Everest Food Products Promoter group acquires apartment in Worli

01 Nov 2023

The promoter group of Everest Food Products, renowned for its Everest spice brand, has acquired a sea-view luxury residence in a super-luxury residential tower on Dr Annie Besant Road in Mumbai's affluent Worli neighborhood, at a cost exceeding Rs 735 million.

Situated on the 37th liveable floor of the Oberoi Three Sixty West tower, the 6,130 sq ft carpet area apartment was secured in a deal valued at over Rs 1.16 lakh per sq ft. The transaction, completed with project developer Oberoi Realty, was officially registered on October 30.

In addition to the apartment, the buyer is entitled to an extra 164 sq ft space adjacent to the residence and a total of six car parking slots, as revealed by documents obtained through Zapkey.com.

The stamp duty for the apartment's registration amounted to nearly Rs 24.1 million, with Oberoi Realty selling the property within three years of acquiring it from its joint venture partner Sahana Group.

Under the set-off period regulations, the state exchequer levies stamp duty solely on the profit from the transaction if the property is resold within three years of its original acquisition agreement with the developer.

Email queries directed to Everest Food Products and Oberoi Realty by ET remained unanswered as of the press time.

Established in 1967, Everest Food Products stands as India's largest manufacturer and a significant exporter of pure and blended spices.

The residence is part of the portfolio of over 60 units acquired by Oberoi Realty in the project from its developer Oasis Realty, a joint venture between the company and Sahana Group. Oberoi Realty had disbursed a total of Rs 40 billion to Sahana Group to acquire its inventory in the project.

Moreover, Oberoi Realty had previously acquired a luxury penthouse in the same project for Rs 2305.5 million, marking one of the most substantial single apartment deals in India. BK Goenka of Welspun Group also purchased a penthouse of similar size in Oberoi Three Sixty West for Rs 2305.5 million.

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