‘Everest Food Products’ Promoter buys Lavish Mumbai Apartment for Rs 73.50 Crore

The Everest brand of spices, represented by the promoter group of Everest Food Products, recently made waves in Mumbai’s real estate realm. Reports revealed their extravagant acquisition of a sprawling sea-view apartment in the upscale Worli area, securing it for an astounding sum exceeding Rs 73.50 crore.

Situated on the 37th floor of the prestigious Oberoi Three Sixty West tower on Dr. Annie Besant Road, this opulent residence spans 6,130 square feet. The staggering deal translates to a whopping value of over Rs 1.16 lakh per square foot.

The transaction, finalized with Oberoi Realty, the project’s developer, culminated in the successful registration of the apartment on October 30. Additional perks include access to an extra 164 square feet adjacent to the apartment and a luxurious provision of six parking slots, as detailed in financial documents cited by the publication.

To formalize the registration, the buyer duly duly paid the stamp duty amounting to approximately Rs 2.41 crore. Notably, Oberoi Realty’s swift sale of the apartment within three years of its initial purchase from their joint venture partner, Sahana Group, attracts stamp duty solely on the profit margin under prevailing regulations.

Despite attempts to seek comments from both Everest Food Products and Oberoi Realty, neither party was available for immediate response during the reporting.

The Oberoi Three Sixty West project encompasses two towers, one housing The Ritz-Carlton Hotel and the other featuring luxury residences managed by The Ritz-Carlton. Oberoi Realty’s substantial investment in this project includes over 60 apartments, a substantial Rs 4,000 crore invested to acquire inventory from Sahana Group.

In addition to this recent acquisition, Oberoi Realty set records by securing a luxurious penthouse within the same project, marking one of India’s largest single-apartment deals valued at Rs 230.55 crore. This trend of high-value transactions was also observed in purchases made by notable corporate figures like Radhakishan Damani, the billionaire investor and founder of the DMart retail chain, and BK Goenka from Welspun Group.

Such upscale real estate transactions continue to captivate attention, showcasing the affinity of prominent personalities towards luxurious and high-value properties, further enriching Mumbai’s dynamic real estate landscape.

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