Mumbai apartment sold for Rs 96 crore

Representative image.

Sumir Chadha, Co-founder and Managing Director (MD) of investment firm West Bridge Capital, has purchased an apartment in Oberoi 360 West in Mumbai for Rs 96 crore with a total area of 6,779 square feet (sq ft), documents accessed by IndexTap.com showed.

The apartment is located in Worli on the 60th floor, and the seller is Oberoi Realty Ltd, it showed.

The buyer has paid a stamp duty of Rs 3.59 crore.

The deal was registered on August 18, 2023.

The apartment’s built-up area is 7,459 sq ft, and the carpet area is 6,779 sq ft.

This project has been developed by Oasis Realty, a joint venture between Sahana Realty of Sudhakar Shetty and Vicky Oberoi of Oberoi Realty.

An email has been sent to Oberoi Realty. The buyer could not be reached.

Three Sixty West by Oberoi Realty is a project that consists of 4BHK and 5BHK units. It comprises two towers, one of which will house the Ritz-Carlton Hotel, and the other will have luxury residences managed by the global hospitality chain. The sea-view project presumably gets its name because its height is 360 metres and all apartments face the west. It is a ready-to-move-in uber luxury housing project.

In March, Avneer Capital and Bajaj Consultants bought a duplex in the project for Rs 100 crore.

Earlier this year, there was a rush among high net worth individuals (HNIs) and companies to purchase luxury and ultra-luxury properties to benefit from the capital gains tax benefit per sections 54 and 54 (F) of the Income Tax Act before the sunset clause became effective on April 1, 2023.

On February 3, as many as 28 housing units worth Rs 1,238 crore were bought by family members and associates of D’Mart founder Radhakrishna Damani in Mumbai. The buyers had purchased the apartments in Tower B of this project, located on Annie Besant Road in Worli, Mumbai. The seller was builder Sudhakar Shetty, who had partnered with real estate developer Vikas Oberoi to redevelop the project. Most of these apartments have a carpet area of 5,000 sq ft, and cost Rs 40-50 crore on average.

On February 4, Mumbai-based Oberoi Realty said in a regulatory filing that in December 2022, its shareholders had approved the purchase or acquisition of residential premises in Three Sixty West, constructed by Oasis Realty, for up to Rs 4,000 crore. It was a materially related party transaction, it added.