+
360 ONE owner buys Rs 1.70 billion worth Mumbai apartments
Real Estate

360 ONE owner buys Rs 1.70 billion worth Mumbai apartments

For a total of Rs 1.70 billion, Karan Bhagat, the founder, managing director and chief executive officer of the wealth and alternatives-focused asset business 360 ONE, purchased two luxurious sea-view apartments in a super-premium residential building in Mumbai's affluent Worli neighbourhood. Situated on the 45th and 46th floors of the Three Sixty West building on Dr Annie Besant Road, the apartments have a built-up size of 12,900 square feet. Additionally, Bhagat will get first dibs on eight parking spaces. The agreement was reached for around Rs 1.31 lakh per square foot, which elevated it to the top of the list of the most costly agreements in the nation overall. Along with his colleagues, Bhagat launched 360 ONE, formerly known as IIFL Wealth & Asset Management, in 2008. With more than $56.3 billion in assets under management, the company is presently one of the biggest wealth and asset management companies in India. Approximately 7,200 elite families in India, including business magnates, innovators in cutting-edge technology, and prominent legal experts, CEOs, athletes, and entertainers are among the clients of Bhagat's team. Additionally, it oversees financial resources for some of the biggest sovereign organisations and college endowments in the US, Canada, and the Middle East. Bhagat purchased the apartments directly from Oberoi Realty, the joint venture between Oasis Realty and Oberoi Realty, the property developer. Oberoi Realty sold both units within three years of buying them from joint venture partner Sahana Group. Under set-off period laws, stamp duty on transaction gains only gets transferred to the Maharashtra government exchequer if the property is resold within three years of the developer's original purchase agreement. Oberoi Realty did not reply to an email, and Bhagat did not want to comment. Two buildings make up the mixed-use Three Sixty West project; one will house The Ritz-Carlton Hotel, while the other will house luxurious residences managed by The Ritz-Carlton. The developer, Oasis Realty, sold Oberoi Realty one of the building's more than sixty flats, which Bhagat bought. The company had to pay Sahana a total of Rs 40 billion to acquire her inventory for the project. One of the largest single apartment acquisitions in Indian history, the developer also spent Rs 2.30 billion to purchase a palatial penthouse from Sahana in the same building. Comparable in size, BK Goenka of the Welspun Group similarly spent Rs 2.30 billion for a penthouse at Oberoi Three Sixty West.

For a total of Rs 1.70 billion, Karan Bhagat, the founder, managing director and chief executive officer of the wealth and alternatives-focused asset business 360 ONE, purchased two luxurious sea-view apartments in a super-premium residential building in Mumbai's affluent Worli neighbourhood. Situated on the 45th and 46th floors of the Three Sixty West building on Dr Annie Besant Road, the apartments have a built-up size of 12,900 square feet. Additionally, Bhagat will get first dibs on eight parking spaces. The agreement was reached for around Rs 1.31 lakh per square foot, which elevated it to the top of the list of the most costly agreements in the nation overall. Along with his colleagues, Bhagat launched 360 ONE, formerly known as IIFL Wealth & Asset Management, in 2008. With more than $56.3 billion in assets under management, the company is presently one of the biggest wealth and asset management companies in India. Approximately 7,200 elite families in India, including business magnates, innovators in cutting-edge technology, and prominent legal experts, CEOs, athletes, and entertainers are among the clients of Bhagat's team. Additionally, it oversees financial resources for some of the biggest sovereign organisations and college endowments in the US, Canada, and the Middle East. Bhagat purchased the apartments directly from Oberoi Realty, the joint venture between Oasis Realty and Oberoi Realty, the property developer. Oberoi Realty sold both units within three years of buying them from joint venture partner Sahana Group. Under set-off period laws, stamp duty on transaction gains only gets transferred to the Maharashtra government exchequer if the property is resold within three years of the developer's original purchase agreement. Oberoi Realty did not reply to an email, and Bhagat did not want to comment. Two buildings make up the mixed-use Three Sixty West project; one will house The Ritz-Carlton Hotel, while the other will house luxurious residences managed by The Ritz-Carlton. The developer, Oasis Realty, sold Oberoi Realty one of the building's more than sixty flats, which Bhagat bought. The company had to pay Sahana a total of Rs 40 billion to acquire her inventory for the project. One of the largest single apartment acquisitions in Indian history, the developer also spent Rs 2.30 billion to purchase a palatial penthouse from Sahana in the same building. Comparable in size, BK Goenka of the Welspun Group similarly spent Rs 2.30 billion for a penthouse at Oberoi Three Sixty West.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code