Indian tycoon buys Mumbai sea-facing tower for S$74M in record home deal

Indian stockbroker Rakesh Thakkar has purchased an eight-storey sea-facing tower in Mumbai's Juhu neighbourhood for S$74 million, in what is reported as the country's most expensive home deal. The 5,800 sq m residence, named 'Angelus', is being designed for privacy and sea views. The purchase reflec

Stockbroker Rakesh Thakkar has purchased a sea-facing, eight-storey tower spanning 5,800 square metres in Mumbai's upscale Juhu neighbourhood for S$74 million, developer Embassy Developments and Thakkar said in a statement Tuesday. The deal is reported to be the most expensive home transaction in India's history.

Thakkar has named the residence 'Angelus'. The home is being designed with a focus on privacy, spaciousness and sea views, according to Fortune India. '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 said.

Thakkar's brokerage, Angel One, listed in Mumbai in 2020 as online trading surged during pandemic lockdowns. The purchase comes amid a boom in India's luxury housing market, as rising wealth and listings by companies from smaller cities expand the ranks of the rich.

Mumbai, home to many of the country's wealthiest families and business leaders, has been at the centre of that growth, with trophy homes fetching increasingly high prices. Last year, pharmaceutical firm USV chairperson Leena Gandhi Tewari bought an apartment for 6.39 billion rupees, while banker Uday Kotak and his family purchased a sea-facing tower for more than four billion rupees.

'What we are witnessing is the direct translation of India's corporate wealth creation into rare, trophy real estate,' said Sandeep Reddy, co-founder of property data provider Zapkey, as reported by Bloomberg. Since January 2025, 37 residential deals have exceeded one billion rupees each, totalling 56 billion rupees, according to real estate firm Zapkey.

Luxury apartments in some parts of India have sold out within hours, while premium apartment prices can rival those in parts of New York. Oberoi Realty said in July that it sold out a high-end project in Gurugram, near New Delhi, in 'two hours'. Embassy Developments entered Mumbai's real estate market in January, with plans to invest 45 billion rupees in residential towers across the city.