Utpal Sheth, the chief executive officer and senior partner of Rare Enterprises, a private equity investment firm established by the late billionaire investor Rakesh Jhunjhunwala, has made headlines with his recent acquisition of a luxury apartment in Mumbai. This opulent property, situated in the prestigious Oberoi Three Sixty West in Worli, was purchased for a staggering Rs 123.3 crore.
Details of the Luxury Apartment Purchase
Sheth’s new residence is located on the 54th floor of the Oberoi Three Sixty West, spanning an impressive 15,735 square feet. The apartment boasts a generous balcony of 884 square feet and includes seven dedicated parking spaces. The deal, which was registered on September 15, involved a stamp duty payment of Rs 7.39 crore and was made with the developers, Sahana Group’s Skylark Buildcon and Moon Rays Realty, both part of the Oasis Realty joint venture. The luxury complex features two towers, with Tower A comprising 66 floors and Tower B featuring 90 floors, providing an array of high-end residential options including duplexes and penthouses.
Utpal Sheth’s career
Utpal Sheth has built a notable career as the CEO of Rare Enterprises, where he has played a significant role in managing investments and fostering business growth under the mentorship of Rakesh Jhunjhunwala. His deep understanding of the financial markets and investment strategies has contributed to the firm’s reputation in the industry. Rare Enterprises has been pivotal in various high-profile investments, and Sheth’s leadership has been instrumental in navigating the complexities of the financial landscape.
Utpal Sheth’s education
Utpal Sheth holds a Bachelor’s Degree in Commerce from Sydenham College of Commerce & Economics, one of Mumbai University’s prestigious institutions. Known for its rigorous curriculum and emphasis on practical knowledge, Sydenham College has produced many successful professionals in the fields of finance and business. This solid educational foundation equipped Sheth with essential skills in accounting, finance, and economics, which have been crucial in his career at Rare Enterprises. His time at Sydenham College not only provided him with academic knowledge but also helped him build a valuable network of peers and mentors, further enhancing his capabilities in the competitive world of investment and finance.
The Luxury Real Estate Boom
The purchase of Sheth’s apartment is indicative of a broader trend in Mumbai’s real estate market. In 2023, there was a surge in property sales across major cities in India, particularly in the premium and luxury segments. High-profile individuals from various sectors—ranging from industrialists to celebrities—are driving this growth, showcasing the increasing desirability of upscale living spaces in South and Central Mumbai.
