In the ever-booming real estate market of Mumbai, high-profile transactions continue to make headlines. Recently, a prominent Indian businessman has made a splash by acquiring a luxurious sea-facing apartment for an eye-watering Rs 123 crore. This purchase not only showcases the ongoing trend of industrialists and celebrities investing in prime properties but also brings him closer to Bollywood star Shahid Kapoor, who is now his neighbour. Let’s dive into the details of this impressive acquisition.
The Magnificent Purchase
The new owner of this lavish apartment is Utpal Sheth, the chief executive officer and senior partner at Rare Enterprises. Sheth has acquired a sprawling residence that spans an impressive 15,735 square feet on the 54th floor of Oberoi Realty’s prestigious Three Sixty West in Worli, South Mumbai. According to reports from Hindustan Times, Sheth’s total expenditure on the property includes a stamp duty of Rs 7.39 crore, which he paid alongside the purchase price on September 15, 2024. The transaction also provides the Sheth family with exclusive access to seven parking spaces, enhancing the convenience of their luxurious lifestyle.
A Legacy of Expertise
Utpal Sheth’s rise in the business world is closely linked to his long-standing association with the late billionaire Rakesh Jhunjhunwala. Sheth spent over two decades as Jhunjhunwala’s right-hand man at Rare Enterprises, where he gained invaluable insights into economics, finance, and investment management. His experience includes overseeing high-profile portfolios, making him a significant player in the financial sector. Additionally, he is a co-founder of the Trust Group, a multi-asset financial services platform that further solidifies his expertise in managing investments.
Three Sixty West: A Premium Living Experience
Three Sixty West is not just any residential project; it is a symbol of luxury living in Mumbai. Developed by Oberoi Realty, the project consists of two high-rises. The first tower is dedicated to premium residential apartments, offering configurations like 4 BHKs, 5 BHKs, duplexes, and penthouses, all designed to cater to affluent lifestyles. The second tower houses the renowned Ritz-Carlton Hotel, adding a touch of hospitality to the residential complex.
Notable Neighbours and Previous Owners
Before Utpal Sheth’s acquisition, the luxurious Three Sixty West attracted several high-profile residents, including notable business magnates and celebrities. Among them are Radhakishan Damani, founder and CEO of Avenue Supermarts (DMart), BK Goenka, Chairman of the Welspun Group, and Mavjibhai Patel, Managing Director of Kiran Gems. The presence of such illustrious names further cements the project’s status as a premier address in Mumbai.
Utpal Sheth’s recent purchase of a Rs 123 crore apartment in South Mumbai marks a significant milestone in the real estate landscape of the city. With his deep roots in the financial world and connections to prominent figures, Sheth’s move underscores the continuing trend of high-net-worth individuals investing in luxury properties. As he settles into his new home, the Sheth family joins an exclusive community, highlighting the allure and prestige of residing in one of Mumbai’s most coveted locales.
