Indian tycoon Harish Ahuja, the owner of apparel giant Shahi Exports Pvt., purchased an eight-story residential convent in London’s Notting Hill for £21 million last year, marking one of the city’s largest private property sales of 2024. The sprawling 20,000-square-foot estate, located just a short walk from Kensington Gardens, was previously owned by a UK-registered charity.
Ahuja’s son, Anand Ahuja, and his Bollywood star wife, Sonam Kapoor, who recently appeared in Vogue.in as the first Dior global ambassador from South Asia, plan to use part of the property as their home following redevelopment, while another section is expected to be converted into luxury flats.
This high-profile transaction is among only a few London homes to sell for over £20 million in the last 12 months, in a market that has seen luxury sales slow due to tax reforms targeting wealthy international buyers. However, Indian investment in prime central London real estate has been on the rise, with the country accounting for the largest growth in high-end property purchases between 2019 and 2023. Ahuja’s purchase follows a series of major acquisitions by Indian billionaires, including Ravi Ruia’s £113 million mansion near Regent’s Park last summer and pharmaceutical businessman Adar Poonawalla’s £138 million Mayfair estate (which was the most expensive UK home sale of 2023).
Others with interests in London’s prime real estate include steel magnate Lakshmi Mittal who has built an impressive property portfolio, famously purchasing a 12-bedroom residence in Kensington Palace Gardens for a record-breaking £70 million in 2004. Meanwhile, Mukesh Ambani, India’s richest man, entered the UK market in 2020 with his £57 million purchase of Stoke Park, a 900-year-old country estate featuring a golf course and tennis courts.
London Property Market: Some Boroughs Thrive Despite Broader Mixed Picture
Despite reports of sluggish growth, London’s property market has shown resilience, particularly in its more affordable boroughs. Waltham Forest led the capital’s gains, with 64% of homes increasing in value – placing it among the top 10 areas nationwide – while Barking and Dagenham, Hackney, Redbridge, and Havering also saw notable price rises.
This has made these areas particularly attractive for investors, be it individuals wanting to acquire an appreciating asset or cash-buying companies like WeBuyAnyHome.com, which offer fast valuations and transactions often completed within 7 days, seeking properties in desirable London locations. While the capital city hasn’t witnessed price rises as high as other parts of the UK (3.3% was the overall average according to Gov.uk figures), it has still seen gains of 1% to 1.2%.
Meanwhile, high-end sales like Harish Ahuja’s have picked up, with agreed transactions of £2 million and above rising 24% in Q4 2024 compared to the same period in 2023. London’s property market remains dynamic, with outer boroughs driving growth and luxury buyers returning. As incomes rise and affordability improves, the capital is poised for a more stable housing outlook, offering value for buyers and renewed confidence for sellers.
Affordability-Driven Growth and High-End Sales
London’s real estate market continues to evolve, balancing affordability-driven growth in outer boroughs with a resurgence of high-end property sales. Indian billionaires and global investors remain key players, securing prime assets despite tax reforms. With improving affordability and renewed buyer confidence, London’s property landscape is set for a more stable and dynamic future.
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