While millions dream of buying a home in a decent locality in tier 1 cities--Mumbai, Bengaluru, Hyderabad, Gurugram, and others-- entrepreneur and founder, Chairman and Managing Director of discount broking platform Angel One, Dinesh Thakkar bought an entire luxury multi-storey residential tower in Mumbai's Juhu area for a whopping Rs 711 crore. 

Why Did Thakkar Buy An Entire Luxury Tower

Thakkar, Founder and CMD of Angel One, said that he always likes spaciousness and privacy while looking for a home.  

 "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 noted.

What Does The Deal Contain? 

Realty firm Embassy Developments informed that it has agreed to sell a luxury residential tower in Mumbai to Angel One CMD for Rs 711 crore-- the largest single residential unit transaction in the country. Additionally, the deal is one of the largest housing deals as well. 

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According to an exchange filing, the seven-storey tower has a RERA carpet area of 63,000 sq ft. In a regulatory filing on Tuesday, the company said it has signed a Memorandum of Understanding (MoU) "for the sale of an entire residential tower at its ultra-luxury development, Embassy Terazza, in Juhu to Dinesh Thakkar, Founder, Chairman and Managing Director of Angel One Ltd."

One of the most desirable residential addresses in Mumbai, it is located on the posh Juhu Tara Road and is home to leading business families, industrialists and celebrities and has five towers. The company expects to generate revenue of Rs 3,000 crore from the project. This project has been developed under the Development Management (DM) model.

5 Facts About The Deal

  1. The deal is valued at over Rs 711 crore (approx. Rs 1.13 lakh per sq ft), making it the largest single residential unit transaction in India.

  2.  Rather than purchasing an individual apartment, Dinesh Thakkar acquired an entire G+7-storey residential tower.

  3. The tower is located at Embassy Terazza on Juhu Tara Road in Mumbai and spans a RERA carpet area of 63,000 sq ft.

  4. The residence has been named 'Angelus' by Dinesh Thakkar and is being crafted by Embassy Group as a custom family home.

  5. The tower is part of a 2-acre, 5-tower development with 50 residences and an estimated Gross Development Value (GDV) exceeding Rs 3,000 crore.

"Dinesh Thakkar's acquisition of an entire tower at Embassy Terazza is a strong endorsement of the vision and the trust the Embassy brand has earned in Mumbai within 18 months of launching in the city," Jitendra Virwani, Chairman of Embassy Developments, said.

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What Does Angel One Do? 

Angel One is a leading retail full-service broking house. It offers services such as online trading and investing in the stock market, mutual funds, bonds, IPO and others. It also provides advisory, margin trading facilities, algorithmic trading, smart orders and many more.

Embassy Developments is a real estate company. It has a major presence in the Mumbai metropolitan region, Delhi-NCR, Bengaluru, Chennai and Indore, with expertise in building both residential and commercial projects. 

The company is part of Bengaluru-based Embassy Group, which is the sponsor of Embassy Office Parks REIT and promoter of WeWork India.

(With Inputs From Agencies)