Pramit Jhaveri and Wife Acquire ₹38 Crore Luxury Apartment in Mumbai
Pramit Jhaveri and his wife, Mukeeta, have made a significant investment in the luxury real estate market of Mumbai by purchasing a high-end apartment on South Mumbai’s Carmichael Road for ₹38.16 crore, as per property registration documents accessed by Zapkey.
The apartment, located in Echay House, a prestigious project developed by JSW Realty, was purchased at a rate of ₹1.36 lakh per sq ft. The property boasts a carpet area of 2,805 sq ft and includes car parking spaces. The transaction was registered on November 29, 2025, with a stamp duty of over ₹2.28 crore and a registration fee of ₹30,000.
Jhaveri, who previously served as the CEO of Citibank India, has decided not to seek another term at the Sir Dorabji Tata Trust, one of the two principal trusts that control the $300-billion Tata group. His tenure at the trust is set to end on February 11, 2023, as reported by Mint on January 31, 2026.
The purchase by the Jhaveris reflects the ongoing strength of Mumbai’s luxury real estate market. Data collated by Zapkey indicates that 2025 was one of the strongest years on record for the ultra-luxury housing market in India. Wealthy individuals and entities spent over ₹7,100 crore on 51 marquee residential transactions in 2025.
A notable highlight of the year was the acquisition of two ultra-luxury sea-facing duplex apartments in Mumbai’s Worli by Leena Gandhi Tewari, the chairperson of pharmaceutical firm USV. The duplex apartments, located in the 40-storey premium tower Naman Xana on Worli Sea Face, were purchased for nearly ₹739 crore, making it the largest single residential deal ever recorded in India. The apartments span the 32nd to 35th floors and cover a total area of 22,572 sq ft, valued at over ₹2.83 lakh per sq ft on carpet area, as per registration documents dated May 28, 2025, shared by Zapkey.
Despite the high prices and significant investments, the luxury real estate market in Mumbai continues to attract affluent buyers. Factors such as prime locations, premium amenities, and the prestige associated with owning a luxury property in the city contribute to the market's resilience and growth.
An email query has been sent to JSW Realty for further details on the transaction. The story will be updated if a response is received. Pramit Jhaveri could not be reached for a comment.
Mumbai’s real estate market, particularly the luxury segment, remains a key indicator of the city’s economic health and the preferences of high-net-worth individuals. The continued interest in such properties suggests that Mumbai remains a top destination for luxury living, despite the challenges and competition from other major cities in India.
