by THO
Promoter of wires and cables manufacturer RR Kabel Ltd, Rajesh Shreegopal Kabra and his family members, have purchased two apartments worth ₹198 crore in Worli area of Mumbai, according to property registration documents accessed by IndexpTap.com
The two apartments spread across 13,809 sq ft are located on the 62nd floor of Oberoi Three Sixty West, a luxury project by Mumbai-based listed real estate firm Oberoi Realty. These have been sold for over ₹1.43 lakh per sq ft, documents show.
The two transactions were registered on October 29, 2024 and come with 10 car parking spaces, according to the documents.
A stamp duty of ₹7.29 crore and a registration fee of ₹60,000 has been paid for the two apartments, according to the documents.
Out of the two apartments, one unit measures 7,167 sq ft and comes with five car parkings. The apartment is located on the 62nd floor and costs ₹102.76 crore. It has been registered under the name of Rajesh Kabra and Monal Kabra.
The second apartment on the same floor measures 6,642 sq ft and comes with five car parkings. It costs ₹95.40 crore. These have been purchased by Kritidevi Kabra and Shreegopal Kabra, the documents showed.
The luxury residential project has been constructed by Oberoi Realty. It has two towers that comprise 4 BHK and 5 BHK units. The project also has duplex apartments and penthouses. The project received its occupation certificate in 2022.
The sea-view project presumably gets its name because its height is 360 metres and all apartments face the west.
Besides these apartments, the Kabra family also owns an duplex on the 42nd floor of the same building spread across 5,339 sq ft. The duplex was bought in November 2019, for ₹56 crore, according to IndexTap.com
Also Read: Why is there a rush to own luxury apartments in Oberoi Realty’s Three Sixty West project in Mumbai?
In February 2024, promoters of RR Kabel Ltd, Sumeet Mahendrakumar Kabra and Mahendra Kumar Rameshwarlal Kabra, had bought two housing units in Prabhadevi, Mumbai, for ₹50.76 crore, documents accessed by Zapkey.com showed.
An email query sent to Oberoi Realty and RR Kabel Limited did not get any response.
Bollywood stars and high net worth individuals reside in Oberoi Three Sixty West
Bollywood actors Shahid Kapoor, D’Mart’s Radhakrishna Damani and Everest Masala Group’s promoter Vadilal Bhai Shah, Vratika Gupta, founder of a well-known decor brand, Ashley Nagpal, promoter of Ebco Pvt Ltd, a furniture fittings and accessories firm, all own sea-facing luxury apartments in Oberoi Realty’s Three Sixty West project.
Shahid Kapoor and his wife Mira Kapoor purchased a 5,395 sq ft apartment in Oberoi Three Sixty West project for around ₹60 crore in May this year.
Karan Bhagat, founder and CEO of 360 One, earlier known as IIFL Wealth & Asset Management, also owns two units that he bought for over ₹170 crore. Promoters of Kiran Gems own a 16,000 sq ft sea-facing apartment in the luxury project that they bought for ₹97.4 crore.
Luxury residential segment of Mumbai real estate market on fire
Of late several luxury residential deals have been registered in South and Central Mumbai. KKR India’s CEO Gaurav Trehan recently bought a seaview luxury apartment in Morena House project in South Mumbai for ₹88 crore from JSW Realty, documents accessed by Zapkey showed.
Several developers in Delhi-NCR and Mumbai have launched ultra luxury projects of late to cater to the requirements of high-networth individuals. Real estate experts say that demand for luxury and ultra luxury properties priced at over ₹5 crore has gone up due to the fear of missing out on new housing project launches as there is less supply chasing high demand. Rich investors are now preferring to buy into large apartments with modern amenities rather than bungalows.
A recent report by CBRE had said that the increase in demand for luxury housing has been on account of a growing preference among affluent buyers for enhanced amenities and more spacious living areas that complement their multifaceted lifestyles. The rise in NRI and astute domestic investors in the Indian real estate market has considerably fueled the heightened demand for luxury residences, the report said.
