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Karan Bhagat, CEO of 360 ONE, purchased two sea-view apartments in Mumbai's Worli area for INR 170 crore, setting a new record in India's luxury real estate market. Located in the prestigious Three Sixty West project by Oberoi Realty, the deal amounts to approximately INR 1.31 lakh per square foot. The transaction, spanning 12,900 square feet and including eight parking spaces, underscores the growing demand for ultra-luxury properties in prime Mumbai locations. This record-breaking purchase highlights the city's thriving luxury real estate sector, catering to affluent buyers seeking prestigious addresses and exclusive amenities.
Mumbai's luxury real estate market has witnessed a record-breaking deal with the purchase of two sea-view apartments for INR 170 crore by Karan Bhagat, the CEO of wealth management firm 360 ONE. This translates to a price tag of approximately INR 1.31 lakh per square foot, making it one of the most expensive property deals in India on a per square foot basis. Advertisement
Located in Worli, the two apartments are situated on the prestigious 45th and 46th floors of the Three Sixty West project developed by Oberoi Realty. This mixed-use development boasts a luxurious lifestyle, featuring a dedicated tower housing The Ritz-Carlton Hotel and another with luxury residences managed by the same esteemed hospitality brand. Mr. Bhagat's purchase encompasses a total area of 12,900 square feet and includes access to eight car parking spaces, further enhancing the exclusivity of the property.
Mr. Bhagat co-founded 360 ONE (formerly known as IIFL Wealth & Asset Management) in 2008. The firm has grown into a leading wealth management company in India, currently managing over USD 56.3 billion in assets for a diverse clientele. Their impressive client base includes prominent families, entrepreneurs, CEOs, and other professionals, along with sovereign institutions and university endowments across the United States, Canada, and the Middle East.
The significant value of this transaction is reflected in the hefty stamp duty of over INR 6.44 crore paid by Mr. Bhagat. Interestingly, the sale falls within a three-year window of Oberoi Realty's acquisition of the property from the previous developer. This timing allows the Maharashtra government to collect stamp duty only on the profit made by Oberoi Realty, as stipulated by the state's set-off period rules.
This record-breaking deal is just one example of the thriving super-luxury real estate market in Mumbai. The Three Sixty West project itself has witnessed several high-profile purchases, including a penthouse sold for a staggering INR 230.55 crore, one of the largest single apartment deals ever recorded in India. This trend reflects the growing demand for ultra-luxury properties in prime locations. These properties offer not only luxurious living spaces but also a prestigious address and a range of exclusive amenities. With Mr. Bhagat's latest purchase, Mumbai's luxury market continues to sizzle, attracting affluent buyers seeking a coveted piece of the city's most desirable real estate.
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