Why is there a rush to own luxury apartments in Oberoi Realty's Three Sixty West project in Mumbai?

What’s common between Bollywood actors Shahid Kapoor and Abhishek Bachchan, D'Mart's Radhakrishna Damani and Everest Masala Group’s promoter, Vratika Gupta, founder of a well-known decor brand? They are all owners of sea facing luxury apartments in Oberoi Realty's Three Sixty West located in Mumbai's posh Worli area.

The luxury project constructed by Oberoi Realty along with its partner has witnessed 19 transactions since April 2023 worth over ₹1,300 crore, according to data shared by CRE Matrix, a real estate analytics firm.

These transactions pertain to residential units of sizes ranging from 5,600 sq ft to over 17,000 sq ft (built up).

Out of the 19 transactions since April 2023, 16 transactions are in the primary (direct transactions) market entered between the developer Oberoi Realty, its partners and the buyers.

Of these 16 property transactions, seven apartments have been sold by Oberoi Realty and the rest are by its partner, data showed.

The luxury residential project has two towers and includes 4 BHK and 5 BHK units. The project also comprises duplex apartments and penthouses. The project received its occupation certificate in 2022.

The sea-view project presumably gets its name because its height is 360 metres and all apartments face the west. As per the MahaRERA portal, Three Sixty West project is registered in the name of Oasis Realty as the promoter, and has four promoters including SkyLark Buildcon Pvt Ltd, and Shree Vrunda Enterprises, part of Sudhakar Shetty’s Sahana Group, and Oberoi Constructions Ltd and Astir Realty LLP which are Vikas Oberoi promoted companies.

According to local brokers, the per sq ft price of sea-view apartments in the Worli area by other developers is anywhere around ₹1 lakh per sq ft.

Is there a rush to buy a luxury apartment in Oberoi Three Sixty West?

According to real estate consultants who did not want to be named, while the sales in Oberoi Three Sixty West project have been constant, the coming months will decide the future course of the market.

There is a possibility that some of the units that were part of the bulk purchase made by D’Mart owner Radhakishan Damani, his immediate family and close associates in February 2023 for ₹1,238 crore, may find their way into the resale market in the coming quarters, they said.

"We have seen at least two of these 28 apartments being sold in the secondary (resale) market and more units may be up for resale in the coming months. Once that happens, it will be interesting to see how the developer in the primary market is able to turn around and close deals and also get the desired rate," another real estate consultant told HT Digital.

The price at which apartments are being sold in Oberoi Three Sixty West

Currently, resale of apartments in Oberoi Three Sixty West may fetch anywhere around ₹1 lakh per sq ft. Going forward, the developer may seek a price of anywhere around ₹1.25 lakh to ₹1.50 lakh per sq ft in the primary market. So, if the 28 apartments from the bulk deal of D’Mart are out for resale in the market at regular intervals, it may make the market competitive and widen the scope of negotiation for potential homebuyers, said real estate consultants not wanting to be named.

Also Read: Worli ‘distress sale’: Damani daughters among 28 buyers

A query sent to Oberoi Realty regarding project sales did not elicit a response.

Shahid Kapoor, Karan Bhagat have homes in the project

Also read: Shahid Kapoor buys luxury sea-view apartment in Mumbai for ₹60 crore 

Bollywood actor Shahid Kapoor and wife Mira Kapoor purchased a 5,395 sq ft apartment in Oberoi Three Sixty West project for around ₹60 crore on May 24. Karan Bhagat, founder and CEO of 360 One, earlier known as IIFL Wealth & Asset Management, has also recently bought two units for over ₹170 crore.

Also Read: Mumbai real estate deal: 360 One founder buys two luxury apartments for more than ₹170 crore

Earlier this month, promoters of Kiran Gems bought an around 16,000 sq ft sea-facing apartment in the luxury project Oberoi 360 West in Mumbai for ₹97.4 crore.

Also Read: Promoters of Kiran Gems buy a luxury apartment in Mumbai for ₹97.4 crore

In January 2024, Vratika Gupta, a fashion designer and founder of Maison Sia, a luxury home décor company, purchased a house in the same project for ₹116.42 crore. In 2023, promoters of spices brand, Everest Food Products, had purchased two luxury apartments for over ₹143 crore in the luxury project.

Also Read: Founder of decor brand Maison SIA buys luxury apartment in Mumbai for over ₹116 crore