Tycoon buys Mumbai tower for $74M in India's most expensive home deal

Mumbai's affluent Thakkar family has acquired the city's most costly residence, a luxurious eight-story tower in the prestigious Juhu district. The sea-facing property spans an impressive 5,800 square meters and will be christened Angelus by its new owners. Developer Embassy Developments confirmed the transaction, alongside Thakkar, in a statement on Tuesday.

Thakkar, known for his brokerage Angel One, which launched in 2020 amid surging online trading during pandemic lockdowns, expressed his focus on privacy, spaciousness, and breathtaking sea views when seeking a new home. "Juhu has always had a special character that very few locations in Mumbai can match," he stated.

The luxury housing market in India is experiencing a boom, driven by increasing wealth and listings from companies based in smaller cities. Mumbai, home to many of the country's wealthiest families and business leaders, has been at the forefront of this growth, with trophy homes commanding ever-higher prices. Last year, USV chairperson Leena Gandhi Tewari bought a property for 6.39 billion rupees, while Uday Kotak and his family purchased a sea-facing tower for over four billion rupees.

According to Sandeep Reddy, co-founder of property data provider Zapkey, the recent surge in luxury real estate purchases is a direct reflection of India's corporate wealth creation manifesting in rare, exclusive properties. Since January 2025, 37 residential deals have surpassed the one-billion-rupee mark, collectively totaling 56 billion rupees, according to Zapkey.

The rapid sale of premium apartment properties in select parts of India mirrors the soaring prices seen in parts of New York. Oberoi Realty reported selling out a high-end project in Gurugram, near New Delhi, within a mere two hours. Embassy Developments entered Mumbai's real estate market in January, with plans to invest 45 billion rupees in residential towers throughout the city.