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.
Related News Articles
Luxury Living Redefined: How Fashion Designers Are Revolutionizing High-End Realty
Read more news on luxury realty, fashion designers, and real estate market trends
Noida Project's ₹26 Crore Villas Come with a Free Lamborghini Urus, Internet Aflame
Jaypee Greens, one of the leading real estate developers in Noida, has launched an unrivaled offer: buy a villa for ₹26 crore and get a luxury Lamborghini Urus for free. This sensational deal has ignited the internet with excitement and curiosity.
Pune's Markal Roads: A Threat to Industrial Growth and Safety
Pune's industrial traffic and the deteriorating condition of the 11km Markal road are raising serious concerns about sustainability and public safety. The urgency for PWD to step in and address these issues cannot be overstated.
Housing Prices Surge by 11% YoY in Top Eight Indian Cities
Real Estate - Housing prices in the top eight Indian cities continue to rise, marking an 11% increase year-over-year (YoY).
2024: The Year of Rising Middle Class and Investment Surge in India’s Real Estate
In 2024, the Indian real estate market continued its transformative journey, driven by a growing middle class and an influx of investments. This year saw a significant shift towards luxury housing, priced between Rs 10 lakhs and Rs 20 lakhs, becoming the
Gujarat CM Inaugurates CREDAI Property Show 'GUJCON' in Ahmedabad
The Chief Minister of Gujarat inaugurated the 'GUJCON' property show organized by the Confederation of Real Estate Developers Associations of India (CREDAI) in Ahmedabad. The event aims to boost the real estate sector and provide a platform for buyers and