Everest Food Products promoters buy sea-view luxury apartment in Mumbai’s Worli for Rs 73.50 crore

Everest Food Products promoters buy sea-view luxury apartment in Mumbai’s Worli for Rs 73.50 crore

The promoter group of Everest Food Products, renowned for its Everest brand of spices, has recently acquired a luxurious sea-view apartment in Mumbai’s upscale Worli area for a staggering amount of over Rs 73.50 crore. According to an ET report, the apartment, which spans over 6,130 square feet, is located on the 37th floor of the Oberoi Three Sixty West tower on Dr. Annie Besant Road. This deal has a value of over Rs 1.16 lakh per square foot.

The buyer had a deal with Oberoi Realty, the project developer, and the apartment was successfully registered on October 30. Additionally, the buyer will also have access to an additional 164 square feet of space adjacent to the apartment, along with six car parking slots, according to the documents quoted by the financial daily.

To complete the registration process, the buyer paid approximately Rs 2.41 crore as stamp duty. It is worth noting that Oberoi Realty sold the apartment within three years of purchasing it from their joint venture partner, Sahana Group. According to the prevailing regulations, the state exchequer only levies stamp duty on the profit from such transactions if the property is resold within three years of its original acquisition agreement with the developer.

Despite reaching out to Everest Food Products and Oberoi Realty for comments, both parties remained unavailable for response at the time of reporting.

Everest Food Products, established in 1967, is India’s largest manufacturer and a prominent exporter of pure and blended spices.

The Oberoi Three Sixty West project comprises two towers, one of which houses The Ritz-Carlton Hotel, while the other features luxury residences managed by The Ritz-Carlton. Oberoi Realty purchased over 60 apartments in this project from its developer, Oasis Realty, a joint venture between Oberoi Realty and Sahana Group. The total investment made by Oberoi Realty to Sahanato buy out its inventory in the project amounts to Rs 4,000 crore.

In addition to this recent purchase, Oberoi Realty also acquired a luxurious penthouse in the same project, setting a record for one of the largest single apartment deals in India, valued at Rs 230.55 crore. BK Goenka, from the Welspun Group, also purchased a penthouse of a similar size in Oberoi Three Sixty West for the same amount.

Earlier this year, ET reported on various high-value transactions conducted by renowned corporate personalities, including Radhakishan Damani, the billionaire investor and founder of the retail chain DMart, along with his family members and associates.

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