Industrialist B K Goenka recently became the owner of country’s most expensive apartment after buying a penthouse in Mumbai’s Worli. At Rs 240 crores, Mr. Goenka struck the India’s most expensive apartment deal by getting a penthouse that is spread over 30,000 sq feet. The penthouse is located on Three Sixty West, a luxury project at Annie Besant Road in Worli, Mumbai. The penthouse is spread across the 63rd, 64th, and 65th floors of the high-rise luxury project.
To put this into perspective, the average annual income of an Indian household is Rs 1.2 lakhs, which is two-hundred-thousand times less than the cost of the apartment. Further, TOI claims that the apartment spread over 30,000 sq feet is 100 times larger than the size of a 300 sq ft residence given to a slum family under the government’s rehabilitation scheme.
One could easily conclude that Mr Goenka will be surrounded by equally disproportionately wealthy men. Another residence in an adjoining wing of the same tower has been bought by Vikas Oberoi for Rs 240 crores. Oberoi developed the property himself with businessman Sudhakar Shetty.
Similarly, earlier last week, 28 unites of the building worth Rs 1,238 crores were bought by D’Mart founder Radhakrishna Damani and his associates.
The Facts of the Matter
According to a 2019 report by Oxfam, the richest 1% of India’s population owns more than four-times the wealth held by 953 million people who make up for the bottom 70% of the country’s population. While India remains one of the fastest economies in the world – meaning the rich are getting richer while the poor are being kicked into further poverty.
BK Goenka Becomes Owner of Most Expensive Apartment
A stark example of the same is a recent deal struck by businessman and founder of Welspun Group, B K Goenka. Mr Goenka recently became the owner of India’s most expensive apartment. The 58-year-old business tycoon got his name in the history books by signing India’s most expensive apartment deal by buying a penthouse in Mumbai’s Worli.
Apartment Spread Across 63rd, 64th, 65th Floors
Mr Goenka struck a deal of getting a 30,000 sq feet apartment in Three Sixty West, a luxury project located at Annie Besant Road in Worli. The apartment in question is spread across the 63rd, 64th and 65th floors of the high-rise luxury building. Mr Goenka became the proud owner of the most expensive apartment in India at Rs 240 crores.
Putting Numbers into Perspective
To put the numbers into perspective, the amount is approximately two-hundred-thousand times more than the average annual income of an Indian household, which stands at Rs 1.2 lakhs. Further, the average income of a Maharashtra citizen is relatively more than Rs 1.2 lakhs, and yet it is 30,000-40,000 times less than the apartment bought by Mr Goenka.
“This is the costliest apartment sold to date in India. We anticipate more deals in the ultra-luxury segment in the next two months because from April 2023, the capital gains allowed to be invested under Section 54 have been limited to Rs 10 crore. So, any capital gain above Rs 10 crore would be automatically taxed (as applicable),” Mr Pankaj Kapoor, founder Liases Foras, was quoted in a TOI report.
Vikas Oberoi, RK Damani Going to be Neighbours
It should be noted that Mr Goenka is going to surrounded by an echo chamber of the one percent of the one percent. Earlier, Mr Vikas Oberoi bought an apartment in the adjoining building of the same tower for Rs 240 crores.
Similarly, D’Mart founder Radhakishan Damani, his family and associates bought as many as 28 housing units worth Rs 1,238 crores in the Three Sixty West project in Worli.