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BENGALURU : IGE (India) Pvt Ltd has bought two apartments in real estate developer Oberoi Realty Ltd’s ultra-luxurious ‘Three Sixty West’ project, in south Mumbai’s Worli area, for ₹151 crore.
The two apartments with a sea-view on the 58th and 59th floors (42nd and 43rd habitable floors respectively) in Tower B, with a total area of 16,072 sq ft, have been sold at around ₹97,000 per sq ft. The transaction was registered on 8 September, and a stamp duty of about ₹9.06 crore has been paid, showed documents accessed by real estate data portal Indextap.com.
The sea-facing project located on Dr. Annie Besant Road recently got the much-awaited occupancy certificate (OC), after which prices are said to have escalated. ‘Three Sixty West’ has two towers and was developed by Oasis Realty, a joint venture between Oberoi Realty and Sudhakar Shetty-led Sahana Group. One tower will have a Ritz Carlton hotel and the other luxury residences managed by the hospitality brand.
“On checking the transactions of the project 360 West on IndexTap mobile APP, we saw most sale transactions in 2020-2021 were in the range of ₹65,000-70,000 per sq ft wherein a 7,530 sq ft apartment traded at around ₹47-50 crore. Post OC, the recent transaction in September 2022 of unit size of 8,036 sq ft traded at ₹75.5 crore, which is around 95,000 per sq ft," said Abhishek Kiran Gupta, CEO and co-founder, Indextap.com. “Once again, this reiterates that home buyers prefer ready properties, and there is still an unsatiated appetite of luxury houses in Mumbai."
An Oberoi Realty spokesperson didn’t respond to queries.
IGE India is promoted by Surbhit and Rajendra Dabriwala, and has made several investments in real estate, private equity and in listed companies.
Luxury homes in Mumbai, the country’s most valuable property market, have continued to see relentless demand especially given limited supply in premium neighbourhoods. While south Mumbai locations such as Worli continue to be witness high-profile sales, upscale properties in suburban areas such as Bandra and Juhu have also seen high demand.
Ravi and Neel Raheja, promoters and group presidents of Mumbai-based real estate firm K Raheja Corp, recently bought an independent property in the Santacruz-Juhu area for ₹265 crore. This year, Siddharth Jain, executive director, Inox Group bought a luxury, sea-facing quadruplex apartment for ₹144 crore in south Mumbai’s upscale Worli area, underscoring continued robust demand for high-end properties in India’s commercial capital.