In a city where opulence often speaks louder than words, a Rs 120 crore penthouse in Mumbai’s Lower Parel remains unsold despite attracting interest from some of Bollywood’s biggest names. The six-bedroom property on the 60th floor of One Avighna Park is not just a symbol of luxury but also a test of character, as its owner has set a unique and rigid criterion for prospective buyers.
This sprawling 16,000 square foot penthouse offers features that redefine luxury. Equipped with a glass-walled elevator, a private rooftop pool, a gym, and parking space for up to eight cars, the residence is designed to cater to the most exclusive lifestyle needs. Its panoramic views of Mumbai’s skyline and unmatched exclusivity make it a dream home for many.
Despite its grandeur, however, the property continues to sit unoccupied. What sets it apart is not just its price tag but the owner’s insistence on finding the perfect buyer.
Beyond Financial Wealth
The penthouse’s owner, Nishant Agarwal, who also heads the real estate firm behind One Avighna Park, has made it abundantly clear that money alone cannot secure the property. “This property cannot be purchased simply with money. We need to ensure that the buyer is the right person,” he explained in an interview with Bloomberg.
Agarwal’s unconventional approach reflects his vision of the penthouse not merely as a product but as a statement of values. He has emphasized that the buyer must possess impeccable social standing, a strong family background, and humility.
A Rigorous Vetting Process
To ensure these standards are met, Agarwal has assembled a high-profile team to oversee the sale, including celebrity real estate broker Ravi Kewalramani. Potential buyers undergo a stringent screening process that includes detailed background checks, assessments of their social reputation, and reviews of their financial stability.
Agents even visit the offices of prospective buyers to evaluate their business scale and ethics. “We want a family that can integrate well with the neighbours, someone who is humble and doesn’t flaunt their wealth,” Kewalramani explained.
Bollywood Buyers Turned Away
The penthouse has attracted considerable interest from some of the biggest names in Bollywood, along with other prominent figures. However, not a single one has passed the rigorous vetting process. Many high-profile individuals, despite their celebrity status and vast wealth, failed to meet the owner’s stringent social and ethical criteria.
This insistence on values over wealth has set the property apart in Mumbai’s real estate market, where high-end properties typically go to the highest bidder. Agarwal’s focus on social compatibility and family values has redefined the idea of luxury real estate transactions.
Renting as an Alternative
If the right buyer does not materialize, Agarwal is considering an alternative plan: renting out the penthouse for Rs 40 lakh per month. However, the same rigorous selection criteria will apply to potential tenants. Renting would provide Agarwal with substantial returns while ensuring the residence is occupied by someone who aligns with his vision.
This decision reflects Agarwal’s steadfast commitment to preserving the property’s exclusivity and ensuring it aligns with his values, whether through a sale or a lease.
Agarwal’s approach challenges conventional norms in Mumbai’s luxury real estate market. In a world where the highest offer usually wins, his emphasis on integrity, humility, and social compatibility over financial prowess is both unconventional and refreshing.
This philosophy also sheds light on the evolving expectations in India’s high-end real estate sector. As the market matures, wealthy homeowners and developers are increasingly prioritizing long-term social harmony and compatibility over mere transactions.
The story of the Rs 120 crore penthouse in Mumbai’s Lower Parel is more than a tale of luxury; it’s a reflection of the values that its owner holds dear. Nishant Agarwal’s insistence on finding a buyer with the right character, rather than simply the deepest pockets, has made this property stand out in a crowded market.
Whether sold or rented, the penthouse serves as a reminder that true luxury is not just about wealth but also about principles, social harmony, and authenticity. In a city known for its fast-paced transactions and high-stakes real estate, this home redefines the meaning of exclusivity.
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