A subsidiary of Oberoi Realty spends Rs 230 crore for a Mumbai penthouse.

One of the largest single apartment deals in India was made by real estate developer Oberoi Realty, which paid Rs 230.55 crore for a luxurious penthouse in the ultra-premium Three Sixty West project on Dr. Annie Besant Road in Mumbai’s opulent Worli neighborhood. The project was developed by the company itself through a joint venture with Sahana Group.

According to registration records, the developer has acquired the luxurious apartment measuring about 30,000 square feet on the 63rd habitable floor of the planned skyscraper through its associated business RS Developers.

Radhakishan Damani, a billionaire investor and the creator of the retail giant DMart, as well as his family members and allies, carried out a number of high-profile transactions on Sunday, according to reports.

The purchase by K Goenka of the Welspun Group of a penthouse of comparable size for Rs 230.55 crore was also recorded in paperwork on Wednesday, while Oberoi’s acquisition was recorded on February 3.

A total of 63 units in this ultra-luxury development have been purchased by Oberoi Realty from the project’s developer, Oasis Realty, a partnership between the business and Sahana Group. In order to complete the process of buying out the partner by taking over Sahana’s inventory in the project, Oberoi Realty has paid an overall consideration of Rs 4,000 crore for these deals.

These transactions are all completed for about Rs 77,000 per square foot, which is significantly less than the current property prices for opulent nearby complexes. This suggests a distressed sale. Property agents in South Mumbai claim that the deals were reached closer to the ready reckoner value.

Since a few days ago, the Sudhakar Shetty-led Sahana Group has sold a number of flats in this development. The money obtained through this method would be used to pay off debt.

Dewan Housing Finance Ltd (DHFL), which has now merged with Piramal Capital & Housing Finance Ltd, is owed more than Rs 1,000 crore by the business.

Oberoi Realty’s CMD, Vikas Oberoi, declined to comment on the article. Up until the time of going to press, Sudhakar Shetty and his office did not respond to any texts or phone calls.

Following inspections of the company’s premises by the Enforcement Directorate (ED) in connection with alleged questionable financial dealings involving DHFL and the late gangster Iqbal Mirchi, Sudhakar Shetty’s Sahana Group of Companies made headlines in 2020.

Sahana Group of Companies, founded in 2003, has a wide range of economic interests, including real estate, private charter services, and a majority share in a news channel.

Before this, in 2020, Oberoi Realty had acquired Sahana Group’s interest in the hotel development project being carried out here by Oasis Realty. The developer’s wholly-owned subsidiary Evenstar Hotels paid Rs 1,040 crore to acquire the 221-key luxury hotel property’s 50% ownership from Sahana Group. Ends