Karan Bhagat, founder, managing director and chief executive officer of wealth and alternatives-focused asset firm 360 ONE, bought two sea-view luxury apartments in a super-premium residential tower in Mumbai’s plush Worli locality for a total Rs 170 crore.
The apartments cover 12,900 sq ft built up area on the 45th and 46th floors of Three Sixty West project on Dr. Annie Besant Road. Bhagat will also get exclusive access to eight car parking slots.The deal was struck at about Rs 1.31 lakh per sq ft, pushing it higher in the tally of most expensive deals on per sq ft basis anywhere in the country.
Bhagat founded 360 ONE, formerly known as IIFL Wealth & Asset Management, along with his colleagues in 2008. The firm is currently among India’s largest asset and wealth management firms with more than $56.3 billion assets under management. Bhagat’s team works with and for around 7,200 top families in India including industrialists; new age technology founders and professionals including leading CEOs, lawyers as well as sportspersons and artistes. It also manages money for some of the largest sovereign institutions and university endowments across US, Canada and the Middle East.
Bhagat purchased the apartments directly from Oberoi Realty that is part of joint venture Oasis Realty, the developer of the project. Both the apartments have been sold by Oberoi Realty within three years of acquiring it from joint venture partner Sahana Group.
As per set-off period rules, the Maharashtra government exchequer collects only stamp duty on profit from a transaction if the property is resold within three years of its original acquisition agreement with the developer.
Three Sixty West is a mixed-use development comprising two towers, one of which houses The Ritz-Carlton Hotel and the other will have luxury residences managed by The Ritz-Carlton.
The apartments bought by Bhagat are part of over 60 acquired by Oberoi Realty in the project from its developer Oasis Realty. The company had paid a total of Rs 4,000 crore to Sahana to buy its inventory in the project.
The developer had also purchased a luxury penthouse from Sahana in the same project for Rs 230.55 crore, making it one of the largest single apartment deals ever in India. Welspun Group’s BK Goenka too bought a penthouse of a similar size in Oberoi Three Sixty West for Rs 230.55 crore.