WestBridge Capital’s Cofounder and Managing Director Sumir Chadha has bought a sea-view luxury apartment in a super-premium residential tower on Dr. Annie Besant Road in Mumbai’s plush Worli locality for over Rs 96.12 crore.
The apartment spread over 7,459 sq ft on the 60th floor of the tower Oberoi Three Sixty West and the deal values it at nearly Rs 1.29 lakh per sq ft, making it one of the most expensive residential transactions ever. Based on the 6,779-sq-ft carpet area, the apartment is valued at over Rs 1.42 lakh per sq ft.
The buyer has purchased the apartment from the project developer Oberoi Realty and the deal was registered last week on August 18. Chadha has paid Rs 3.59 crore alone as stamp duty for the registration of the deal.
As part of the agreement, the buyers will also get exclusive access to five car parking slots, of which two will remain with the developer, showed the documents accessed through IndexTap(dot)com.
WestBridge Capital is one of the largest investors in India and it focusses on investments in public and late-stage private companies. Silicon Valley-based Chadha has been investing in India for more than two decades. Earlier in his career, he also co-founded and was Managing Director of Sequoia Capital India, and worked at Goldman Sachs and at McKinsey & Co.
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 apartment is part of over 60 apartments acquired by Oberoi Realty in this super-luxury project from its developer Oasis Realty, the joint venture between the company and Sahana Group.
Oberoi Realty had paid aggregate consideration of Rs 4,000 crore for these deals as part of the process to buyout the partner by picking up Sahana’s inventory in the project.
The developer had also purchased a luxury penthouse in the project developed by the company itself through the joint venture with Sahana Group 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 similar size in Oberoi Three Sixty West for Rs 230.55 crore.
Mumbai, the country’s largest and most expensive property market, has continued to set new records almost every month for over the last two years despite higher interest rates and rising housing prices.
The performance in terms of stamp duty collection led by the premium and mid-income housing segments have pushed the state exchequer’s revenue higher for several months.