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realty developer oberoi realty Bought a luxury penthouse in a super-premium project three sixty west Developed by the company itself through a joint venture with Sahana Group Dr. Annie Besant Road MumbaiThe posh Worli locality of Rs 230.55 crore, this is one of the biggest single apartment deals ever in India.
The developer through its associated company has acquired the luxury pad spread over approximately 30,000 sq ft on the 63rd habitable floor of Tower B of the project. RS DevelopersThe registration documents accessed by ET showed.
On Sunday, ET had first reported several high-ticket transactions carried out by high-profile corporate figures, including Radhakishan Damani, billionaire investor and founder of retail chain DMart, his family members and associates.
welspun Group’s BK Goenka also bought a penthouse of a similar size for Rs 230.55 crore and the deal was registered on Wednesday, while Oberoi’s purchase was registered on February 3, both the documents showed.
oberoi realty The joint venture between the company and Sahana Group, has acquired a total of 63 apartments in this super-luxury project from its developer Oasis Realty. Oberoi Realty has paid a total of Rs 4,000 crore for these deals as part of the process of buying out the partner by picking up Sahana’s inventory in the project.
All these deals have been concluded at around Rs 77,000 per sq ft, which is much lower than the property rates going on for luxury projects in the vicinity, indicating distress sales. According to property brokers active in South Mumbai, deals have been concluded close to the ready reckoner value.
Sudhakar Shetty-led Sahana Group has sold several apartments in the project over the past few days and the funds raised through the process will be used to repay the loan.
The company owes Diwan Rs 1,000 crore Housing Finance Limited (DHFL) which has now been merged with Piramal Capital & Housing Finance Limited.
Vikas Oberoi, CMD, Oberoi Realty declined to comment for the story. Text messages and multiple calls to Sudhakar Shetty and his office remained unanswered till the time of going to press.
Sudhakar Shetty’s Sahana Group of Companies came into the limelight in 2020 when the Enforcement Directorate (ED) raided the company’s premises in connection with alleged suspicious financial transactions related to DHFL and late gangster Iqbal Mirchi.
Started in 2003, the Sahana group of companies has businesses spread over private charter services, a real estate business and a majority stake in a news channel.
Earlier in 2020, Oberoi Realty had bought Sahana Group’s stake in the hospitality project being done here through Oasis Realty. Evenstar Hotels, a wholly-owned subsidiary of the developer, had paid Rs 1,040 crore to acquire Sahana Group’s 50% rights in 221 prime luxury hotel properties. ends
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