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Mehul Madhusudan Shah, Director of pharmaceutical company Encube Ethicals, along with Niti Mehul Shah, has purchased a sea-facing luxury apartment in Juhu, Mumbai, for over INR 100 crore. The deal, registered on 31 July 2026, involved a 9,862.88-square-foot unit on the 10th floor of Avalon Tower A in Lodha Avalon, on Juhu Tara Road. The transaction was valued at INR 106.52 crore, working out to approximately INR 1,08,001 per square foot. The purchase comes shortly after Encube Ethicals filed its Draft Red Herring Prospectus with SEBI for an INR 3,000 crore initial public offering.
Mehul Madhusudan Shah, Director of pharmaceutical firm Encube Ethicals, along with Niti Mehul Shah, has purchased a sea-facing luxury apartment in Juhu, Mumbai, for over INR 100 crore, according to property registration data.
The deal was registered on 31 July 2026. The buyers acquired Flat No. 1001 on the 10th floor of Avalon Tower A in Lodha Avalon, a residential development located on Juhu Tara Road. The property is recorded under CTS No. 859 Part.
The apartment spans 9,862.88 square feet, equivalent to 916.29 square metres, and comes with five designated car parking spaces. The transaction was valued at INR 106.52 crore, translating to a rate of approximately INR 1,08,001 per square foot, placing the deal among the more prominent luxury residential transactions registered in Mumbai's western suburbs in recent months.
The seller in the transaction is listed as V Hotels Limited, represented by authorised signatory Vaibhav Kolwalkar. The Juhu micro-market has continued to see steady activity in the ultra-luxury residential segment, with sea-facing properties in the locality commanding a premium given the area's limited supply of large-format apartments and its long-standing appeal among high-net-worth buyers, including business promoters and entertainment industry figures.
The purchase comes at a time when Encube Ethicals has been preparing for a public listing, having recently filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India for an initial public offering of INR 3,000 crore. The timing of the residential purchase, alongside the company's public market preparations, reflects a broader pattern in which promoters and senior executives of companies approaching IPOs have made high-value residential acquisitions in Mumbai's premium micro-markets.
Lodha Avalon forms part of Macrotech Developers' broader portfolio of luxury residential projects in the Mumbai Metropolitan Region, with the developer maintaining a significant presence across the city's high-end housing segment. The Juhu-Versova belt has, over recent years, recorded several transactions in the INR 100 crore-plus bracket, underscoring continued demand for premium sea-facing residences in the area despite the broader moderation seen in some segments of the housing market.
The report did not specify the floor plan configuration or amenities included with the apartment, nor did it provide details of the buyers' financing arrangements or any additional properties held by them in the same development.
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