Angel One founder Dinesh Thakkar buys entire Juhu tower for Rs 711 crore

Embassy Developments has signed an MoU to sell an entire Juhu tower to Dinesh Thakkar. The deal, which highlights Mumbai's fast-rising luxury housing market, also triggered an early jump in the company's shares on Tuesday.

In Short

• Embassy Developments signs MoU for sale at Embassy Terazza in Juhu
• Tower to be named Angelus, will serve as Thakkar’s family home
• Deal highlights India’s booming luxury housing market, especially in Mumbai

Angel One founder Dinesh Thakkar has agreed to buy a sea-facing residential tower in Mumbai for around Rs 711 crore, Bloomberg reported on Monday. It is being touted as India’s largest single residential property transaction.

Embassy Developments announced on Tuesday that it had signed a Memorandum of Understanding with Thakkar for the sale of the tower at its ultra-luxury Embassy Terazza project in Juhu.

The ground-plus-seven-storey tower has a carpet area of 63,000 square feet. Thakkar has named the residence “Angelus” and plans to use it as his family home.

Shares of Embassy Developments rose as much as 8.3 per cent in early trade following the announcement, Bloomberg reported.

WHAT THE RS 711-CRORE PROPERTY OFFERS

Embassy Terazza is located on Juhu Tara Road and spans more than two acres. The low-density project will have around 50 residences spread across five towers, with one residence on each floor.

The development will offer panoramic views of the sea and the city, internal gardens, wellness facilities and other lifestyle amenities, according to the company.

The project has an estimated gross development value of more than Rs 3,000 crore and is being developed under a development management model.

Embassy Developments entered Mumbai’s residential real estate market around 18 months ago. The company had announced plans in January to invest Rs 4,500 crore in projects across the city.

“Mr Thakkar’s acquisition of an entire tower at Embassy Terazza is a strong endorsement of that vision and the trust the Embassy brand has earned in Mumbai,” Embassy Developments chairman Jitendra Virwani said.

Thakkar said he chose the property for its privacy, space and sea views. “For a home of this scale, trust in the developer matters as much as the residence itself,” he said.

WHO IS DINESH THAKKAR?

Dinesh Thakkar is the founder, chairman and managing director of Angel One, one of India’s largest retail stockbroking and wealth management companies.

According to media reports, Thakkar was born in Mumbai’s Mulund into a family involved in textile trading. He attended St John the Baptist High School in Thane and studied science at Kishinchand Chellaram College before leaving formal education after Class 12.

Thakkar initially joined his family’s textile business before entering the stock market with money borrowed from friends. After suffering losses as an investor and during the 1992 securities scam, he moved into the stockbroking business.

Thakkar has said in previous interviews that concerns over ethics and transparency in the brokerage industry prompted him to build a technology-led and customer-focused firm.

Angel Broking was incorporated in 1996 and later expanded into wealth management, retail and corporate broking, and commodity broking.

The company launched its initial public offering in September 2020 and listed on the BSE and NSE the following month as online trading grew during the Covid-19 pandemic. It was rebranded as Angel One in 2021.

INDIA’S LUXURY HOUSING BOOM

The deal comes amid growing demand for luxury homes in India, driven by corporate wealth creation and a rise in the number of wealthy entrepreneurs.

Mumbai has remained at the centre of this expansion, with sea-facing homes and other premium properties commanding increasingly high prices.

In 2025, USV chairperson Leena Gandhi Tewari purchased an apartment for Rs 639 crore, while banker Uday Kotak and his family bought a sea-facing residential building for more than Rs 400 crore, Bloomberg reported.

“What we are witnessing is the direct translation of India’s corporate wealth creation into rare, trophy real estate,” Sandeep Reddy, co-founder of property data provider Zapkey, told Bloomberg.

According to Zapkey, 37 residential transactions valued at more than Rs 100 crore each have been recorded since January 2025. Together, the deals were worth around Rs 5,600 crore.

- Ends