New Launch - India Real Estate Report 2026.
In yet another high-value real estate deal involving a pharmaceutical entrepreneur, Mehul Madhusudan Shah, founder, promoter, chairman and managing director of Encube Ethicals, along with Niti Mehul Shah, has purchased a luxury apartment in Mumbai's Juhu for Rs 106.52 crore, according to property registration documents accessed by Zapkey.
Deal comes as Encube files DRHP for Rs 3,000 crore IPO
The transaction assumes significance as Mumbai-based Encube Ethicals, a fully integrated speciality pharmaceutical company, recently filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise about Rs 3,000 crore through an initial public offering (IPO).
Property details: 9,862 sq ft at Rs 1.08 lakh per sq ft
The apartment is located on a higher floor of Avalon Tower A at Lodha Avalon on Juhu Tara Road.
It was purchased from V Hotels Limited, represented by its authorised signatory, Vaibhav Kolwalkar, and the transaction was registered on July 31, 2026.
- Carpet area: 916.29 sq m (9,862.88 sq ft)
- Approximate price: Rs 1.08 lakh per sq ft
- Includes five car parking spaces
The buyer and the seller could not be reached for comment. Several Bollywood stars, including Amitabh Bachchan, Varun Dhawan, Ajay Devgn, Shahid Kapoor and Kartik Aaryan, also own properties in the Juhu area.
Also Read: Dilip Kumar's Pali Hill Property Museum Space Up for Sale
Part of a record year for India's ultra-luxury housing market
India's ultra-luxury housing market saw one of its strongest years on record in 2025, with wealthy individuals and entities spending over Rs 7,100 crore on 51 marquee residential transactions.
Of this, properties worth about Rs 1,530 crore in Mumbai had direct links to buyers from the pharmaceutical sector, according to data collated by Zapkey.
The highlight of the year was USV chairperson Leena Gandhi Tewari's purchase of two ultra-luxury sea-facing duplex apartments in Mumbai's Worli for nearly Rs 739 crore, the largest single residential deal ever recorded in India.
Avalon Tower in Juhu has seen other large transactions too. Last year, directors of financial consulting firm Sahastraa Advisors Private Limited purchased a luxury apartment at Avalon Tower for Rs 106 crore, according to Zapkey.
In 2025, Heena Lalwani, promoter of Aatman Innovations Private Limited, a company engaged in publishing, distributing and marketing books, purchased a luxury apartment in Juhu for Rs 113.42 crore, per the same source.
Taken together, these transactions point to Avalon Tower emerging as one of the preferred addresses among India's high-net-worth business owners in recent years.
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