Mumbai's Luxury Property Market Continues to Soar: Rare Enterprises CEO Utpal Sheth Buys Sea-View Apartment for Rs 123 Cr
Mumbai's luxury property market continues to break records, with Rare Enterprises CEO Utpal Sheth purchasing a sea-view apartment in Worli for Rs 123 crore.
Mumbai Luxury Property MarketUtpal ShethRare EnterprisesOberoi RealtyThree Sixty WestReal Estate MumbaiSep 20, 2024
The apartment, spread over 15,795 sq ft of usable area, is located on the 54th floor of Oberoi Three Sixty West on Dr Annie Besant Road. Sheth purchased the apartment jointly with two more family members.
As part of the deal, the buyer will get exclusive access to seven car-parking slots in the tower. The apartment's usable area includes a balcony of 884 sq ft.
The buyers have paid nearly Rs 7.40 crore as stamp duty for the registration of the deal that took place on September 15. Sheth bought the apartment from Sahana Group's Skylark Buildcon and Moon Rays Realty — part of the joint venture Oasis Realty which has developed the project along with Oberoi Realty.
Three Sixty West is a mixed-use development comprising two towers, one of which houses The Ritz-Carlton Hotel and the other will have luxury residences managed by The Ritz-Carlton.
Mumbai has been leading the pack as the country's biggest and most expensive property market, with record-setting deals taking place in the city. The city has witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years.
Sales of residential properties across the top eight cities have scaled an all-time high in 2023 and continue to perform well so far this year, owing to robust demand across mid-income, premium, and luxury segments.
South and Central Mumbai — home to India's most expensive apartments — have been playing a key role in driving this performance. Registrations have grown year-on-year for 13 successive months starting August 2023, and surpassed the Rs 10,000-mark in each of the first eight months of 2024.
About Rare Enterprises Rare Enterprises is a multi-line and multi-asset financial services platform co-founded by Utpal Sheth. The company is known for its investment expertise and has been instrumental in shaping the Indian financial landscape.
About Oberoi Realty Oberoi Realty is a leading real estate developer in India, known for its luxury residential and commercial projects. The company has developed several iconic projects in Mumbai, including the Three Sixty West development.
Frequently Asked Questions
Who purchased the sea-view luxury apartment in Worli?
Utpal Sheth, senior partner and chief executive of Rare Enterprises, purchased the apartment.
How much did the apartment cost?
The apartment cost Rs 123 crore.
Where is the apartment located?
The apartment is located on the 54th floor of Oberoi Three Sixty West on Dr Annie Besant Road in Worli.
What is the usable area of the apartment?
The apartment has a usable area of 15,795 sq ft.
What is the name of the real estate developer behind the Three Sixty West project?
The project is developed by Oberoi Realty in partnership with Sahana Group's Skylark Buildcon and Moon Rays Realty.
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