MUMBAI: Rakesh Jhunjhunwala’s Rare Enterprises senior partner and chief executive Utpal Sheth purchased a sea-view luxury apartment in a super-premium residential tower in Mumbai’s plush Worli locality for more than Rs 123 crore.
Sheth was considered the late billionaire investor Jhunjhunwala’s right hand man for almost two decades and is also a cofounder of multi-line and multi-asset financial services platform Trust Group.
The apartment, spread over 15,795 sq ft of usable area in Oberoi Three Sixty West on Dr Annie Besant Road, is on the 54th floor of one of the wings of the tower. Sheth purchased the apartment jointly with two more family members.
The buyers have paid nearly Rs 7.40 crore as stamp duty for the registration of the deal that took place on September 15, showed documents accessed through IndexTap.com.
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.
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.
ET’s emailed queries to Sheth and Oberoi Realty remained unanswered at the time of going to press Friday.
Sales of residential properties across the top eight cities scaled an all-time high in 2023 and continues to perform well so far this year owing to robust demand across mid-income, premium and luxury segments.
Mumbai led the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals. 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.
South and Central Mumbai — home to India’s most expensive apartments — have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors and sports personalities in the last few years.
