Why is there such a rush to buy luxury flats in Oberoi Realty's Three Sixty West project in Mumbai

By Bricksnwall | 2024-06-02

Since April 2024, Oberoi Realty and its partner in Mumbai have completed 19 deals for over ₹1,300 crore for their premium property.

What do Bollywood celebrities Shahid Kapoor and Abhishek Bachchan, D'Mart's Radhakrishna Damani, and Everest Masala Group entrepreneur Vratika Gupta, the originator of a well-known decor brand, have in common? They are all owners of sea-facing luxury flats at Oberoi Realty's Three Sixty West in Mumbai's upscale Worli neighborhood.

Oberoi Realty and its partner's premium project has had 19 transactions worth over ₹1,300 crore since April 2023, according to real estate analytics firm CRE Matrix.

These deals are for residential units ranging in size from 5,600 to over 17,000 square feet (built up).

Since April 2023, 16 of the 19 transactions have been in the primary (direct transactions) market, involving the developer Oberoi Realty, its partners, and buyers.

According to data, Oberoi Realty sold seven flats out of these 16 property deals, while its partner sold the rest.

The upscale residential building consists of two towers with 4 and 5 BHK flats each. The project also includes duplex units and penthouses. The project acquired its occupation certificate in 2022.

The sea-view project's name is most likely derived from its 360-metre height and the fact that all flats face west. According to the MahaRERA portal, the Three Sixty West project is registered in the name of Oasis Realty as the 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.

Local brokers estimate that other developers' sea-view flats in the Worli region cost roughly ₹1 lakh per square foot.

Is there a hurry to acquire a luxurious flat at Oberoi Three Sixty West?

According to unnamed real estate advisors, while sales in the Oberoi Three Sixty West building have been consistent, the next several months will determine the market's future direction.

Some units purchased by D'Mart owner Radhakishan Damani, his family, and partners for ₹1,238 crore in February 2023 may be available for sale in the next quarters, according to sources.

"At least two of these 28 apartments have sold on the secondary (resale) market, and other units may become available in the following months.

Once that happens, it would be interesting to watch how the developer in the primary market can turn around and finalize agreements while still obtaining the appropriate rate," said another real estate adviser to HT Digital.

The price at which flats are sold at Oberoi Three Sixty West

Oberoi Three Sixty West apartments often sell for roughly ₹1 lakh per square foot. The developer may set a price range of ₹1.25 lakh to ₹1.50 lakh per sq ft in the primary market. So, if the 28 units from D'Mart's bulk deal are made available for resale on a regular basis, it may make the market more competitive and broaden the field of negotiation for potential homebuyers, according to real estate advisers who did not want to be named.

A query addressed to Oberoi Realty about project sales received no response.

On May 24, Bollywood star Shahid Kapoor and wife Mira Kapoor bought a 5,395 sq ft flat in the Oberoi Three Sixty West complex for about 60 crore. Karan Bhagat, founder and CEO of 360 One, previously known as IIFL Wealth & Asset Management, recently purchased two units for about 170 crore.

Kiran Gems' promoters paid 97.4 crore for a 16,000 sq ft sea-facing property in Mumbai's upscale project Oberoi 360 West.

In January 2024, Vratika Gupta, fashion designer and creator of Maison Sia, a luxury home décor company, purchased a property in the same project for ₹116.42 crore. In 2023, Everest Food Products' promoters spent approximately ₹143 crore on two luxurious residences in a premium complex.

Source: Hindustan Times