Lived in a rented house for 40 years, now bought the entire tower for 711 crores; Who is Dinesh Thakkar?

Mumbai News: A major property deal is in the news in the country’s real estate market. Dinesh Thakkar, founder, chairman and managing director of stock broking company Angel One in Mumbai’s Juhu area has invested Rs. An entire luxury residential tower has been purchased for 711 crores. The special thing is that this deal is not for a single flat, but for an entire seven-storey residential building. The property is a part of the Embassy Terraza project located on Juhu Tara Road, a very posh locality in Mumbai. The RERA carpet area of ​​the tower is approximately 63,000 square feet. The deal price inclusive of stamp duty and GST is around Rs. 711 crore is said to be.

Bought the entire 7 storey tower

Real estate company Embassy Developments informed the stock market on Tuesday that it has signed a Memorandum of Understanding (MoU) with Dinesh Thakkar for the sale of an entire residential tower in Embassy Terrace. According to the company, the tower for which the contract has been awarded is seven stories tall and has a RERA carpet area of ​​around 63,000 square feet. Around Rs. The deal, worth Rs 711 crore, is among the largest single residential unit transactions in the country.

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The price is around 1 lakh per square feet

If we compare the price of this deal with the area of ​​the property, it comes to around Rs 1 lakh per sq ft. However, expenses like stamp duty and GST are also said to be involved. Juhu is considered among the most expensive and premium residential areas of Mumbai. Luxury properties located near the sea here are priced very high. In such a situation, this deal of the entire tower has become a topic of special discussion in the real estate sector.

Embassy Terraza is built on two acres

The Embassy Terraza project is spread over two acres on Juhu Tara Road, Mumbai. There are total five towers in this entire project. Chairman of the company Jitendra Virwani said that Dinesh Thakkar buying the entire tower in Embassy Terrace shows confidence in the company’s brand in Mumbai’s real estate market. The company has considered such a big deal within 18 months of its launch in Mumbai as an important achievement.

Who is Dinesh Thakkar?

Dinesh Thakkar is the Founder, Chairman and Managing Director of Angel One. He started the company in 1996 as a traditional stock broking business. Over time the company shifted its business into digital financial services. According to the company, in 2019 it started its digital journey and focused on providing end-to-end digital investment solutions to clients.

After this the company expanded its customer base in different parts of the country and reached tier-2 and tier-3 cities. Dinesh Thakkar has been associated with the company’s business for nearly three decades. Under his leadership, Angel One expanded its business from traditional stock broking to digital financial services.

Lived in a rented house till the age of 40

An interesting thing about this property deal of 711 crores is connected with old thinking of Dinesh Thakkar. According to media reports, he lived in a rented house from the age of 38 to 40. He believed that investing money in a business rather than investing in a house or real estate in the early stages of a career can be more beneficial.

He chose to invest his capital in business, as he felt that business could give better returns. Now this deal to buy an entire luxury tower in Juhu for around Rs 711 crore has become the most talked about deal related to Dinesh Thakkar’s property.