India, Sept. 22 -- Mumbai real estate market's ultra-luxury residential segment is entering a new phase, with the country's wealthiest buyers increasingly looking beyond individual trophy apartments to acquire larger, more exclusive formats.

In one of the country's largest single residential-unit transactions, Embassy Developments Limited has signed a Memorandum of Understanding with Dinesh Thakkar, founder, chairman and managing director of Angel One Limited, to sell an entire residential tower at Embassy Terrazza in Juhu for approximately Rs.711 crore, the Bengaluru-based developer said in a regulatory filing on September 22.

Embassy described the transaction as India's largest single residential-unit deal. The purchase involves an en...