Angel One founder Dinesh Thakkar buys Mumbai tower for Rs 711 crore
Dinesh Thakkar's purchase is being called India's biggest deal for a standalone residence
Dinesh Thakkar, founder of Angel One Ltd, one of India's largest retail stockbrokers, has bought a luxury residential tower in Mumbai for Rs 711 crore (74.3 million dollars). The deal is being seen as the biggest ever for a standalone residential house in the country.
Angel One is currently one of the most popular apps used for stockbroking. Thakkar, the app's founder, struck this deal worth more than Rs 700 crore for his dream home. The tower he bought has its main entrance facing the sea. It has eight floors and spans 63,000 square feet, or 5,853 square metres.
The tower's developer, Embassy Developments Ltd, and Dinesh Thakkar announced the deal in a joint statement on Tuesday. Following the announcement, Embassy Developments' share price rose as much as 8.3 percent in early trade.
Thakkar's broking business listed on the Bombay Stock Exchange in 2020. The lockdown during the Covid-19 pandemic gave a big push to online trading, benefiting companies like Angel One.
Thakkar's deal is seen as a sign of a growing trend in India's luxury real estate market. Rising wealth in the country and stock market listings of companies emerging from smaller cities are leading to a notable rise in the number of ultra-rich Indians.
Last year, Leena Gandhi Tewari, chairperson of USV Pvt Ltd, bought an apartment for Rs 639 crore. Separately, banker Uday Kotak and his family bought a tower near the seafront for more than Rs 400 crore.
In some Indian cities, luxury apartments have reportedly sold out within hours. Prices of premium apartments are now rivalling those of homes in some parts of New York.
Embassy Developments entered Mumbai's real estate market in January. At the time, the company announced plans to invest Rs 4,500 crore to build residential towers in the city.
In the upscale area where Thakkar bought his home, an Embassy project has a total Gross Development Value of more than Rs 3,000 crore. This project has only one home per floor, each offering sea views.
