by THO
Mumbai’s luxury real estate market continues its upward swing with Karan Bhagat, founder and CEO of 360 One, that was earlier known as IIFL Wealth & Asset Management, purchasing two sea-view properties in Oberoi Realty’s project Three Sixty West in Mumbai’s posh area Worli for more than ₹170 crore, documents accessed by Zapkey showed.
The two apartments are spread over an area of 12,896 sq ft and are located on the 45th and 46th floors of Three Sixty West project.
Also Read: Real Estate trends: Five clinchers for a ₹100 crore property deal
Bhagat has bought one apartment on the 45th floor for ₹85.03 crore. The total area of the apartment is 6448 sq ft and it comes with four car parkings. The transaction was registered on May 22, 2024, the documents showed.
The second apartment located on the 46th floor is spread across an area of 6448 sq ft and comes with four car parkings. Bhagat has paid ₹85.03 crore for the property, the documents showed.
Bhagat has paid more than ₹6.44 crore as stamp duty to register the two luxury units, the documents showed.
Bhagat has purchased the apartments directly from Oberoi Realty which has sold them within three years of acquiring it from the joint venture partner Sahana Group. The apartments bought by Bhagat are part of the more than 60 units acquired by Oberoi Realty in the project from its developer Oasis Realty.
Emails have been sent to Bhagat and Oberoi Realty.
On February 12, 2023, Oberoi Realty had bought a luxury penthouse in Three Sixty West located in Mumbai’s posh Worli area for ₹230.55 crore. The ultra-premium project on Dr Annie Besant Road has been developed by the realty developer in collaboration with Sahana Group. Said to be one of the largest single deals in India, the company has reportedly acquired around 30,000 sq ft through its affiliate RS Developers.
Also Read: Costliest apartment deal: Oberoi Realty buys Mumbai penthouse for ₹230 crore
In a regulatory filing, Oberoi Realty had said its shareholders had in December 2022 approved the acquisition of residential premises in Three Sixty West constructed by Oasis Realty for up to ₹4,000 crore. Stamp duty charges and other expenses came up to ₹204 crore. The share of income tax liability discharged through Oasis Realty is ₹605 crore.
Earlier this month, promoters of Kiran Gems bought an around 16,000 sq ft sea-facing apartment in the luxury project Oberoi 360 West in Mumbai for ₹97.4 crore, documents accessed by Zapkey showed. The apartment spread across an area of 14,911 sq ft (Rera carpet) plus an additional area of 884 sq ft has been bought for ₹97.4 crore, the documents showed.
Also Read: Promoters of Kiran Gems buy a luxury apartment in Mumbai for ₹97.4 crore
In 2023, Welspun Group chairman BK Goenka had purchased a penthouse in the same luxury project at Worli for ₹230 crore, making it the second biggest transaction last year in the city. The penthouse is located on the 63rd floor in Tower B is spread across a carpet area of 29,885 sq ft.
In 2022, two apartments in the Oberoi Realty luxury project were purchased by Madhav Prasad Agarwal of Sajjan India Group and IGE (India) Pvt Ltd for ₹153 crore and ₹151 crore. The deal was among the top 10 real estate deals of the year.
Several high-end transactions took place in Mumbai in 2023 after the finance minister announced that the capital gain tax benefit on the sale of property above the value of ₹10 crore will be withdrawn.
Earlier this year (2024), Vratika Gupta, founder of a well-known decor brand Maison SIA, had bought a luxury apartment in Mumbai for more than ₹116 crore in Oberoi 360 West.
Also Read: Founder of decor brand Maison SIA buys luxury apartment in Mumbai for over ₹116 crore
In 2023, Sumir Chadha, the co-founder and managing director of private equity firm WestBridge Capital, had purchased a luxury apartment on the 60th floor of Oberoi Three Sixty West luxury project in Worli for ₹96.12 crore.
Last year, the founder of Everest Masala Group, Vadilal Shah’s family, had also purchased two apartments in Mumbai’s Oberoi Three Sixty West project for ₹143.50 crore. One apartment was bought for ₹73.50 crore and the other for ₹70 crore. These luxury apartments come with multiple car parking spaces.
In October 2023, Asha Mukul Agrawal, director at Param Capital Research Pvt Ltd, a leading capital market trading and investment firm, had purchased three apartments in Lodha Group’s luxury project Lodha Malabar in South Mumbai for a sum of ₹263 crore.
Also Read: Everest Food Products promoters buy luxury apartments of over ₹143 crore in Mumbai
In a bulk deal in 2023, 28 apartments in Three Sixty West’s Tower B were purchased by D Mart owner Radhakishan Damani’s immediate family and close associates for a sum of ₹1,238 crore last year.
Also Read: Worli ‘distress sale’: Damani daughters among 28 buyers
Three Sixty West by Oberoi Realty is a project that has two towers – Tower A with 66 floors and 28 apartments, while Tower B has 90 floors and 256 units including 4BHK, 5BHK, duplex configurations. It also has two penthouses of 11,036 sq ft each.
The sea-view project presumably gets its name because its height is 360 metres and all apartments face the west. It is a ready-to-move-in uber luxury housing project.
As per the MahaRERA portal, Three Sixty West project is registered in the name of Oasis Realty as the promoter, and has four promoters including SkyLark Buildcon Pvt Ltd, and Shree Vrunda Enterprises, part of Sudhakar Shetty’s Sahana Group, and Oberoi Constructions Ltd and Astir Realty LLP which are Vikas Oberoi promoted companies.
The luxury residential housing sales have seen a 151% increase in January-March quarter of 2023, with Mumbai registering a 44% growth year on year while Delhi-NCR witnessed a 216% jump, according to ‘India Market Monitor Q1 2023’ report released by CBRE South Asia Pvt ltd, a leading real estate consulting firm.
Also Read: Luxury homes priced over ₹4 crore record 10% Y-o-Y growth in Jan-March 2024 across top seven cities
As many as 11,504 units were registered in Mumbai in April 2024 up by 9% year-on-year, adding over ₹1,043 crore to the state exchequer. Compared to the same time previous year revenue from property registrations have risen by 16% year-on-year (YoY), according to Maharashtra Government’s Department of Registrations and Stamps (IGR) data.
