Vinay Dinesh Thakkar, son of Angel One founder and chairman Dinesh Thakkar, has sold a luxury apartment in Mumbai’s Andheri West for ₹52.48 crore, according to documents accessed by property data platform Zapkey. The deal, registered on June 20, 2025, reflects a sharp appreciation of nearly 87% in just over two years, signalling robust investor interest in Mumbai’s high-end residential segment despite prevailing macroeconomic headwinds.
The transaction took place in the upscale Atlantis tower, a premium residential high-rise in Andheri West known for its luxury amenities and proximity to commercial hubs like Lokhandwala, Versova, and SEEPZ. Thakkar had originally purchased the apartment in March 2023 for ₹28.11 crore. The new buyer, identified as Manoj Shyam Sundar Khaitan, has acquired the flat at a significant markup, yielding a compounded annual growth rate (CAGR) of approximately 29.4% for the seller, Zapkey data showed.
The apartment sold by Thakkar is located on the 25th floor and has a RERA carpet area of 3,891 sq ft, supplemented by a 409 sq ft balcony and four dedicated car parking slots. At a selling price of ₹52.48 crore, the per square foot rate works out to nearly ₹1.4 lakh, placing it among the top-tier residential transactions in Mumbai suburbs for 2025.
Premium Returns from High-End Mumbai Projects
This deal stands out not only for its value but also for the speed and scale of capital appreciation in a relatively short holding period. In recent months, several transactions in the western suburbs have demonstrated similar investor outcomes. According to market watchers, luxury developments in areas like Andheri, Juhu, Bandra, and Worli have emerged as strong performers due to tight inventory, improving infrastructure, and strong NRI and HNI demand.
The Atlantis project in particular has drawn interest from professionals and investors alike, aided by its strategic location and modern specifications. Situated close to Western Express Highway and the Mumbai Metro Line 1, the tower offers high-rise views and easy access to both work and lifestyle destinations.
The sale is consistent with a broader pattern of exits by prominent individuals in the Mumbai luxury real estate space. Earlier this year, four well-known Bollywood personalities—Amitabh Bachchan, Akshay Kumar, Sonakshi Sinha, and Subhash Ghai—collectively sold flats worth ₹122 crore in Mumbai. Their properties had appreciated by an average of 118% over the years, as per real estate sources.
Analysts note that despite an overall slowdown in mid-segment housing, the luxury bracket continues to perform well due to its scarcity-driven demand. "Luxury inventory in top locations is limited, and those seeking premium lifestyle upgrades or long-term capital preservation continue to back such assets," said a Mumbai-based real estate consultant.
However, experts also caution investors to consider hidden costs such as GST (5% on under-construction properties), stamp duty (typically 5-6%), registration charges, and recurring expenses like maintenance fees, club memberships, and taxes on rental income. These expenses can materially impact net returns.
The decision to invest in or exit from real estate is also increasingly influenced by tax and compliance considerations. Short-term capital gains (if sold within two years) are taxed at applicable income tax slab rates, while long-term capital gains (after 24 months) are taxed at 20% with indexation benefits. Given that Thakkar held the property for over two years, the deal likely qualifies for long-term capital gains taxation, offering a more favourable post-tax return.
Several high-net-worth individuals are reportedly restructuring their real estate portfolios in light of new financial planning trends, compliance scrutiny, and liquidity preferences. According to investment advisors, many prefer to exit legacy residential assets to reinvest in commercial properties, alternative investment funds, or equity markets.
Image source- realestatemumbai.com