Harsh Jain, co-founder and CEO of fantasy sports unicorn Dream11, has paid an incredible ₹138 crore for a sprawling apartment with a view of the sea in Malabar Hill, one of Mumbai’s most prestigious and sought-after residential enclaves, setting new standards for the city’s luxury real estate market.
The acquisition was formally finalized in late April 2025, with stamp duty and registration fees totaling over ₹8.28 crore, according to papers obtained from property registration records, highlighting the size of the transaction. Situated on the upper floors of the Samudra Mahal complex, a famous tower with a view of the Arabian Sea, the property offers unmatched panoramic views, top-notch facilities, and easy access to South Mumbai’s affluent neighborhoods.
Details and Specifications of the Deal
According to those acquainted with the deal, Harsh Jain’s new apartment has a large terrace, many balconies, and private elevator access. It is around 18,000 square feet in built-up space. According to reports, the property has five bedrooms, a gym, multiple entertainment areas, and smart home technology that are perfectly incorporated into the layout.
Although the seller’s name is being kept secret for privacy reasons, industry sources have suggested that the property was once owned by a South Mumbai-based family of industrialists. The property was bought from a private individual.
The apartment has luxurious furnishings, six parking spaces, and access to resident-only features including a mini-theater, rooftop bar, infinity pool, and planted garden.
A Transaction That Breaks Records
This purchase has been praised by real estate analysts as one of the biggest residential deals in Mumbai in 2025, second only to recent acquisitions made by Bollywood superstars and other startup entrepreneurs in the upscale communities of Worli, Altamount Road, and Malabar Hill.
Malabar Hill’s tradition, exclusivity, and unrivaled views of the Arabian Sea and Marine Drive continue to draw ultra-high net worth people (UHNIs). According to Pankaj Kapoor, managing director of real estate consultant Liases Foras, Harsh Jain’s acquisition “confirms the trend of startup entrepreneurs gravitating towards legacy South Mumbai locations.”
Kapoor went on to say, “This deal comes to about ₹76,700 per square foot, which is comparable to top-end market benchmarks.”
Concerning Dream11 and Harsh Jain
A well-known personality in India’s flourishing fantasy sports and gaming sector is 39-year-old Harsh Jain. A graduate of Columbia Business School (MBA) and the University of Pennsylvania (Engineering), Jain co-founded Dream11 in 2008 with Bhavit Sheth.
Since its humble beginnings, Dream11 has expanded to become the first gaming unicorn in India, with a valuation of over $8 billion as of 2024. With more than 150 million registered members, the network offers fantasy sports competitions in basketball, football, cricket, kabaddi, and other sports.
Harsh Jain has played a key role in establishing Dream11 as a trailblazer in the Indian fantasy sports landscape. His father, Anand Jain, is a prominent businessman and close friend of Reliance Industries chairman Mukesh Ambani. The business has further solidified its position in the sports world by being an official partner of the IPL and the Board of Control for Cricket in India (BCCI).
Jain has shown his love of cricket and business in a 2024 interview:
Dream11 began as a result of a straightforward passion for sports. What began as a friend’s fantasy cricket game has grown into a popular platform with millions of Indian followers.
Growth of New Business Owners in High-End Real Estate
Indian startup entrepreneurs have been making significant investments in Mumbai’s upscale residential sectors in recent years. The desire of entrepreneurs for high-end real estate has increased in tandem with India’s startup boom, as seen by the purchases of a ₹110 crore home in Worli by Nikhil Kamath, co-founder of Zerodha, and an apartment on Pali Hill by Deepinder Goyal, founder of Zomato.
“India’s new wealth makers are entrepreneurs like Harsh Jain. Their investment in the luxury market in South Mumbai represents their long-term wager on the value of quality real estate as well as their desires for a certain lifestyle,” stated Rohit Gera, MD of Gera Developments.
According to real estate advisors, since 2023 alone, startup founders in Mumbai have inked luxury property acquisitions totaling over ₹1,500 crore. This has been fueled by profitable initial public offerings (IPOs), secondary share sales, and growing discretionary incomes in the tech sector.
The Reasons Malabar Hill Is Still Desired
Known as Mumbai’s “Billionaire’s Row,” Malabar Hill is home to Bollywood mainstays, leading legal minds, and India’s commercial elite. It is a unique combination of luxury, nature, and urban convenience due to its advantageous position, which puts it close to Marine Drive, Napean Sea Road, Walkeshwar Temple, and Hanging Gardens.
The following are important elements influencing interest in the area:
Properties that face the sea and offer unhindered sunset views
Superior security and infrastructure
Value stability is ensured by a limited land supply.
The legacy significance of addresses in South Mumbai
Among the notable inhabitants of Malabar Hill are Bollywood actor Shah Rukh Khan, millionaire banker Uday Kotak, and entrepreneur Kumar Mangalam Birla, who reputedly owns an apartment here in addition to Mannat in Bandra.
Implications for the Real Estate Market in Mumbai
The luxury real estate market is probably going to be affected by Harsh Jain’s well-publicized acquisition. Mumbai experienced a 14% increase in sales of properties over ₹50 crore in 2024, according to Knight Frank India, and analysts predict that the upward trend would continue in 2025.
According to Shishir Baijal, Chairman of Knight Frank India, “high-value transactions like this give developers the confidence to launch premium inventory and reassure buyers about the resilience of marquee markets.”
It’s interesting to note that this acquisition coincides with the Maharashtra government’s intention to raise stamp duty, which would raise transaction expenses for ultra-luxury purchasers starting in July 2025. Jain may have been able to minimize his purchase expenses by scheduling the deal to close in April.
