New Delhi, Sept. 22 -- Dinesh Thakkar, founder of a leading stock brokerage Angel One Ltd, is set to buy an entire residential tower in Juhu, Mumbai.
Thakkar has signed an MoU with the Mumbai-listed Embassy Developments Ltd to buy the tower at Embassy Terazza, the real estate company said in a press statement.
The deal is said to be the largest single residential unit transaction in the country. The residence comprises an entire eight-storey tower with a carpet area of 63,000 sq ft, commanding a transaction value of Rs 711 crore (around $74.2 million).
Embassy Terazza is an ultra-luxury low-density development spanning over two acres with approximately 50 residences.
"Juhu has always had a special character that very few locations in Mumbai can match. When I started looking for a new home, my focus was on privacy, spaciousness, exceptional sea views and creating a luxurious, iconic sanctuary that would become our family home, Thakkar was quoted as saying in the statement.
"Over the last three decades, Embassy has built a deep understanding of what today's homebuyers value most. We have brought that same philosophy to Mumbai, and in a relatively short period, it has resonated with some of the country's most discerning buyers," said Jitendra Virwani, chairman, Embassy Developments Limited.
Embassy's other projects in the city include Embassy Citadel in Worli, Embassy Serenity in Alibaug, Embassy Park in Panvel and Embassy One in Thane.
Recently, in another big-ticket residential transaction, Sanjay Nayar, founder and chairman of venture capital firm Sorin Investments and former India head of KKR, bought a luxury apartment on Carmichael Road for Rs 90 crore in South Mumbai.
Published by HT Digital Content Services with permission from VC Circle.