Dinesh Thakkar, founder, chairman, and managing director of Angel One, has signed an agreement to acquire a property worth approximately 711 crore rupees in the Juhu area of Mumbai. Notably, instead of purchasing a single apartment, Thakkar decided to acquire an entire residential skyscraper, which is positioned as the largest residential deal in the country.
Embassy Developments Limited announced on Tuesday that it signed a Memorandum of Understanding (MoU) with Dinesh Thakkar. According to this agreement, the entire skyscraper from the Embassy Terazza project, located in Juhu, will be sold to Thakkar. This skyscraper has seven floors in addition to the ground floor and a total built-up area of about 63,000 square feet. Based on these figures, the property is valued at approximately 1.13 lakh rupees per square foot.
Embassy Terazza is an ultra-luxury residential project located on Tara Road in Juhu, considered one of the expensive and prestigious residential areas of Mumbai. Thakkar decided to purchase this property, placing special emphasis on privacy, ample space, and picturesque sea views.
The project covers an area of over 2 acres and plans to construct around 50 residential units. According to the company, the estimated Gross Development Value (GDV) of the project exceeds 3,000 crore rupees. The project is developed with low-density construction, with only one residence per floor in the five skyscrapers. Residents will have access to magnificent sea and Mumbai city views, spacious homes, internal gardens, and wellness and lifestyle amenities.
Thakkar named his new home 'Angelus'. This deal takes place during Embassy's expansion into elite housing in Mumbai and surrounding areas. Other luxury residential projects by the company in the Mumbai region include Embassy Citadel in Versova, Embassy Serenity in Alibaug, Embassy Park in Panvel, and Embassy One in Thane.
The main feature of this deal is that Dinesh Thakkar did not just purchase an apartment. He entered into an agreement to buy the entire eight-story skyscraper with a total RERA area of about 63,000 square feet. Typically, the cost of luxury housing is assessed per individual apartment or per square foot; however, in this case, an entire skyscraper is being purchased, which distinguishes this deal from standard luxury real estate transactions.