Mumbai's luxury real estate market continues its upward trajectory as Karan Bhagat, founder and CEO of 360 One, formerly known as IIFL Wealth & Asset Management, recently acquired two sea-view properties in Oberoi Realty's prestigious project Three Sixty West. The transaction, totaling over ₹170 crore, brings attention to the booming luxury real estate market in Mumbai's upscale Worli area.
Luxury Apartments with Impressive Specifications
The first apartment purchased by Bhagat is situated on the 45th floor and spans an impressive 6,448 sq ft. It comes complete with four parking spaces and a price tag of ₹85.03 crore. The second apartment, located on the 46th floor, offers a similar layout and features, including a size of 6,448 sq ft and four parking spaces, for the same price of ₹85.03 crore. Both transactions were officially registered on May 22, 2024.
Additional Expenses and Stamp Duty
In addition to the purchase price, Bhagat paid over ₹6.44 crore as stamp duty to register the two luxury units. These costs further solidify the significant investment made by the founder of 360 One.
Acquisitions from Oberoi Realty
Bhagat purchased the apartments directly from Oberoi Realty, which had acquired them within three years of obtaining the joint venture partnership with Sahana Group. These units represent just a portion of the over 60 properties that Oberoi Realty acquired from its developer, Oasis Realty, in the Three Sixty West project.
Previous Acquisitions and Developments
On February 12, 2023, Oberoi Realty made headlines with its purchase of a luxury penthouse in Three Sixty West for ₹230.55 crore. The project, developed in collaboration with Sahana Group, spans Dr. Annie Besant Road and is esteemed as one of the largest single deals in India. Reportedly, Oberoi Realty's affiliate, RS Developers, acquired approximately 30,000 sq ft of the project.
In December 2022, Oberoi Realty's shareholders approved the acquisition of residential premises in Three Sixty West, constructed by Oasis Realty, for up to ₹4,000 crore. Alongside these expenses, stamp duty charges totaled ₹204 crore, with an income tax liability share of ₹605 crore discharged through Oasis Realty.
Continued Growth of the Luxury Real Estate Market
Mumbai's luxury real estate sector has seen remarkable growth, with a 151% increase in sales during the January-March quarter of 2023. Notably, Mumbai experienced a 44% year-on-year growth, while Delhi-NCR witnessed an astounding 216% surge. The increasing demand for luxury properties in Mumbai is indicative of the city's thriving real estate market.
Conclusion
Karan Bhagat's acquisition of two luxury apartments in Oberoi Realty's Three Sixty West project showcases the ongoing boom in Mumbai's luxury real estate market. With high-profile transactions occurring and a significant increase in sales, the luxury segment continues to play a vital role in shaping the city's real estate landscape.
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