Mumbai’s real estate market is making headlines again with the recent purchase of a sea-facing flat by Utpal Sheth, CEO of Rare Enterprises, a company founded by the late billionaire Rakesh Jhunjhunwala. Sheth has bought a luxurious flat worth Rs 123 crore in one of Mumbai’s prime locations—Worli. This purchase has grabbed attention not only because of its hefty price tag but also for its remarkable features.
Sheth’s flat is located in the prestigious Oberoi Three Sixty West complex, a high-rise building that is known for its grandeur. What makes this deal stand out is the size and elegance of the property. The flat spans 15,795 square feet, with a sprawling balcony of 884 square feet offering breathtaking views of the Arabian Sea. This balcony alone is larger than most standard two-bedroom apartments in the city.
What Makes This Property So Special?
The Oberoi Three Sixty West is a premium property on Dr. Annie Besant Road in Worli, offering unmatched luxury and comfort. The complex includes two buildings, with Tower A having 66 floors and Tower B reaching a towering 90 floors. Sheth’s flat is located on the 54th floor, giving him a panoramic view of Mumbai’s iconic coastline.
Apart from the stunning sea view, the flat comes with seven parking slots, a rarity in Mumbai where parking space is often hard to come by. The property, purchased from Moon Rays Reality and Skylark Buildcon, also comes with top-tier amenities that cater to an elite lifestyle.
Residents of Oberoi Three Sixty West can enjoy facilities such as private villas, apartments, and access to The Ritz-Carlton Hotel, which occupies part of the complex. The development is designed to offer a seamless blend of residential luxury and hotel-grade services.
Luxury at its Peak in Mumbai’s Real Estate Market
Mumbai is a city where real estate prices are always on the rise, especially in prime locations like Worli, Bandra, and Juhu. While Sheth’s purchase may seem extravagant, it is not out of the ordinary for high-profile personalities who wish to live in luxury amidst the city’s hustle and bustle.
In fact, many celebrities and business tycoons have chosen the Oberoi Three Sixty West as their home. Shahid Kapoor, a well-known Bollywood actor, as well as former IndusInd Bank MD Romesh Sobti, are some of the prominent residents of this iconic property.
Mumbai Real Estate: Property Prices and Trends
Mumbai’s real estate market has a lot to offer for different types of buyers, whether they are looking for affordable housing or luxury apartments. Here’s a breakdown of property prices in various areas of the city:
Affordable Housing: Virar, Nalasopara, Nayagaon
For those looking to buy a home within a budget, areas like Virar, Nalasopara, and Nayagaon on the outskirts of Mumbai are great options. Prices for a 2 BHK flat here start from ₹50 lakh and can go up to ₹75 lakh. A 3 BHK flat can range between ₹75 lakh to ₹1 crore, while 4 BHKs start from ₹1 crore. In these areas, the rate per square foot is between ₹4,000 to ₹5,000. With improving infrastructure and connectivity, these areas are becoming popular for middle-income families.
Mid-Range Housing: Goregaon, Dahisar, Borivali
If you are looking for a home closer to the city, Goregaon, Dahisar, and Borivali are popular mid-range options. In these areas, prices of 2 BHK flats range between ₹1.2 crore to ₹1.5 crore. The rate per square foot is approximately ₹12,000 to ₹16,000. A 3 BHK flat in these areas can cost ₹2 crore to ₹3 crore, while a 4 BHK may exceed ₹5 crore. These neighborhoods are well-connected and are known for their proximity to good schools, hospitals, and shopping centers, making them ideal for families.
Luxury Properties: Bandra, Juhu, Powai
Mumbai’s most sought-after luxury localities include Bandra, Juhu, and Powai. Property prices here reflect the city’s growing demand for luxury living. A 2 BHK flat in these areas starts at ₹3 crore and can go up to ₹5 crore. For a 3 BHK, prices range from ₹5 crore to ₹9 crore, and 4 BHK flats can cost upwards of ₹9 crore. The rate per square foot in these premium areas is between ₹20,000 to ₹35,000. These locations are favorites among Bollywood celebrities, business executives, and NRIs, due to their upscale lifestyle and prime locations.
Why Is Mumbai’s Real Estate So Expensive?
Mumbai’s property prices continue to rise due to several factors. Firstly, there is a limited supply of land in the city, leading to a higher demand for available spaces. Secondly, Mumbai is the financial capital of India, attracting a steady influx of business professionals, entrepreneurs, and celebrities. This demand for housing, especially in luxury localities, drives prices up.
The city also offers a wide range of properties to cater to different needs—from budget apartments to ultra-luxury flats with sea views, private pools, and high-end amenities. Investors find Mumbai’s real estate market attractive as property values tend to appreciate over time, making it a reliable investment option.
Utpal Sheth’s Purchase Reflects the Market’s Growing Demand for Luxury Homes
Utpal Sheth’s recent flat purchase is a testament to the growing trend of luxury living in Mumbai. Despite the high price tag, demand for premium properties continues to rise. The real estate market in Mumbai shows no signs of slowing down, particularly in sought-after locations like Worli, Bandra, and Juhu.
For those who can afford it, owning a sea-facing flat with state-of-the-art amenities like Sheth’s is more than just an investment—it’s a symbol of status and luxury.
