IGE India, one of the investment vehicles of the Dabriwala family, has bought two super-luxury sea-view residential apartments in a nearly-completed mixed-use skyscraper Three Sixty West in Mumbai’s plush Worli locality for Rs 151 crore.
The company has purchased both the apartments spread over a total of 16,072 sq ft on the 58th and 59th floors of the project from the developer, Oberoi Realty’s subsidiary Oasis Realty, that is executing the project.
The transactions rank amongst the largest deals for residential apartments in terms of absolute consideration size anywhere across the country so far this year.
The deals value the apartments on the 42nd and 43rd habitable floors of the tower at nearly Rs 94,000 per sq ft.
Founded in 1930, IGE was a joint venture firm with General Electric with diversified business interests in medical systems, financial services, real estate services, power services, training, silicones and media.
Since 2006, the Dabriwala family bought out GE’s stake in IGE, and it has made several investments in real estate, private equity, and listed companies.
In October 2021, MetLife International Holdings, LLC entered into a share purchase agreement with IGE (India) and one more Dabriwala family company, Elpro International, to acquire their total combined shareholding of 15.27% in PNB MetLife India Insurance Company.
IGE India has paid a total of Rs 9.06 crore as the stamp duty charges for the registration of both the deals.
The agreements for the transactions were concluded and registered on Thursday, showed the documents accessed through Indextap.com.
IGE India is the operating and investment vehicle for the Dabriwala family led by Surbhit Dabriwala and it invests in public and private companies including real estate.
The company manages over Rs 1600 crore across asset classes.
Some of the key investments made by the family so far include PNB MetLife, a joint venture with PNB and MetLife, a robotics joint venture with Fanuc Japan, a manufacturing set up with International Conveyors in collaboration with Scandura Plc, and a joint venture with Kaer Singapore.
Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks and records with respect to property transactions for more than a year since September 2020, when the state government announced a limited window stamp duty reduction.
The significant but limited period stamp duty reduction window that ended on March 31, 2021 was a key catalyst for the city’s residential market. While the benefit of lower stamp duty is not available anymore, the deals have continued to flow in.
Several corporate personalities, business founders, industrialists, and Bollywood actors, including Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhat, Disha Patani, corporate honchos, investment bankers and cricketers have bought luxury apartments and registered their deals in the last few months.