited to a small segment of UHNI buyers for whom exclusivity, privacy and asset rarity are key considerations rather than conventional investment returns.

It should be observed that Mumbai’s land scarcity is an important factor driving this trend. Standalone bungalows and low-density properties with sea views in prime neighbourhoods are difficult to acquire and command extremely high prices. An entire tower within a luxury development can offer a middle ground: a private, large-format residence with greater control and exclusivity, while still providing access to shared amenities, security and other services.

When asked if acquiring entire towers is emerging as a new form of ultra-luxury housing for HNIs, Sudershan Sharma, Executive Director, India Sotheby’s International Realty, said that the ₹711 crore transaction is a unique example of acquiring a highly customised asset in a prime location, offering larger space, privacy, and community living.

“The acquisition of an entire tower by Angel One CMD Dinesh Thakkar reflects a trend we have seen among India’s prominent entrepreneurs and families who have acquired an entire residential property/tower for their family and extended family’s use. However, this will remain a niche segment, driven by UHNI buyers for whom exclusivity and asset rarity are non-negotiable,” he said.

Will the trend be limited to Mumbai or replicated in other markets such as Delhi-NCR?

Mumbai faces a structural constraint due to land scarcity. Acquiring a standalone building or sea-facing bungalow in a prime neighbourhood is difficult and prohibitively expensive. In contrast, Delhi-NCR and Bengaluru offer greater opportunities to create low-density bungalows and buildings that provide privacy.

“However, we could see similar acquisitions in these markets where developers create sufficiently differentiated, large-format, exclusive residences,” said Sharma.

“There is a growing trend of buyers seeking entire buildings or customised developments. Instead of buying a single apartment, an affluent buyer may acquire an entire independent building comprising multiple residences and amenities, offering greater privacy and customisation. In Mumbai, such arrangements are possible because of land scarcity and the prevalence of redevelopment, while Delhi-NCR offers greater scope for larger developments given the availability of land,” said Ritesh Mehta, Senior Director and Head – West, East & North India, Residential Services, JLL India.

What would drive or constrain such demand?

The primary driver is the shift towards multi-generational living without compromising on personal space.

“We are already seeing buyers acquire multiple residences for family and extended-family use. At India Sotheby’s International Realty, we also have a standalone building in Juhu, listed at ₹95 crore. The 11-storey property comprises one triplex and two quadruplex residences, offering a format suited to large or joint families seeking multiple homes within the same building in an upscale neighbourhood. The key constraint is supply, as very few developments can deliver the required combination of location, privacy, views and asset rarity, which ultimately determines demand,” said Sharma.

All about the ₹711-crore Mumbai deal

Last week, Embassy Developments said in a regulatory filing that it has signed an MoU with Thakkar to sell him an entire G+7-storey tower at Embassy Terrazza in Juhu for approximately ₹711 crore. The residence has a RERA carpet area of about 63,000 sq ft, making it one of India’s largest single residential-unit transactions, according to the developer. The project is located on Juhu Tara Road. Embassy Terrazza is a low-density ultra-luxury project spread across more than two acres, with around 50 residences and an estimated GDV of over ₹3,000 crore.

Earlier examples of Mumbai’s rich buying up entire towers

In 2024, Rekha Jhunjhunwala bought almost all the units in a Malabar Hill building, reportedly to protect the Arabian Sea view from her residence. Earlier, late investor Rakesh Jhunjhunwala acquired all 12 apartments in Ridgeway Apartments, Malabar Hill, for a combined ₹371 crore in 2013 and 2017 before demolishing the building to construct a private family residence.

In 2024–25, Uday Kotak and his family acquired all 22 apartments in Shiv Sagar Building in Worli for more than ₹400 crore. In the latest transactions, the family bought 10 additional sea-facing apartments for more than ₹200 crore, with one transaction recorded at ₹2.89 lakh per sq ft, according to property registration documents.

Mumbai has seen several ultra-luxury residential deals valued at ₹400 crore and above in recent years. (HT Graphics)