Karan Bhagat, founder and CEO of 360 One (formerly IIFL Wealth & Asset Management), has purchased two sea-view properties in Oberoi Realty’s Three Sixty West project in Mumbai’s posh area Worli for over Rs 170 crore, according to documents accessed by Zapkey. 

The two apartments measure 12,896 square feet and are located on the 45th and 46th floors of the Three Sixty West project. 

Bhagat bought an apartment on the 45th floor for Rs 85.03 crore. The apartment has an area of 6448 square feet and four car parking spaces. The documents state the transaction was registered on May 22, 2024. 

The second apartment, on the 46th floor, is 6448 square feet and includes four parking spaces. Bhagat paid Rs 85.03 crore for the property, as per the documents. 

The documents show Bhagat paid over Rs6.44 crore in stamp duty to register the two luxury units. 

Bhagat purchased the apartments directly from Oberoi Realty, who sold them within three years of acquiring them from joint venture partner Sahana Group. Bhagat’s apartments are among the more than 60 units acquired by Oberoi Realty from project developer Oasis Realty. 

Emails were sent to Bhagat and Oberoi Realty. 

Oberoi Realty paid Rs 230.55 crore for a luxury penthouse at Three Sixty West in Mumbai’s posh Worli area on February 12, 2023. The company has reportedly acquired approximately 30,000 square feet through its affiliate RS Developers, making it one of the largest single deals in India. 

According to a regulatory filing, Oberoi Realty’s shareholders approved the acquisition of Oasis Reality’s Three Sixty West residential premises for up to Rs 4,000 crore in December 2022. Stamp duty and other expenses totaled Rs 204 crores. Oasis Reality has discharged  Rs 605 crore of its income tax liabilities. 

Kiran Gems promoters paid Rs 97.4 crore for a 16,000 sq ft sea-facing apartment at Oberoi 360 West in Mumbai, according to documents accessed by Zapkey.

 According to documents, the apartment measured 14,911 square feet (Rera carpet) and included 884 square feet of additional space.

In 2023, Welspun Group chairman BK Goenka purchased a penthouse in the same luxury project at Worli for Rs 230 crore, making it the second-biggest transaction in the city last year. The penthouse is located on Tower B’s 63rd floor and has a carpet area of 29,885 square feet. 

Madhav Prasad Agarwal of Sajjan India Group and IGE (India) Pvt Ltd bought two apartments in the Oberoi Realty luxury project in 2022 for Rs 151 crore and Rs 153 crore, respectively. The deal was among the top 10 real estate deals of the year. 

In 2023, Mumbai experienced an increase in high-end transactions after the finance minister removed the capital gain tax benefit for property sales above Rs 10 crore. 

In 2023, Sumir Chadha, co-founder and managing director of the private equity firm WestBridge Capital, purchased a luxury apartment on the 60th floor of the Oberoi Three Sixty West project in Worli for Rs 96.12.  

Last year, Everest Masala Group founder Vadilal Shah’s family purchased two apartments in Mumbai’s Oberoi Three-Sixty West project for Rs 143.50 crore. One apartment cost Rs 73.50 crore and the other Rs 70 crore. These luxury apartments include multiple parking spaces. 

In October 2023, Asha Mukul Agarwal, director at Param Capital Research Pvt Ltd, a leading capital market trading and investment firm, purchased three apartments in Lodha Group’s luxury project Lodha Malabar in South Mumbai for Rs 263 crore. 

D Mart owner Radhakishan Damani’s immediate family and close associate purchased 28 apartments in Three Sixty West’s Tower B FOR rS 1,238 CRORE IN 2023.  

Oberoi Realty’s Three Sixty West project consists of two towers: Tower A, with 66  floors and apartments, and Tower B, with 90 floors and 256 units, including 4BHK, 5BHK, and duplex configurations. It also includes two penthouses of 11,036 square feet each. 

The name for the sea-view project is most likely derived from its 360-meter height and the fact that all apartments face west. It is a ready-to-move-in ultra-luxury housing project. 

According to the MahaRERA portal, the Three Sixty West project is registered in the name of Oasis Reality as a promoter, with four promoters: SkyLark Buildcon Pvt ltd, Shree Vrunda Enterprises, part of Sudhakar Shetty’s Sahana Group, Oberoi Constructions Ltd and Astir Realty LLP, both promoted by Vikas Oberoi. 

Luxury residential housing sales increased by 151% in the January-March quarter of 2023, with Mumbai growing by 44% year on year and Delhi-NCR rising by 216%, according to the ‘India Market Monitor Q1 2023’ report released by CBRE South Asia Pvt ltd, a leading real estate consulting firm. 

In April 2024, 11,504 units were registered in Mumbai, a 9% increase from the previous year and contributing over Rs 1,043 crore to the state exchequer. According to data from the Maharashtra government’s Department of Registrations and Stamps (IGR), revenue from property registrations rose by 16% year on year (YoY) compared to the same period last year.