A lavish penthouse perched on the 60th floor of a Mumbai skyscraper, with a celebrity broker and a $14 million price tag, is facing an unexpected roadblock: the owner on a mission to find the right buyer.
Located in Lower Parel, Mumbai’s financial heart, this 16,000-square-foot, six-bedroom marvel is set to impress anyone who steps inside — but only if they pass an intensive screening process. Interested buyers can expect a thorough review of their finances, reputation, and background, with even a visit to their office to check out the scale of their business. The assumption is that any buyer will likely own a company of their own.
So far, this exhaustive process has ruled out many potential buyers — including Bollywood’s elite.
“Money can’t actually buy this,” said Nishant Agarwal told Bloomberg, whose family owns the realty firm that built the tower and the penthouse itself. “We want to make sure it’s the right kind of person.”
Celebrity broker Ravi Kewalramani is one of the key players in screening buyers for this extravagant penthouse. With over a million followers on Instagram, Kewalramani’s role extends far beyond the typical broker duties — he’s also acting as a matchmaker for the property, ensuring the right fit for both the building and the community, the Bloomberg report added.
“Most of the time, people want a family, they want someone who’s going to get along with the neighbours, someone who is not egoistic about the money, someone who’s grounded,” Kewalramani told Bloomberg. “The person can have their get-togethers, but it shouldn’t be causing a nuisance for everyone else.”
At 1.2 billion rupees ($14.2 million), this luxurious residence comes with a host of features: a glass-walled elevator, a rooftop pool, a gym, and parking space for eight vehicles. Despite multiple offers, only a handful have made it to the final stage of negotiations, with the owner focusing on finding a family-oriented buyer who fits in with the building’s community. Bollywood figures, despite their fame and fortune, were among those who didn’t cut, as concerns arose about their fit with the neighbourhood, the report added.
“There’s no preference over the ethnic background of potential buyers,” said Akshay Lunawat, a broker on Kewalramani’s team. “Anyone is welcome to submit a bid, but it will be subject to the screening process.”
Mumbai is at the epicentre of India’s multi-year property boom. Home prices surged 12% in the first quarter of the year compared to last year, according to the Bloomberg report citing real estate consultancy Knight Frank — the third-largest gain globally, behind Manila and Tokyo. In fact, Mumbai accounted for 21 of the 25 most expensive property deals in India in just the first eight months of the year, according to consultancy Anarock.
“People can have their factories anywhere in the country, but most people will still want to have a foothold” in Mumbai, Agarwal told Bloomberg. “And because of that, the luxury market has been absolutely unprecedented.”
The surge in prices, coupled with stagnant wages and high unemployment, is contributing to growing inequality in India. According to economists, including Thomas Piketty, the top 1% of the population now holds more than 40% of the nation’s wealth.
Lower Parel, where this penthouse is located, perfectly illustrates that wealth divide. Once home to British residents in the 18th and 19th centuries, the area evolved from a textile hub into Mumbai’s primary financial center. Over time, high-rises and gated communities replaced the mills that once defined the area.
One such development is One Avighna Park, built by the Agarwal family. The land, once home to cotton mills, was acquired in 2006 by the family’s real estate firm, Avighna Group. The workers displaced by the construction of the tower were rehoused in a separate building completed in 2012. The penthouse was one of the first apartments to be handed over to its owners in 2016.
The building offers residents a variety of amenities, including guest rooms available for a fee during large family events, a Jain temple, a music and dance studio, a salon, and separate entrances for domestic staff.
As for the penthouse itself, the search for the ideal buyer continues.
“There’s no urgency,” Agarwal said. “If we have spent so much time building this house, we might as well spend a little longer and get a buyer we like.”
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