Utpal Sheth's Luxury Purchase: A Testament to Mumbai's Booming High-End Real Estate Market
Mumbai's high-end real estate market continues to soar with record-breaking property sales, especially in premium areas like Worli. Utpal Sheth's recent purchase of a luxurious sea-view apartment for over INR 123 crore is a prime example of this trend.
Mumbai Real EstateLuxury ApartmentsWorliOberoi RealtyUtpal ShethReal Estate MumbaiSep 26, 2024
The apartment, located on the 54th floor of Oberoi Three Sixty West, spans an impressive 15,795 square feet of usable space. Sheth purchased the property jointly with two of his family members, and the buyers have paid approximately INR 7.40 crore in stamp duty for registering the deal.
Three Sixty West is a mixed-use development featuring two towers, one of which is home to The Ritz-Carlton Hotel, while the other offers luxury residences managed by The Ritz-Carlton. As part of the purchase, Sheth and his family will have exclusive access to seven parking slots within the tower. The apartment also includes a spacious 884-square-foot balcony, adding to its already impressive usable space.
Sheth's purchase is a testament to the ongoing strength of Mumbai's high-end real estate market. The city has been leading the way with a consistent streak of record-setting property deals, and the demand has been strong across mid-income, premium, and luxury segments.
In 2023, residential property sales across the top eight cities reached a record high, and the trend has remained strong this year. Mumbai, known as the country's largest and most expensive property market, has been driving this growth. Property registrations have grown for 13 consecutive months since August 2023 and have exceeded the INR 10,000-mark in each of the first eight months of 2024.
South and Central Mumbai, which house some of India's priciest apartments, have played a significant role in driving this growth. These areas have seen numerous high-value transactions over the past few years, involving industrialists, top corporate executives, actors, and sports personalities.
The purchase of this ultra-luxurious apartment by Utpal Sheth highlights the ongoing strength of Mumbai's high-end real estate market, especially in premium areas like Worli. With record-breaking property sales continuing into this year, Mumbai remains the country's most dynamic and expensive real estate hub.
Information
Rakesh Jhunjhunwala's Rare Enterprises is a privately-held investment firm founded by the late billionaire investor Rakesh Jhunjhunwala. Utpal Sheth, the senior partner and CEO, has been instrumental in the firm's success.
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 Three Sixty West.
Frequently Asked Questions
Who purchased the luxury apartment in Worli?
Utpal Sheth, senior partner and CEO of Rakesh Jhunjhunwala's Rare Enterprises, purchased the apartment.
How much did the apartment cost?
The apartment was purchased for over INR 123 crore.
Where is the apartment located?
The apartment is located on the 54th floor of Oberoi Three Sixty West in Worli, Mumbai.
What is the size of the apartment?
The apartment spans 15,795 square feet of usable space and includes a 884-square-foot balcony.
What is the current state of Mumbai's real estate market?
Mumbai's real estate market is currently booming, with record-breaking property sales and strong demand across mid-income, premium, and luxury segments.
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