Sahastraa Advisors Directors Paresh Shah and Avni Shah Purchase ₹106 Crore Luxury Apartment in Juhu’s Avalon Tower at ₹1 Lakh Per Sq Ft

A luxury apartment in Mumbai’s Juhu area has been purchased for ₹106 crore by Paresh Shah and Avni Shah, Directors of the financial Consulting Firm Sahastraa Advisors Private Limited. The apartment is located in Avalon Tower on Juhu Tara Road. According to property registration documents accessed by Zapkey.com, the sale price exceeded ₹1 lakh per square foot, setting a new benchmark for the locality.

The apartment, which spans 9,863 square feet, is situated on the seventh floor of Avalon Tower. Along with the property, the buyers also secured five car parking spaces. The transaction was officially registered on January 19, 2025. A stamp duty of ₹6.39 crore and a registration fee of ₹30,000 were paid as part of the purchase process.

Local brokers have highlighted that the price per square foot in this transaction is one of the highest recorded in the Juhu area, reaffirming the region’s position as a prime residential market.

The Avalon Tower project is being developed by V Hotels Ltd, which was acquired by Macrotech Developers, also known as Lodha Group. The project’s completion date, as per Maharashtra Real Estate Regulatory Authority (MahaRERA) records, is September 2028.

Macrotech Developers acquired V Hotels Ltd in 2024 following an approval from the National Company Law Tribunal (NCLT). V Hotels Ltd previously owned Tulip Star in Juhu, formerly known as Centaur Hotel. The Lodha Group announced in April 2024 that it would pay ₹900 crore in tranches over 270 days for the acquisition. The first tranche of ₹90 crore has already been remitted, as per the company’s regulatory filing.

Juhu has remained one of Mumbai’s most sought-after residential areas due to its strategic location, access to the sea, and proximity to key commercial districts. The demand for high-end residential properties in the area has consistently driven property values upwards. The recent transaction at Avalon Tower reinforces this trend, indicating strong demand for premium real estate in the locality.

Experts note that infrastructure improvements and the availability of large residential spaces continue to attract buyers looking for long-term investments. Juhu is also home to several Bollywood celebrities and business executives, adding to its appeal as a high-value residential destination.

Juhu has witnessed multiple high-value real estate transactions in recent years. In a separate deal, actor Shakti Kapoor sold an apartment in Juhu for ₹6.11 crore. Additionally, a company owned by the Godrej family acquired land worth ₹80 crore in the same area. These transactions highlight the ongoing demand for properties in Juhu despite fluctuations in the broader real estate market.

The Lodha Group has stated that the assets acquired through V Hotels Ltd can be developed for residential and allied uses. This indicates potential future expansion of luxury housing projects in Juhu. The company has a history of developing high-end residential properties, and its plans for this project could further influence real estate prices in the locality.

With ongoing demand and significant investments in the area, Juhu continues to be a key market for luxury residential properties in Mumbai. Investors and homebuyers interested in premium real estate are likely to keep a close watch on upcoming developments in the region.