The apartment sits on the tenth floor of Avalon Tower A within Lodha Avalon, right on Juhu Tara Road, one of Mumbai's most recognisable sea facing stretches. Property registration records place the transaction at ₹106.52 crore for a unit spanning close to 9,863 square feet, which works out to roughly ₹1,08,000 per square foot. The purchase, made jointly with Niti Mehul Shah, was formally registered on 31 July 2026 and came bundled with five designated car parking slots, itself a small indicator of how these ultra premium deals get structured.

The seller on record is V Hotels Limited, represented through its authorised signatory. Institutional sellers showing up in Mumbai's ultra luxury registry has become fairly routine lately, as companies holding legacy real estate assets increasingly monetise them given how sharply values along this stretch have climbed.

This deal hasn't landed in isolation. Encube Ethicals, the pharmaceutical company Shah founded back in 1998, recently filed its Draft Red Herring Prospectus with SEBI for an IPO expected to raise around ₹3,000 crore. Separately, reports earlier this year pointed to a private equity consortium exploring a stake in the company that could value it near ₹16,500 crore, with names like Warburg Pincus and Mubadala reportedly in the mix. A promoter making a marquee real estate purchase right as these corporate moves play out isn't unusual, wealth events and big ticket property buys often arrive close together.

Juhu has quietly built a reputation as one of Mumbai's steadiest ultra luxury pockets, competing directly with Malabar Hill and Worli Sea Face for the city's most expensive per square foot rates. Its mix of Bollywood residents, old money bungalows, and newer premium towers gives it a certain layered prestige that newer luxury corridors haven't fully replicated yet. Land nearby has also moved in similar territory, a 2024 transaction saw a financial services firm acquire a Juhu plot from Shapoorji Pallonji for ₹455 crore, following an earlier ₹332.8 crore purchase in the same neighbourhood back in 2022.

One transaction obviously doesn't define an entire market, but deals crossing the ₹100 crore mark have become noticeably less rare in Mumbai's top tier pockets over the past couple of years. Business owners, especially from pharmaceuticals, tech, and financial services, are increasingly treating trophy homes in South and Central Mumbai as both lifestyle purchases and long term stores of value. It's worth asking whether this reflects genuine end use demand or simply capital looking for a safe, prestigious parking spot, and honestly it's probably a bit of both.

Transactions like this one tend to quietly reset expectations for everything else on the same stretch. Once a unit sells north of a lakh per square foot, neighbouring sellers gain fresh justification to hold firm on their own asking prices, even if their specific unit lacks the same sea facing premium. It's a pattern Mumbai's luxury corridors have seen repeatedly, individual mega deals slowly pulling up the entire micro market's price floor.

Mehul Shah's ₹106.5 crore purchase of a sea facing apartment in Lodha Avalon reflects Juhu's continuing pull among Mumbai's wealthiest buyers, arriving alongside major corporate developments at his pharmaceutical company Encube Ethicals. With per square foot rates crossing ₹1,08,000, the deal reinforces Juhu's standing among the city's top luxury addresses. For observers of Mumbai real estate, transactions of this scale offer a clear read on how deep demand still runs at the very top of the market.