Indian tycoon Harish Ahuja, who owns Shahi Exports Pvt., has purchased an £21 million ($27 million) property in London's Notting Hill, marking one of the most significant UK residential transactions this year. This acquisition comes despite a slowdown in luxury real estate sales across the UK. Ahuja's son, Anand Ahuja, and daughter-in-law, Bollywood actress Sonam Kapoor, plan to use part of the eight-story property as their residence after redevelopment, while another section is expected to be converted into flats.

The 20,000-square-foot estate is a short walk from Kensington Gardens and was previously owned by a UK-registered charity and religious order. The media team at Shahi Exports has not commented on the purchase.

This acquisition is among a select few properties sold for over £20 million in 2024, including a £27 million Mayfair mansion sold by art collector-oil tycoons Fatima and Eskandar Maleki. According to broker Hamptons International, the share of prime central London homes bought by Indian buyers increased by 3% between 2019 and 2023, the highest rise for any nationality in that period.

In recent months, Indian buyers have acquired several high-end London properties. Notably, apartments in Mayfair were bought for £7.85 million and £9.15 million. Additionally, last year saw Indian billionaire Ravi Ruia purchase a £113 million mansion overlooking Regent’s Park, and vaccine tycoon Adar Poonawalla agree to pay about £138 million for a Mayfair mansion, the most expensive UK property deal of 2023.

Despite the luxury market facing challenges due to potential changes in Britain’s "non-doms" tax rules, Notting Hill has remained popular with international buyers. In July, an American buyer purchased a home in the area for £32 million.

Harish Ahuja has amassed his wealth through Shahi Exports, a supplier to brands like Uniqlo, Decathlon, and H&M. The company operates over 50 factories and employs more than 100,000 people. Anand Ahuja, his son, serves as a director at Shahi Exports and runs his own retail business, while Sonam Kapoor is known for her roles in Bollywood films, including "Neerja."

(ET)