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Oberoi Realty, a leading Mumbai-based real estate developer, has bought over 5 lakh square feet comprising 63 residential units in a luxury housing project at Worli, Mumbai.
Oberoi Realty said that its shareholders approved the acquisition of residential premises in the project “Three Sixty West” constructed by Oasis Realty for up to Rs 4000 crore.
“Three Sixty West” is a two-tower mixed-use development located in Worli, Mumbai. The Ritz-Carlton Hotel will be housed in one, and luxury residences will be housed in the other tower.
The luxury residential development is a true design marvel. The towers are carefully angled so that each home enjoys stunning sea views, while meticulous planning ensures that Residents have complete discretion and privacy.
The Club 360 provides an unmatched lifestyle experience. It is divided into two levels: zones for sports, fitness, kids’ activities, and adventure on one end and leisure, lounging, and relaxation on the other.
The company said they had finished purchasing residential premises in the project, including 5,23,039 square feet of carpet area.
In purchasing the 63 luxury residential units, Oberoi Realty paid a total amount of Rs 3,403 crore.
The company also paid a lump sum of Rs 204 crore for stamp duty and other charges included in the purchase. Oasis Realty has discharged Rs 605 crore of its income tax liability.
As a result, Oberoi Realty stated that it had recovered its total funding for construction costs and other deposits and its profit share from Oasis Realty.
Oberoi Realty announced on Friday that it had purchased an 8-acre plot of land in Thane, Maharashtra, for Rs 192 crore.
It has successfully completed the transaction with Blue Star Limited (BSL) to acquire the land measuring approximately 32,204 square metres in Thane, Maharashtra.