Embassy Developments Ltd has signed a memorandum of understanding to sell an entire residential tower at its Embassy Terrazza project in Mumbai’s Juhu to Angel One founder Dinesh Thakkar for Rs 711 crore, marking one of the city’s latest high-value luxury housing transactions.
The residence comprises a ground-plus-seven-storey tower with a RERA carpet area of 63,000 square feet, according to the developer’s announcement reported by the Times of India. The project is located on Juhu Tara Road, one of Mumbai’s established premium residential corridors.
Embassy Developments described Embassy Terrazza as an ultra-luxury, low-density development spread across more than two acres. The project has approximately 50 residences and an estimated gross development value of more than Rs 3,000 crore. Its five towers are planned with one residence per floor, a layout that the developer has positioned around privacy and exclusivity.
The transaction value works out to approximately Rs 1.13 lakh per square foot based on the stated 63,000-square-foot RERA carpet area. The calculation is based on the announced MoU value and the area disclosed by the developer; the report does not provide further details on the transaction’s payment schedule, registration status or completion timeline.
Thakkar said Juhu’s character, privacy, spaciousness and sea views were important considerations in his search for a new home. He described the residence as intended to become his family’s home and an iconic private sanctuary.
The deal adds to a series of high-value residential property purchases reported in Mumbai’s most expensive neighbourhoods. In 2021, DMart founder Radhakishan Damani bought a bungalow property on Narayan Dabholkar Road in south Mumbai for Rs 1,001 crore. The property, known as Madhu Kunj, occupies 1.5 acres and has a built-up area of more than 60,000 square feet, according to the report.
In 2023, 23 luxury apartments in Tower B of Three Sixty West on Dr Annie Besant Road in Worli were bought by Damani’s family, relatives, friends and close associates for around Rs 1,200 crore. The earlier transactions and the Juhu MoU reflect the continuing concentration of Mumbai’s highest-value residential sales in a limited number of established coastal and south Mumbai locations.
Embassy Developments’ announcement does not disclose the proposed handover date or the next milestone for completing the MoU and transferring the residence. Further transaction details will depend on the subsequent documentation and registration process.
