In a record-setting transaction, a premium residential unit in Juhu was sold at an astounding rate of ₹1.08 lakh per square foot, underscoring the surging demand for ultra-luxury real estate in Mumbai. The transaction, involving a 9,863-square-foot apartment in Avalon Tower A on Juhu Tara Road, fetched a total of ₹106.52 crore.
The deal was registered on 19 January 2025, with V Hotels Ltd. as the seller. The buyer, Sahastraa Advisors Private Limited, is a financial consulting firm led by Paresh Shah and Avni Shah, who are also active stock traders. The purchase aligns with the trend of high-net-worth individuals investing in premium Mumbai real estate.
The luxury unit is part of the upcoming Lodha Avalon project, developed by Macrotech Developers (also known as the Lodha Group). The MahaRERA-listed completion date for the project is set for September 2028.
Stamp Duty and Registration Details
As per the transaction documents, a stamp duty of ₹6.39 crore and a registration fee of ₹30,000 were paid to complete the purchase, reflecting the high-value nature of the deal.
Macrotech Developers’ Acquisition of V Hotels Ltd.
The sale follows Macrotech Developers’ acquisition of V Hotels Ltd., the former owner of Tulip Star Hotel (previously known as the iconic Centaur Hotel in Juhu). The National Company Law Tribunal (NCLT), Mumbai Bench, approved the acquisition in April 2024. Under the resolution plan, Lodha Group committed to paying ₹900 crore in tranches over 270 days, with the first tranche of ₹90 crore already remitted.
This sale highlights the strong investor confidence in Juhu’s luxury real estate market, particularly in projects backed by well-established developers. With record-breaking prices and high-profile transactions, Mumbai’s high-end property sector continues to thrive, attracting both investors and end-users seeking premium residences in prime locations.
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