Embassy Developments Ltd has signed a memorandum of understanding to sell an entire residential tower at its Embassy Terazza project in Juhu to Dinesh Thakkar, founder, chairman and managing director of Angel One Ltd, for Rs 711 crore. The transaction covers a ground-plus-seven-storey tower with a RERA carpet area of 63,000 square feet.
The developer announced the proposed sale on Tuesday. Embassy Terazza is located on Juhu Tara Road and is described by the company as an ultra-luxury, low-density residential development spread across more than two acres. The project is planned with approximately 50 residences across five towers, with one residence on each floor.
Embassy Developments has estimated the project’s gross development value at more than Rs 3,000 crore. The proposed transaction therefore represents a high-value sale within a development designed around large, private residences rather than a conventional high-density apartment format.
Thakkar said Juhu had a character that few locations in Mumbai could match. He said his search for a new home focused on privacy, spaciousness, sea views and the creation of a family residence.
The proposed deal adds to a series of high-value luxury residential transactions involving prominent business families in Mumbai. In 2021, DMart founder Radhakishan Damani purchased a bungalow property called Madhu Kunj on Narayan Dabholkar Road in south Mumbai for Rs 1,001 crore, according to the report. The property is located on approximately 1.5 acres of land and has a built-up area of more than 60,000 square feet.
In 2023, 23 luxury apartments in Tower B of Three Sixty West on Dr Annie Besant Road in Worli were purchased by Damani’s family, relatives, friends and close associates for around Rs 1,200 crore, the report said.
The Juhu MoU highlights the continued market for large-format luxury homes in Mumbai’s established coastal and premium neighbourhoods. Unlike individual apartment purchases, the proposed transaction involves an entire tower, giving the buyer control over a single vertical structure within a larger residential project.
The reported sale remains subject to the completion of the transaction after the signing of the MoU. Embassy Developments has not disclosed a final registration date or other completion details in the information available.
