India’s biggest apartment deal? 23 luxury homes in Mumbai sold for Rs 1,200 crore | India News

India’s biggest apartment deal? 23 luxury homes in Mumbai sold for Rs 1,200 crore | India News
MUMBAI: In most likely the most important condominium sale in India, 23 luxury properties in an approaching significant-conclusion residential challenge in Worli have been marketed for around Rs 1,200 crore.
TOI has learnt that the spouse and children, kin, buddies and close associates of DMart founder Radhakishnan Damani have bought these sprawling flats in Tower B of 3 Sixty West, a quality luxurious undertaking at Dr Annie Besant Highway in Worli.
The seller is businessman-builder Sudhakar Shetty, who has now marketed the previous of his share of apartments in this task. He had partnered with builder Vikas Oberoi to redevelop this project.
Each apartment is about 5,000 sq ft in dimensions and fetched Rs 50-60 crore. The total proceeds from the sale of these 23 residences have been made use of by Shetty to spend again a approximately Rs 1,000-crore mortgage that he experienced taken from Piramal Finance. “He has now returned the income to Piramals,” sources shut to Shetty advised TOI.
Residence industry sources claimed these flats have been marketed at a discounted level as they have been purchased in bulk. Other than, Shetty was under strain to repay the mortgage. Shetty had also taken about Rs 400-crore loan from the Hong Kong-based S C Lowy, a world wide banking and asset administration group.
“Negotiations concerning Shetty and Damani’s good friends and associates have been going on for the past four to 5 months. The bulk transaction was last but not least registered on Friday,” said current market sources.
Some of the much larger flats in A few Sixty West were previously sold for as a great deal as Rs 75-80 crore. Past calendar year, IGE (India) Pvt Ltd had bought two flats in the job for Rs 151 crore.
The challenge comprises two towers and was formulated by Oasis Realty, a joint undertaking among Oberoi Realty and Shetty’s Sahana Team. A single tower will have a Ritz Carlton lodge and the other luxury residences managed by the hospitality model.
The Damanis of DMart have acquired marquee properties above the years. In 2021, in what was explained as the biggest household home transaction in the region, Radhakishan Damani and his brother Gopikishan bought a bungalow home at Narayan Dabholkar Road in south Mumbai for Rs 1,001 crore.
The bungalow, Madhu Kunj, is found on primary 1.5-acre land with a constructed-up location of extra than 60,000 sq ft in tony Malabar Hill. The ground-as well as-1-storey bungalow is built in the Artwork Deco design and style and has heritage features. People explained the bungalow nonetheless hasn’t been pulled down and seems to be like it will be retained by the Damanis.
In late 2021, a 6-acre beachfront household in Awas village of Alibaug was acquired by Shrikantadevi, spouse of Radhakishan Damani, for Rs 80 crore. The Damanis are greatly invested in Alibaug. In 2015, Radhakishan Damani experienced bought the 5-star Radisson Blu Vacation resort & Spa for Rs 135 crore. The Damanis, in accordance to locals, also have a big farmhouse unfold above 20 acres in Jirad village.