Indian tycoon buys £21m Notting Hill property

HARISH AHUJA, owner of India's largest garment exporter Shahi Exports, has purchased an eight-storey property in London's Notting Hill for £21 million.

The deal, completed in July, is one of the largest residential property sales in the UK this year, despite a general slowdown in luxury property transactions, reported Bloomberg.

Ahuja’s son, Anand Ahuja, a director at Shahi Exports, and his wife, bollywood actress Sonam Kapoor, plan to reside in part of the building after redevelopment, with a portion of the property expected to be converted into flats. The site, close to Kensington Gardens, was previously owned by a UK-registered charity.

Shahi Exports, based in Karnataka, supplies major international brands like Uniqlo, Decathlon, and H&M, operating over 50 factories and employing more than 100,000 people.

Ahuja’s acquisition stands out amid a slowdown in London’s luxury property market, where transactions over £5m dropped by 19 per cent in July compared to the same period last year, according to data from LonRes.

Property experts have cautioned that upcoming VAT on private schools and changes to the “non-dom” tax regime, which offers favourable tax treatment to wealthy foreign residents, could dampen demand for top-tier London real estate.

However, data from Hamptons International reveals that Indian buyers have continued to increase their presence in the capital’s prime property market, with a 3 per cent rise in purchases from 2019 to 2023, the highest growth among any nationality.

In recent weeks, two Indian buyers secured apartments in Mayfair for £7.85m and £9.15m, including one that was previously owned by Princess Diana’s stepmother.

In 2023, Indian billionaire Ravi Ruia bought a Regent’s Park mansion for £113m, while vaccine mogul Adar Poonawalla purchased a Mayfair residence for £138m, the most expensive UK property deal of that year.

Shahi Exports has not commented on the purchase.