Juhu Sets New Benchmark with ₹106 Crore Luxury Property Sale
A luxury apartment in Lodha Group’s Avalon Tower, located in Mumbai’s upscale Juhu area, has set a new benchmark in the city’s real estate market with a staggering purchase price of ₹106 crore. The sale, which works out to over ₹1 lakh per square foot, was completed by the directors of the financial consulting firm, Sahastraa Advisors Private Limited, Paresh Shah and Avni Shah. This purchase not only highlights the growing demand for high-end properties in Mumbai but also signals a shift in luxury real estate pricing within the Juhu locality, traditionally known for its opulent residences.
The apartment, situated on the seventh floor of Avalon Tower on Juhu Tara Road, covers a sprawling 9,863 square feet. The transaction, registered on January 19, 2025, includes five dedicated car parking spaces. The substantial sale price reflects the premium nature of the property, as well as the rapid rise of property prices in one of Mumbai’s most coveted residential areas. The deal also highlights the growing trend of luxury properties commanding prices previously considered out of reach for many buyers in this segment.
Avalon Tower is a project developed by V Hotels Ltd, which was acquired last year by Macrotech Developers, better known as the Lodha Group. The project is still under construction, with a projected completion date set for September 2028 according to the Maharashtra Real Estate Regulatory Authority (MahaRERA). Despite the ongoing construction, the purchase has been seen as a strong indicator of confidence in the area’s long-term value, especially given the anticipated amenities and luxurious design of the development once completed.
According to industry experts, the purchase price per square foot in this deal surpasses previous records for the Juhu locality, underscoring the increasing premium for residential properties in areas close to the city’s coastline. This trend is particularly noticeable as the demand for luxury homes continues to grow, driven by factors such as rising affluence, a greater focus on lifestyle living, and the increased importance placed on living in proximity to the city’s iconic beach areas. The sale’s high value has also had a ripple effect on local property market dynamics, influencing both developers and investors to reevaluate the potential pricing of luxury homes in other sought-after localities. In addition to the premium pricing, the sale also indicates an increasing interest in properties still under construction, as affluent buyers seem willing to invest in homes based on projected value and future amenities.
While the developers of Avalon Tower have yet to comment on the sale, the deal’s impact on the local property market is undeniable. With such a record-breaking transaction, the Juhu locality is likely to see further upticks in its real estate prices. The sale reflects broader trends in Mumbai’s luxury housing sector, where high-net-worth individuals are increasingly investing in ultra-premium properties, often at record prices, as they seek both an opulent living experience and a stable asset for long-term wealth preservation.
As for the Shah family, who have long been active in the financial consulting and stock trading sectors, their latest acquisition reinforces the ongoing shift towards high-value residential investments, especially in prime Mumbai locales. With the Avalon Tower, they have secured a luxurious living space in one of the city’s most prestigious and rapidly developing neighbourhoods.
This record-breaking property purchase also highlights the growing importance of infrastructure development, such as the planned completion of the Avalon Tower and its proximity to essential urban amenities, making it a significant symbol of both luxury and strategic investment in Mumbai’s real estate landscape.
