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Dream11 CEO Harsh Anand Jain has acquired a luxurious sea-view apartment in Mumbai's upscale Malabar Hill for over INR 138.41 crore. Located on the 23rd habitable floor of Lodha Malabar, the residence spans 9,546 sq ft, making it one of India's costliest properties by per sq ft rate. The deal also includes six exclusive car parking slots, with Jain paying over INR 8.30 crore in stamp duty. This transaction follows 2023's record-setting purchase of a triplex in the same tower for INR 369 crore. The Mumbai property market, led by high-value transactions in South and Central Mumbai, continues to dominate India's luxury real estate landscape.
Harsh Anand Jain, CEO and Co-founder of the fantasy sports platform Dream11, has invested in a luxurious sea-view apartment in the prestigious Malabar Hill locality of South Mumbai. The property, located on the 23rd habitable floor of the ultra-luxury residential tower Lodha Malabar on Walkeshwar Road, was purchased for over INR 138.41 crore. Advertisement
Spanning a carpet area of 9,546 sq ft, the apartment's price is valued at INR 1.45 lakh per sq ft, making it one of India's costliest property deals based on the per sq ft rate. The purchase also includes six exclusive car parking slots. Documents revealed that Jain paid over INR 8.30 crore in stamp duty for the transaction, which was registered earlier this week. The seller of this premium property is Macrotech Developers, a publicly listed arm of the realty giant Lodha.
Malabar Hill has long been synonymous with luxury and exclusivity, hosting some of India's record-breaking property transactions. In 2023, the Taparia family, founders of contraceptive manufacturer Famy Care, purchased a sea-view triplex in the same tower for INR 369 crore, setting a national record for real estate deals. Over the years, the area has attracted industrialists, Bollywood celebrities, and top corporate executives who are drawn to its prime location, breathtaking views of the Arabian Sea, and world-class amenities.
Jain's acquisition also reflects the growing wealth of India's startup ecosystem. Dream11, which has seen significant growth and valuation hikes, has positioned Jain among the country's leading young entrepreneurs, further driving his ability to invest in such premium properties.
Mumbai continues to dominate India's luxury real estate market, with South and Central Mumbai playing pivotal roles in the city's high-value property transactions. Areas like Malabar Hill, Altamount Road, and Tardeo have consistently recorded deals exceeding INR 100 crore, underscoring their allure for India's elite.
The broader residential real estate market in India also hit new heights in 2024, with the top eight cities, including Mumbai, seeing unprecedented demand across mid-income, premium, and luxury housing segments. The city retained its status as the largest and most expensive property market in the country, fuelled by consistent demand from high-net-worth individuals.
Harsh Anand Jain's purchase of a luxury apartment at Malabar Hill exemplifies the rising affluence within India's entrepreneurial ecosystem, driven by the rapid growth of startups like Dream11. The deal also reinforces Mumbai's status as a magnet for high-value property investments, especially in prime localities like South and Central Mumbai. Malabar Hill, with its legacy of record-breaking real estate transactions, continues to attract India's wealthiest individuals. Against the backdrop of a booming real estate market in 2024, Jain's acquisition reflects the enduring appeal of Mumbai's luxury housing sector and its role as a benchmark for the country's premium property landscape.
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