Several members of the Vadilal Shah family, belonging to the promoter group of Everest Food Products, have purchased apartments in the Oberoi Realty’s plush project Three Sixty West in Worli for a combined value of ₹217 crore.
The buyers are Rajeev Vadilal Shah and Sanjeev Vadilal Shah, the two sons of the original founder Vadilal Bhai Shah, and Rajeev’s son Aditya.
They have purchased three apartments, each of 6,921 square feet. One of the apartments was sold for ₹70 crore and the other two for ₹73.5 crore each, according to documents provided by Indextap.com. The average rate of the purchases is at well over ₹1 lakh a square feet.
Three Sixty West is arguably the most expensive apartment complex in Mumbai and while the inventory moves slowly, it attracts the who’s who of the Indian corporate sector and top honchos of industry.
In February, Avenue Supermarts founder Radhakishan Damani’s family and friends bought around 28 flats in the high-rise for around ₹1240 crore. In August, Westbridge Capital’s MD, Sumir Chadha, bought a flat for close to ₹100 crore.
In a recent analyst call, Oberoi Realty’s chairman and managing director Vikas Oberoi said that around 50 families have moved into the complex.
The project has also gained from the unprecedented demand that luxury houses have seen over the last two years. In a recent report, property consultant ANAROCK Research observed that the sales of houses priced at over ₹40 crore have surged 3.5 times on year in terms of value. In 2023 so far, close to 60 ultra-luxury homes have been sold across the top seven cities in the country, with total sales value of over ₹4000 crore. Of this, Mumbai alone accounted for 53 deals.
Around 79 per cent of the deals were closed by business owners and 16 per cent by corner office occupants.