Indian Businessman Acquires Rs 123 Crore Sea-Facing apartment in Mumbai
This high-profile purchase not only highlights the trend of industrialists and celebrities investing in prime properties but also places him among notable neighbors like Bollywood star Shahid Kapoor.
Mumbai Real EstateLuxury ApartmentsUtpal ShethOberoi RealtySouth MumbaiReal Estate MumbaiOct 16, 2024
The Magnificent Purchase
The new owner, Utpal Sheth, is the chief executive officer and senior partner at Rare Enterprises. Sheth has acquired a residence that spans an impressive 15,735 square feet on the 54th floor of the Three Sixty West, a high-end project by Oberoi Realty. According to reports from Hindustan Times, the total expenditure for the property includes a stamp duty of Rs 7.39 crore, which Sheth paid alongside the purchase price on September 15, 2024. The transaction also grants the Sheth family exclusive access to seven parking spaces, enhancing the convenience and luxury of their new home.
A Legacy of Expertise
Utpal Sheth’s rise to prominence in the business world is closely linked to his long-standing association with the late billionaire Rakesh Jhunjhunwala. Sheth spent over two decades as Jhunjhunwala’s right-hand man at Rare Enterprises, gaining invaluable insights into economics, finance, and investment management. His experience includes overseeing high-profile portfolios, making him a significant player in the financial sector. Additionally, he is a co-founder of the Trust Group, a multi-asset financial services platform that further solidifies his expertise in managing investments.
Three Sixty West A Premium Living Experience
Three Sixty West is not just any residential project; it is a symbol of luxury living in Mumbai. Developed by Oberoi Realty, the project consists of two high-rises. The first tower is dedicated to premium residential apartments, offering configurations like 4 BHKs, 5 BHKs, duplexes, and penthouses, all designed to cater to affluent lifestyles. The second tower houses the renowned Ritz-Carlton Hotel, adding a touch of hospitality to the residential complex. The project’s impressive amenities and prime location make it a sought-after address for the city’s elite.
Notable Neighbors and Previous Owners
Before Utpal Sheth’s acquisition, Three Sixty West attracted several high-profile residents, including notable business magnates and celebrities. Among them are Radhakishan Damani, founder and CEO of Avenue Supermarts (DMart), BK Goenka, Chairman of the Welspun Group, and Mavjibhai Patel, Managing Director of Kiran Gems. The presence of such illustrious names further cements the project’s status as a premier address in Mumbai.
Conclusion
Utpal Sheth’s recent purchase of a Rs 123 crore apartment in South Mumbai marks a significant milestone in the real estate landscape of the city. With his deep roots in the financial world and connections to prominent figures, Sheth’s move underscores the continuing trend of high-net-worth individuals investing in luxury properties. As he settles into his new home, the Sheth family joins an exclusive community, highlighting the allure and prestige of residing in one of Mumbai’s most coveted locales.
Frequently Asked Questions
Who is Utpal Sheth?
Utpal Sheth is the CEO of Rare Enterprises and a former associate of the late billionaire Rakesh Jhunjhunwala. He has recently purchased a luxurious sea-facing apartment in South Mumbai for Rs 123 crore.
What is the location of the newly purchased apartment?
The newly purchased apartment is located on the 54th floor of Oberoi Realty’s Three Sixty West in Worli, South Mumbai.
What is the size of the apartment?
The apartment spans an impressive 15,735 square feet.
Who are some of the notable neighbors at Three Sixty West?
Notable neighbors at Three Sixty West include Bollywood star Shahid Kapoor, Radhakishan Damani, BK Goenka, and Mavjibhai Patel.
What is the significance of the Three Sixty West project?
Three Sixty West is a symbol of luxury living in Mumbai, developed by Oberoi Realty. It consists of two high-rises, one dedicated to premium residential apartments and the other housing the Ritz-Carlton Hotel.
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