Representative Image Mumbai, Rakesh Jhunjhunwala‘S Rare Enterprises Senior Partner and Chief Executive Utpal Sheth Bought a luxury sea view apartment in a super-premium residential tower in a posh area of Mumbai Worli More than Rs 123 crore will be spent on this project.
Sheth was considered the right-hand man of late billionaire investor Jhunjhunwala for nearly two decades and is also the co-founder of multi-line and multi-asset financial services platform Trust Group.
The apartment, spread over a usable area of 15,795 sq ft at The Oberoi Three Sixty West on Dr Annie Besant Road, is on the 54th floor of a wing of the tower. Sheth has bought the apartment along with two other members of his family.
Documents accessed through Indextap.com showed that the buyers have paid around Rs 7.40 crore as stamp duty for registering the deal, which took place on September 15.
Sheth bought the apartment from Sahana Group’s Skylark Buildcon and Moonrise Realty – part of the joint venture Oasis Realty that has developed the project. Oberoi Realty,
Three Sixty West is a mixed-use development consisting of two towers, one of which houses The Ritz-Carlton Hotel and the other will contain luxury residences managed by The Ritz-Carlton.
Under this deal, the buyer will get exclusive access to seven car parking slots in the tower. The usable area of the apartment includes a balcony of 884 sq ft.
ET emailed questions to Sheth and others Oberoi Realty The query could not be answered till going to press on Friday.
Residential property sales across the top eight cities hit an all-time high in 2023 and have continued to perform well so far this year, driven by strong demand in the mid-income, premium and luxury segments.
Mumbai remained at the forefront as the country’s largest and most expensive property market as it continued to set records in terms of property deals. Registrations have increased year-on-year for 13 consecutive months starting August 2023 and have crossed the Rs 10,000 mark in each of the first eight months of 2024.
South and central Mumbai – home to some of India’s most expensive apartments – are playing a key role in driving this performance. The micro market has seen several big deals involving industrialists, top corporate executives, actors and sports personalities in the past few years.
