UK (Commonwealth Union) Harish Ahuja, the owner of Shahi Exports, India’s largest garment exporter, has recently made headlines with his acquisition of an eight-storey property in London’s prestigious Notting Hill for £21 million. Completed in July, this transaction ranks among the most significant residential property sales in the UK this year, despite a noted slowdown in the luxury real estate market. Located near Kensington Gardens, the property was formerly owned by a UK-registered charity. After redevelopment, Ahuja’s son, Anand Ahuja, who serves as a director at Shahi Exports, along with his wife, Bollywood actress Sonam Kapoor, intends to reside in a portion of the building. The remainder of the property is expected to be converted into residential flats.
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Shahi Exports, headquartered in Karnataka, plays a pivotal role in the global garment industry, supplying major international brands such as Uniqlo, Decathlon, and H&M. With over 50 factories and a workforce exceeding 100,000 employees, the company is a formidable player in apparel manufacturing. The timing of Ahuja’s purchase is particularly noteworthy, given the broader context of the London luxury property market. According to data from LonRes, transactions exceeding £5 million fell by 19 percent in July compared to the previous year. Market analysts have raised concerns that impending VAT on private schools, alongside changes to the “non-dom” tax regime, beneficial for wealthy foreign residents, could further suppress demand for high-end London properties.
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Despite these challenges, Indian investors have shown a resilient appetite for prime real estate in the capital. Accordingly, Hamptons International reports a 3 percent increase in property purchases by Indian buyers from 2019 to 2023, the highest growth rate among nationalities during this period. Notably, two Indian buyers recently secured luxury apartments in Mayfair for £7.85 million and £9.15 million, including a property previously owned by Princess Diana’s stepmother. Furthermore, the trend is underscored by high-profile purchases in 2023, including Indian billionaire Ravi Ruia’s acquisition of a Regent’s Park mansion for £113 million, and vaccine magnate Adar Poonawalla’s Mayfair residence, which sold for £138 million, making it the most expensive property deal in the UK this year.
While Shahi Exports has not publicly commented on the purchase, Ahuja’s financial stature is well-established. According to reports, he possesses an estimated net worth of Rs 5,900 crore, further solidifying his influence within the Indian business landscape. Furthermore, Harish Ahuja’s investment in Notting Hill not only reflects his personal ambition but also highlights the growing trend of Indian investors making significant strides in the UK luxury property market, even amid economic uncertainties.
