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Pramit Jhaveri, the former chief executive officer of Citibank India, and his wife, Mukeeta, have acquired a luxury apartment in the Echay House development on South Mumbai's prestigious Carmichael Road, registering the transaction at approximately INR 38.16 crore. Property records show the 2,805 sq ft residence was bought at about INR 1.36 lakh per sq ft, and the deal includes car parking spaces. The purchase was registered in late November 2025, with stamp duty of more than INR 2.28 crore and a registration fee of INR 30,000 paid to complete the process. The deal underscores continuing demand for high-end housing in prime Mumbai neighbourhoods, where limited inventory and strong buyer interest sustain premium pricing. Industry data indicate that India's ultra-luxury segment remained active in the past year, with marquee residential deals concentrated in central and southern parts of the city.
Pramit Jhaveri, a veteran banker and former chief executive officer of Citibank India, along with his wife, Mukeeta, has acquired a high-end residential apartment in the Echay House project on South Mumbai's Carmichael Road, according to property registration documents made available through real estate data platforms. The transaction was registered in late November 2025, reflecting the couple's purchase of the luxury residence for roughly INR 38.16 crore. Advertisement
The apartment spans approximately 2,805 sq ft of carpet area and was transacted at an effective price of about INR 1.36 lakh per sq ft. The deal also comprises associated car parking spaces. To complete the registration, the buyers paid stamp duty exceeding INR 2.28 crore and a registration fee of INR 30,000.
Located in one of Mumbai's most sought-after micro-markets, the property underscores the sustained appeal of luxury addresses like Carmichael Road. The neighbourhood is distinguished by its limited supply of premium residences, heritage value and proximity to key business districts, factors that continue to attract high-net-worth individuals and corporate leaders to invest in marquee homes.
The purchase by Jhaveri and his wife highlights the resiliency of the city's ultra-luxury housing segment even as broader market conditions moderate. Recent industry assessments show that ultra-high-value residential transactions continued to perform strongly in 2025, with wealthy domestic and international buyers participating in marquee deals across prime urban locations.
Jhaveri, whose tenure as CEO at Citibank India concluded recently as he opted not to seek a further term at the Sir Dorabji Tata Trust, is a well-known figure in India's financial services sector. His acquisition of a premium apartment in a landmark South Mumbai address is consistent with a trend of senior business executives and professionals participating actively in the luxury residential market.
With demand for premium homes remaining robust and inventory in central Mumbai constrained, transactions such as this illustrate solid valuation support in top-tier locations, where scarcity and prestige underpin sustained buyer interest.
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