Oberoi Realty’s super luxury high rise in mid-Mumbai, Three Sixty West, is seeing action and traction.
Founder of Avenue Supermarts, Radhakishan Damani’s family members and close friends have bought 28 flats in the Worli building for a combined ₹1,238 crore, registration documents showed.
The Oberoi Realty project got occupancy in the June quarter of last year and since then transactions in the building have speeded up while average prices doubled with some transactions close to ₹1 lakh per sq ft.
However, the current transaction is at an average of roughly ₹68,000 per sq ft, probably because they were all acquired together and at the same time.
Included in the 20-odd buyers are Damani’s sister-in-law, one of his daughters, another daughter’s husband, the Chief Executive Officer of D’Mart Ignacias Navil Naronha and Ramesh S Damani, who is a Director on the Board of the company.
The buyers also get 101 car parking slots along with the flats, the documents accessed from data analytics firm Zapkey showed.
Upscale luxury project
Three Sixty West is an upscale luxury project built by Oasis Realty, a joint venture of Oberoi Realty’s subsidiary Oberoi Constructions. The Oberoi Group has a 32.5 per cent stake in the joint venture.
At the end of September, its unsold inventory was at 16 lakh sq ft worth ₹13,000 crore. On Friday, the company said it has completed the acquisition of 63 units in the building complex spread over a total area of 5.2 lakh sq ft for ₹3,403 crore. The company’s acquisition cost was just over ₹65,000 per sq ft.
With the transaction, the company has “recovered its entire funding towards construction cost and other deposits as well as its share of profit from Oasis Realty,” it said.
Last November, the company said it was acquiring some of the units in the project to have more control over it and recoup its investment in the project.
Among the company’s entitlements to the project were two — one, repayment of funds for construction and deposits, and advances made to Oasis’ other partner, and two, distribution of the company’s portion of profits.
Oberoi Realty said that it was converting the monetary entitlement into an entitlement of area, which will be a little more than half of the balance unsold area in the project.