Costliest apartment deal: Oberoi Realty buys Mumbai penthouse for ₹230 crore

Said to be one of the largest single deals in India, Oberoi Realty has reportedly acquired around 30,000 sq ft through its affiliate company.

In one of the most expensive apartment buys in India, Oberoi Realty has bought a luxury penthouse in Three Sixty West located in Mumbai’s posh Worli area for ₹230.55 crore. According to the report by The Economic Times, the ultra-premium project on Dr Annie Besant Road has been developed by the realty developer in collaboration with Sahana Group.

In a regulatory filing, Oberoi Realty said its shareholders had in December approved the acquisition of residential premises in the project Three Sixty West constructed by Oasis Realty for up to ₹4,000 crore. (File/representative)

Said to be one of the largest single deals in India, the company has reportedly acquired around 30,000 sq ft through its affiliate RS Developers.

In 2020, the leading real estate developer in the country had also taken over Sahana Group's stake in the luxury property. The group has also concluded the ₹3,403 crore worth purchase of 63 residential units spread over 5 lakh square feet in the hospitality project at Worli.

In a regulatory filing, Oberoi Realty said its shareholders had in December approved the acquisition of residential premises in Three Sixty West constructed by Oasis Realty for up to ₹4,000 crore. Stamp duty charges and other expenses came up to ₹204 crore. The share of income tax liability discharged through Oasis Realty is ₹605 crore.

The Mumbai-based developer has also reportedly recovered the funding for the cost of construction, deposits and profit share from Oasis Realty.

In another land transaction, Oberoi Realty announced Friday that it has shelled out ₹192 crore to purchase an area of 8 acres in Thane, Maharashtra. The arrangement was finalised in agreement with air-conditioning and commercial refrigeration company Blue Star Ltd (BSL).

Meanwhile, Welspun Group chairman BK Goenka on Saturday purchased a penthouse in the same luxury project at Worli for ₹230 crore, making it the second biggest transaction of 2023 in the city. The penthouse on the 63rd floor in Tower B is spread across a carpet area of 29,885 sq ft. This comes days after D Mart owner Radhakishan Damani, his immediate family and close associates purchased 28 units for ₹1,238 crore in the same building.