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Indian tycoon Harish Ahuja, owner of Shahi Exports, recently purchased a GBP 21 million (USD 27 million) property in London's Notting Hill. His son, Anand Ahuja, and Bollywood star daughter-in-law, Sonam Kapoor, plan to redevelop part of the property for their personal use, while another section may be converted into apartments. Despite a downturn in the UK luxury real estate market, driven by changes to Britain's "non-dom" tax rules, Indian buyers have remained active. This includes major deals such as Adar Poonawalla's GBP 138 million Mayfair purchase and Ravi Ruia's GBP 113 million mansion acquisition.
An Indian business magnate, known for his apparel empire, has recently purchased a home in London's Notting Hill district for GBP 21 million (USD 27 million). This transaction is one of the largest UK residential deals of the year, standing out amidst a broader decline in luxury sales. Harish Ahuja, the owner and operator of Shahi Exports Pvt., acquired the eight-story residential property in July, as per a UK filing. Anand Ahuja, along with his wife, Bollywood star Sonam Kapoor, intends to use a portion of the expansive property as their residence after redevelopment. Sources familiar with the situation, who asked to remain anonymous, revealed that another part of the building is likely to be converted into apartments. Advertisement
The property, offering over 20,000 square feet of space, is located just a short walk from Kensington Gardens. According to a brochure reviewed by Bloomberg News, it was previously owned by a UK-registered charity and religious order. The media team at Shahi Exports, along with the firm's company secretary, did not respond to emails requesting comments. The property purchased by Ahuja is among a select few that sold for more than GBP 20 million this year. This includes a GBP 27 million mansion in Mayfair, which was sold at a 33% discount by art collector and oil tycoon couple, Fatima and Eskandar Maleki. Notably, the share of prime central London homes bought by Indian nationals increased by 3% between 2019 and 2023, the highest for any nationality during that period, according to data from broker Hamptons International.
Earlier this month, different Indian buyers purchased apartments in Mayfair for GBP 7.85 million and GBP 9.15 million. One of these properties previously belonged to Countess Raine Spencer, the stepmother of the late Princess Diana. Peter Wetherell, the broker handling the deals, anticipates more Indian buyers in London due to growing wealth in the country and a desire to diversify real estate investments globally.
Indian billionaires have also been involved in significant property transactions in recent times. Last summer, Ravi Ruia acquired a GBP 113 million mansion overlooking Regent's Park. A few months later, Indian vaccine magnate Adar Poonawalla agreed to purchase a Mayfair mansion he was renting from Polish billionaire Dominika Kulczyk for approximately GBP 138 million, making it the most expensive UK home deal in 2023.
Recently, the high-end property market in the UK capital has come under pressure due to an impending overhaul of Britain's "non-doms" rules, which are set to eliminate preferential tax treatment for wealthy foreign residents. According to researcher LonRes, transactions priced at GBP 5 million or higher dropped by 19% in July compared to the previous year, signaling a worsening decline.
Despite the challenging market, Notting Hill in West London-famous for the 1999 romantic comedy starring Julia Roberts and Hugh Grant-has remained popular with international buyers this year. In July, an American buyer purchased a house in the area for GBP 32 million, relocating his family to expand his business in the UK.
Harish Ahuja, the senior Ahuja, built his wealth through Shahi Exports, a company that, according to a local unit of Fitch Ratings, supplies international brands such as Uniqlo, Decathlon, and H&M. Shahi Exports operates more than 50 factories and employs over 100,000 people, according to its website.
Anand Ahuja, Harish Ahuja's son, serves as a director at Shahi Exports and also manages his own retail business. His wife, Sonam Kapoor, is best known for her roles in Bollywood films, including *Neerja*, a movie based on the true story of an Indian flight attendant who sacrificed her life while trying to save passengers and crew during the attempted hijacking of a Pan Am flight in 1986.
The recent acquisition by Harish Ahuja highlights the continued appeal of London's luxury real estate market, even amidst economic challenges and shifting tax regulations. Despite a general downturn, high-value transactions involving Indian buyers underscore their enduring interest and financial capability. The redevelopment plans by Anand Ahuja and Sonam Kapoor further exemplify the trend of investing in prestigious properties. As the market adapts to new tax policies, the resilience of high-net-worth individuals and their ongoing investments signal both a strategic diversification and a sustained commitment to the UK property sector.
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