Angel One founder Dinesh Thakkar is set to acquire a G+7-storey tower at Embassy Terrazza in Mumbai’s Juhu, which he has named ‘Angelus,’ for approximately ₹711 crore. The deal gives him a private 63,000 sq ft residence with sea views, space and exclusivity, while retaining access to the amenities and security of a luxury gated development.
The deal offers a glimpse into a niche but emerging trend among India’s ultra-high-net-worth buyers: acquiring entire buildings or towers to recreate the privacy and exclusivity of a bungalow in a vertical luxury development.
This 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, the Bengaluru-based developer said.
The deal raises an interesting question: Could buying an entire tower become the new way for ultra-HNIs to gain the privacy of a bungalow without sacrificing the amenities of luxury apartment living? Real estate experts say the trend is likely to remain niche, driven by UHNI buyers for whom exclusivity and rarity matter more than conventional investment considerations.
Mumbai’s land scarcity is an important factor. Standalone bungalows or low-density buildings with sea views in prime neighbourhoods are difficult to acquire and extremely expensive. An entire tower within a luxury development can offer a middle ground: a private, large-format residence with access to shared amenities and security.
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. The family later 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.
The phenomenon is not restricted to entire buildings. Leena Tiwari’s ₹639-crore purchase of two duplex apartments in Worli, at ₹2.83 lakh per sq ft, and a ₹271-crore penthouse transaction at The Dahlias in Gurugram, at more than ₹2.6 lakh per sq ft, underline the growing appetite for large-format luxury residences.
The appetite for ultra-luxury housing is also influencing where developers are investing. This week, Puravankara entered Delhi-NCR with a 13.44-acre land parcel in Greater Noida, offering around 4.57 million sq ft of saleable area and an estimated GDV of ₹5,200 crore. Sources peg the land acquisition at around ₹340 crore, with the project expected to invest primarily in premium high-rise housing.
The strategic appeal is clear: premium projects offer developers the potential for higher margins, but the path varies by market. In Mumbai, redevelopment provides access to prime locations without necessarily requiring outright land purchases. In Delhi-NCR, large-scale projects typically require significant upfront land investment and financial capacity, prompting developers from Bengaluru and Mumbai to enter the market.
The premium housing expansion is also moving beyond apartments. This week, Gurugram-based Signature Global announced that it acquired and partnered for approximately 194.22 acres in Farrukhnagar, Gurugram, to develop an integrated ultra-luxury villa project with revenue potential of around ₹6,000 crore. The company has acquired 25 acres outright and partnered with landowners for another 169.22 acres.
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