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Real Estate
In a testament to the thriving luxury real estate market in Mumbai, Zydus Family Trust has secured a landmark deal by purchasing a high-end apartment in the prestigious Three Sixty West project in Worli for a staggering ₹200 crore. The transaction highlights the growing demand for luxury properties in Mumbai, particularly in the upscale locality of Worli, which continues to attract significant attention from affluent buyers.
The luxury apartment, located on the 61st floor of Tower A at Three Sixty West, spans an impressive 17,384 square feet. With a price tag of ₹200 crore, this places the cost per square foot at approximately ₹1.15 lakh, solidifying it as one of the most expensive property deals in Mumbai. The purchase also comes with exclusive access to eight car parking slots, underscoring the premium nature of the acquisition.
The registration of the apartment was finalized on March 27, with the Trust paying over ₹7.04 crore in stamp duty. Notably, as the apartment was previously sold within the last three years, the new buyer had to pay the differential stamp duty to ensure compliance with current rates. This measure aims to align stamp duty payments with current property valuations, preventing potential revenue losses for the state government.
Zydus Family Trust is associated with the Zydus Group, a prominent name in the Indian pharmaceutical industry. The Trust's activities are overseen by trustees including Pankaj Raman Patel, Sharvil Pankaj Patel, and Priti Pankaj Patel. The Zydus Group is notably behind Zydus Lifesciences, formerly known as Cadila Healthcare, and Zydus Wellness, both of which are listed entities.
This significant purchase reflects the ongoing surge in demand for luxury and ultra-luxury housing in Mumbai post-Covid. The Three Sixty West project, developed by Oberoi Realty in a joint venture with Sahana Realty, has been a hotspot for high-profile transactions. Other distinguished buyers who have invested in apartments here include celebrity couple Mira and Shahid Kapoor, Arpita Khan Sharma (Salman Khan's sister), Madhuri Dixit-Nene, and prominent business figures such as Abhay Soi of Radiant Life Care and former IndusInd Bank CEO Romesh Sobti.
Worli, known for its scenic views and upscale lifestyle, continues to attract top-tier investors due to its strategic location and premium real estate offerings. The area's popularity is further enhanced by its proximity to key business hubs and social hotspots, making it a favorite among Mumbai's elite.
As India's real estate market continues to evolve, luxury segments like Mumbai's Worli are expected to remain at the forefront of demand. With increasing interest from high-net-worth individuals and the ongoing development of premium projects, the luxury real estate sector in Mumbai is poised for sustained growth.
The acquisition by Zydus Family Trust symbolizes the growing appetite for luxury properties among India's wealthy individuals and families. As Mumbai maintains its position as a hub for high-end real estate transactions, such significant investments underscore the city's appeal for those seeking exclusive living experiences in prime locations.
