Pharma company Gufic buys Lodha Avalon duplex in Juhu for ₹236 crore

BENGALURU: A ₹236-crore apartment purchase by pharmaceutical company Gufic Pvt. Ltd adds to a growing cluster of high-value residential deals at Lodha Developers’ luxury project in Mumbai’s Juhu neighbourhood, where pharmaceutical promoters and business executives have emerged as prominent buyers.

Gufic has bought a duplex apartment in the under-construction Lodha Avalon project for ₹236.33 crore, according to property registration documents accessed by Zapkey. The 14th-floor apartment has a carpet area of 19,694 sq. ft and comes with 10 parking spaces. The transaction was registered on 21 October.

The deal values the apartment at approximately ₹1.2 lakh per sq. ft, making it one of the notable high-value residential transactions in Mumbai’s luxury housing market.

Gufic, represented in the transaction by its director Vipula Jayesh Choksi, purchased the property from V Hotels Ltd, an entity acquired by Macrotech Developers Ltd, now known as Lodha Developers, through a resolution approved by the National Company Law Tribunal (NCLT).

Lodha Avalon is being developed on the site of the erstwhile Centaur Hotel, subsequently renamed Tulip Star.

The transaction adds to a series of high-value apartment purchases in Juhu, an established luxury residential market that is also home to several Bollywood stars. Lodha Avalon, in particular, has attracted a string of wealthy buyers, including pharmaceutical companies and their senior executives.

“Pharma leaders buying marquee homes is an unmistakable trend across Mumbai’s luxury landscape today. With solid business earnings and high conviction, corporate promoters are decisively locking in rare, large floor plates in premier seaside locations as generational assets,” said Sandeep Reddy, co-founder of Zapkey.

In July, Mehul Shah, founder, chairman and managing director of pharmaceutical company Encube Ethicals, and his wife Niti Shah bought an apartment in Lodha Avalon for more than ₹106 crore, at ₹1.08 lakh per sq. ft.

In August, businessman Ravi Kishorilal Jhunjhunwala and his wife, Sarita R. Jhunjhunwala, purchased an apartment in the project for ₹113.42 crore. Another transaction exceeding ₹100 crore took place in 2025, when directors of financial consulting firm Sahastraa Advisors bought an apartment for ₹106 crore.

A Lodha spokesperson declined to comment. Gufic spokespersons could not be immediately reached.

Mumbai’s ultra-rich continue to favour luxury homes in established, sea-facing neighbourhoods such as Malabar Hill and Worli in South Mumbai, as well as Juhu and Bandra West in the suburbs. Limited availability of premium properties and their perceived long-term investment appeal continue to support demand in these markets.

Madhurima is Senior Editor at Mint and tracks and writes on real estate, urban issues and infrastructure. Besides news stories, she also writes longform stories. She has over two decades of experience in journalism, and has tracked India's real estate sector closely. Real estate in India is complex and fascinating, and she is one of the few journalists who has tracked the sector over the years and mapped critical events—from the Lehman impact in 2008, to the NBFC-led liquidity crisis, to the boom cycle after the 2020 pandemic. She is a Bengaluru-based business journalist but is always looking forward to travel wherever a story takes her. It could be Ayodhya or Jewar to witness the rise of new property markets, or Goa and Hyderabad to experience the changing real estate landscape. Real estate can be a tricky subject, so her aim is always to dig beneath the surface and tell a story as accurately as possible for the readers.<br><br>She has worked in newsrooms across Mumbai, Bengaluru and Kolkata. She has a Masters degree in English Literature and a postgraduate diploma in journalism from Symbiosis, Pune.

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