Zandu Pharmaceuticals-linked firm buys ₹110 crore luxury apartment in Mumbai’s Worli

The transaction adds to a series of big-ticket deals at Three Sixty West, one of Mumbai’s most prominent luxury residential addresses.

A company linked to the former promoter family of Zandu Pharmaceuticals has bought a luxury apartment in Mumbai’s Worli for ₹110.41 crore, adding to a string of high-value property transactions at Oberoi Three Sixty West. The apartment, on the 62nd floor of Tower B, was purchased by Tejal Mercantile Pvt Ltd through its director Nihar Ajay Parikh from Oberoi Realty Ltd on July 29.

Mumbai, India - February 05, 2023: D-Mart's founder Radhakishan Damani's family and friends purchase 28 luxury apartments worth Rs.1,238 crore in Three Sixty West highrise building by Oberoi Realty, at Birla Aurora, Dr. Annie Besant Road, Worli, in Mumbai, India, on Sunday, February 05, 2023. (Photo by Satish Bate/ Hindustan Times) (Satish Bate/HT PHOTO)

Property registration documents accessed through proptech platform Zapkey show that the apartment has a total RERA carpet area of 7,303 sq ft, comprising 7,139 sq ft of carpet area and an adjoining 164 sq ft area. The transaction works out to around ₹1.51 lakh per sq ft. It also includes five car parking spaces.

Three Sixty West attracts big-ticket buyers

The transaction adds to a series of big-ticket deals at Three Sixty West, one of Mumbai’s most prominent luxury residential addresses.

Developed by Oberoi Realty, Three Sixty West has two towers with four- and five-bedroom homes, duplexes and penthouses. The project received its occupation certificate in 2022 and overlooks the Arabian Sea.

Pharma promoters step up luxury property buys

The latest transaction comes amid a series of luxury property purchases by pharmaceutical industry promoters and executives in Mumbai.

On August 1, Encube Ethicals founder, promoter, chairman and managing director Mehul Madhusudan Shah and his wife Niti Shah bought a luxury apartment in Juhu for ₹106.52 crore. The property is on the plot that once housed the Centaur Hotel. Encube Ethicals deals with topical formulations serving patients and leading pharmaceutical brands around the world.

Late last year, Ideal Cures Pharma promoters Suresh Pareek and Veena Pareek bought two apartments at Worli’s Raheja Artesia for ₹190.1 crore. The Mumbai-based company manufactures pharmaceutical excipients and ready-to-use coating systems for solid oral dosage forms. They have plants in Vasai, Jammu, Sikkim and Khambhat in Gujarat.