Encube Founder Buys 106.5 Crore Apartment in Juhu

Encube Ethicals founder Mehul Shah purchases a luxury apartment in Mumbai’s Juhu for ₹106.5 crore, reflecting sustained demand for ultra-premium residences in the city’s high-end real estate market.

The Managing Director of the Encube Ethicals, Mr. Mehul Shah, has purchased an expensive flat in the Juhu area of Mumbai for ₹106.52 crores, which reflects the resilience of the ultra-luxury real estate segment in the city. The high-value deal has come just ahead of the filing of the Draft Red Herring Prospectus (DRHP) by the company for a proposed ₹3,000 crores IPO.

As per property registration records, this particular apartment lies in Tower A of Avalon Towers in the Lodha Avalon complex on Juhu Tara Road. The flat is bought jointly by Mehul Shah and Niti Mehul Shah and comprises a carpet area of around 9,862.88 square feet along with five parking slots. The apartment has been purchased from V Hotels Limited, with the registration process taking place on July 31, 2026. The cost per square foot comes up to around ₹1.08 lakh.

Also read: Danube Properties Launches Zero Down Payment Offer

This deal highlights the continuing need for high-end homes in Juhu, an area that remains popular among businessmen, industrialists, celebrities, and HNIs. This location is famous for its beachfront homes, luxurious living options, great accessibility and connectivity, and proximity to the economic and entertainment centers of Mumbai. Land scarcity and buyer interest have been sustaining the premium prices in this locality.

In addition to the timing of the deal, the fact that Encube Ethicals is gearing up for its public market listing has attracted attention. The company has offered to conduct an ₹3,000 crore IPO, which will be conducted purely through the Offer for Sale route, whereby existing stockholders, including the promoter, will offload portions of their shares without raising any money for the company. Encube Ethicals functions as a prominent CDMO and provides topical pharma formulations for international healthcare firms.

Experts in the industry have stated that the ultra-luxury real estate market in Mumbai is experiencing healthy transactions despite the general instability of the entire market. The premium properties in already existing micro markets like Juhu, Bandra, Worli, and Malabar Hill continue to attract because of their exclusivity, scarcity, and high appreciation power.

Also read: What Today's New-Age Founders really want from their Workspace?

This purchase by Mehul Shah is yet another example of how the list of significant residential property deals in Mumbai continues to grow. This purchase further underscores that luxury residential properties remain very attractive to wealthy individuals who are interested in acquiring their own exclusive home at one of India’s finest residential destinations.