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.

Next Story
Infrastructure Urban

IHC and Adani to Invest US$11.5 bn in Odisha Aluminium Project

Abu Dhabi's International Holding Company (IHC) will invest US$11.5 bn in an integrated aluminium project in the eastern Indian state of Odisha in a joint venture with the Adani Group, a state official said. The official said the announcement represented the country's largest foreign investment in mining and metallurgy. Officials said the venture would span both mining and metallurgical activities across several facilities in the state. The project has been described as integrated, encompassing upstream bauxite extraction and downstream smelting and metallurgy, and is intended to develop a com..

Next Story
Infrastructure Transport

Air India and SIAEC to Explore MRO Joint Venture in India

Air India and SIA Engineering Company (SIAEC) have signed a memorandum of understanding (MoU) to explore the formation of a maintenance, repair and overhaul joint venture in India. The MoU, signed on Friday, will examine collaboration to develop India as a global aviation MRO hub and to serve growing needs across the Indian and regional markets. SIA Engineering Company, part of the Singapore Airlines Group which holds a 25.1 per cent stake in Air India, will bring technical expertise alongside Air India's established airline operations network. The partnership builds on existing cooperation be..

Next Story
Infrastructure Transport

Assam and Centre Review Aviation Projects Push Silchar Airport Approval

Assam and the Centre on Thursday, July two reviewed a series of aviation infrastructure projects aimed at strengthening air connectivity across the state, with the proposed greenfield airport at Silchar emerging as a key priority. The review formed part of broader efforts to position Assam as a major aviation and logistics hub for the north east. Officials outlined timelines and preparatory work that they said would guide the next stages of project approvals. The Chief Minister met the Union Civil Aviation Minister at Rajiv Gandhi Bhavan in New Delhi and described the meeting as very productiv..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement