Utpal Sheth, CEO of Rare Enterprises, recently purchased a luxury sea-view apartment in Mumbai's upscale Worli area for over INR 123 crore. The apartment, located on the 54th floor of Oberoi Three Sixty West, offers 15,795 square feet of space, including a large balcony. The deal, registered earlier this week, involved a stamp duty of around INR 7.40 crore. Mumbai's real estate market continues to thrive, with record-high sales in 2023, led by South and Central Mumbai's high-value transactions involving prominent business leaders and celebrities.
Utpal Sheth, senior partner and CEO of Rakesh Jhunjhunwala's Rare Enterprises, recently purchased a luxurious sea-view apartment in Mumbai's upscale Worli area. The property, located in a high-end residential tower, was acquired for over INR 123 crore. Sheth, who was known as the late billionaire investor Rakesh Jhunjhunwala's trusted right-hand man for nearly 20 years, is also a co-founder of Trust Group, a financial services platform offering a variety of services across multiple assets. The apartment, which spans 15,795 square feet of usable space, is situated on the 54th floor of one of the towers at Oberoi Three Sixty West on Dr. Annie Besant Road. Sheth purchased the property jointly with 2 of his family members.
The buyers have paid approximately INR 7.40 crore in stamp duty for registering the deal, which took place earlier this week, according to documents from IndexTap.com. Sheth purchased the apartment from Skylark Buildcon and Moon Rays Realty, both part of Sahana Group. These companies are part of the joint venture Oasis Realty, which developed the project in partnership with Oberoi Realty.
Three Sixty West is a mixed-use development featuring two towers. One tower 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 7 parking slots within the tower. The apartment also includes a spacious 884-square-foot balcony, which adds to its 15,795 square feet of usable space.
Emails sent to Sheth and Oberoi Realty went unanswered by the time the report was published. In 2023, residential property sales across the top eight cities reached a record high, and the trend has remained strong this year. The demand has been strong across mid-income, premium, and luxury segments.
Mumbai, known as the country's largest and most expensive property market, has been leading the way with a consistent streak of record-setting property deals. Property registrations have grown for 13 consecutive months since August 2023 and have exceeded the INR 10,000-mark in each of the first 8 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. High-profile transactions like these, involving top corporate figures and celebrities, are driving the city's growth. As demand for premium and luxury properties stays robust, Mumbai's position as a leader in the national real estate market is expected to continue its upward trend.
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