The chief executive offer of Rakesh Jhunjhunwala-backed Rare Enterprises, Utpal Sheth, has bought a sea-view luxury flat in Mumbai’s Worli for Rs 123.3 crore. Sheth, who is also the co-founder of the multi-asset financial services company Trust Group, acquired the property jointly with two other family members, the Economic Times reported.
The property was registered on September 15 with a stamp duty of Rs 7.39 crore, as per the documents accessed through IndexTap.com.
The 15,795 sq ft apartment is on the 54th floor of the Oberoi Three Sixty West on Dr Annie Besant Road. The property has seven designated parking places and a spacious 884-square-foot balcony.
According to reports, the flat was purchased from Moon Rays Realty and Skylark Buildcon, partners in Oasis Realty.
Oberoi Three Sixty West is a mixed-use development consisting of private villas and apartments, as well as The Ritz-Carl Carlton Hotel.
With two buildings, Tower A with 66 storeys and Tower B with 90 floors, the opulent complex offers a variety of upscale living alternatives, such as duplexes and penthouses.
Previously, several prominent personalities including actor Shahid Kapoor, Abhay Soi of Radiant Life Care and Romesh Sobti, the former managing director of IndusInd Bank, bought luxury homes in the same property
This massive real estate deal also points to the sustained consumer interest in premium space in Mumbai.
The residential property market in India is expected to remain optimistic in 2024.
As per JLL research, the residential sales registered record numbers in Q1 of 2024. A total of 74,486 units were sold during the period under review surpassing all previous Q1 performances.
The strong performance was backed by supply from established developers, stable economic conditions, and positive buyer sentiments
The luxury residential segment (properties priced above Rs 3 crore) has gained traction with its sales proportion increasing from 5% in Q1 2022 to 11% in Q1 2024.
This trend is significantly higher in urban areas, especially the Delhi NCR region where the sales contribution of luxury properties is significant.
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