360 One founder purchases two opulent apartments in Mumbai's posh Worli area

The founder and CEO of 360 One, Karan Bhagat, who was earlier known for IIFL Wealth & Asset Management, is reportedly planned to purchase two sea-view properties in Oberoi Realty’s project Three Sixty West in Mumbai’s posh area Worli for more than Rs.170 crore, according to Zapkey.

The two apartments are spread over an area of 12,896 sq ft and are located on the 45th and 46th floors of Three Sixty West project. According to the documents, Bhagat has bought one apartment on the 45th floor for Rs.85.03 crore. The total area of the apartment is 6448 sq ft and which comes with four car parkings.  

The second apartment is located on the 46th floor is spread across an area of 6448 sq ft and includes four car parkings. Bhagat has paid Rs.85.03 crore for the property.He has paid more than Rs.6.44 crore as stamp duty for registering the luxury apartments.

Bhagat purchased both of the apartments directly from Oberoi Realty. Both of the properties were sold within three years of buying those from Sahana Group. The apartments bought by Bhagat are part of the more than 60 units acquired by Oberoi Realty in the project from its developer Oasis Realty.

On Feb 2023, Oberoi Realty bought these penthouses in Mumbai’s posh Worli area for Rs.230.55 crore. In a regulatory filing, the company said, its shareholders had in December 2022 approved the acquisition of residential premises in Three Sixty West constructed by Oasis Realty for up to Rs.4,000 crore. Stamp duty charges and other expenses came up to Rs.204 crore. The share of income tax liability discharged through Oasis Realty is Rs.605 crore.

In 2022, two apartments in the Oberoi Realty luxury project were purchased by Madhav Prasad Agarwal of Sajjan India Group and IGE (India) Pvt Ltd for Rs.153 crore and Rs.151 crore. The deal was among the top 10 real estate deals of the year.

Three Sixty West by Oberoi Realty is a project that has two towers - Tower A with 66 floors and 28 apartments, while Tower B has 90 floors and 256 units including 4BHK, 5BHK, duplex configurations. It also has two penthouses of 11,036 sq ft each. According to Maharashtra Government's Department of Registrations and Stamps (IGR) data, 11,504 units were registered in Mumbai in April 2024 up by 9% year-on-year, adding over Rs.1,043 crore to the state exchequer. The revenue from property registrations have risen by 16% year-on-year (YoY).