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

India’s biggest apartment deal? 23 luxury homes in Mumbai sold for Rs 1,200 crore | Mumbai News
MUMBAI: In likely the greatest apartment sale in India, 23 luxury houses in an upcoming substantial-conclusion household job in Worli have been sold for all around Rs 1,200 crore.
TOI has learnt that the family members, kinfolk, buddies and shut associates of DMart founder Radhakishnan Damani have purchased these sprawling residences in Tower B of 3 Sixty West, a high quality luxury project at Dr Annie Besant Road in Worli.
The vendor is businessman-builder Sudhakar Shetty, who has now marketed the last of his share of apartments in this project. He experienced partnered with builder Vikas Oberoi to redevelop this project.

Every single apartment is about 5,000 sq ft in sizing and fetched Rs 50-60 crore. The entire proceeds from the sale of these 23 flats have been applied by Shetty to fork out back a approximately Rs 1,000-crore mortgage that he experienced taken from Piramal Finance. “He has now returned the dollars to Piramals,” sources near to Shetty explained to TOI.
House sector sources said these flats ended up bought at a discounted fee as they have been purchased in bulk. Other than, Shetty was less than strain to repay the personal loan. Shetty had also taken close to Rs 400-crore financial loan from the Hong Kong-based mostly S C Lowy, a global banking and asset administration team.
“Negotiations among Shetty and Damani’s close friends and associates ended up heading on for the previous 4 to 5 months. The bulk transaction was at last registered on Friday,” claimed market sources.
Some of the more substantial residences in A few Sixty West had been previously offered for as substantially as Rs 75-80 crore. Last yr, IGE (India) Pvt Ltd experienced acquired two residences in the task for Rs 151 crore.
The venture contains two towers and was designed by Oasis Realty, a joint undertaking concerning Oberoi Realty and Shetty’s Sahana Group. A person tower will have a Ritz Carlton hotel and the other luxury residences managed by the hospitality model.
The Damanis of DMart have obtained marquee attributes over the decades. In 2021, in what was explained as the major residential assets transaction in the country, Radhakishan Damani and his brother Gopikishan acquired a bungalow assets at Narayan Dabholkar Highway in south Mumbai for Rs 1,001 crore.
The bungalow, Madhu Kunj, is positioned on key 1.5-acre land with a designed-up space of much more than 60,000 sq ft in tony Malabar Hill. The floor-as well as-one-storey bungalow is created in the Art Deco fashion and has heritage characteristics. Residents mentioned the bungalow continue to has not been pulled down and appears to be like it will be retained by the Damanis.
In late 2021, a 6-acre beachfront residence in Awas village of Alibaug was ordered by Shrikantadevi, spouse of Radhakishan Damani, for Rs 80 crore. The Damanis are closely invested in Alibaug. In 2015, Radhakishan Damani had acquired the 5-star Radisson Blu Vacation resort & Spa for Rs 135 crore. The Damanis, in accordance to locals, also possess a huge farmhouse distribute above 20 acres in Jirad village.