Kiran Gems’ MD buys apartment in Mumbai’s Worli for over Rs 97 crore

May 18, 2024

Mavjibhai Patel, managing director and part of promoter group of one of the world’s largest natural diamond manufacturers Kiran Gems, has bought a sea-view luxury apartment in a super-premium residential tower in Mumbai’s plush Worli locality for about Rs 97 crore.

The apartment spread over 14,911 sq ft Rera carpet area in Three Sixty West on Dr. Annie Besant Road is on the 47th floor of one of the wings of the tower. Patel purchased the apartment jointly with two more family members.

The buyer paid over Rs 5.84 crore as stamp duty alone for the transaction that was registered on April 29, showed documents accessed through IndexTap(dot)com.

Patel bought the apartment directly from Sahana Group’s Skylark Buildcon and Moon Rays Realty—part of joint venture Oasis Realty which has developed the project along with Oberoi Realty.

Three Sixty West is a mixed-use development comprising two towers, one of which houses The Ritz-Carlton Hotel and the other will have luxury residences managed by The Ritz-Carlton.

As part of the deal, the buyer will get exclusive access to 9 car parking slots in the tower and the apartment will come with an additional balcony area of 884 sq ft.

Started in 1985, Kiran Gems specialises in producing diamonds and precious stones. The company is a sightholder or a select company authorised to buy rough diamonds directly from De Beers Group, one of the world’s top diamond miners.

Sahana Group confirmed the deal, while ET’s email query to Kiran Gems remained unanswered.

Sales of residential properties across the top eight cities scaled an all-time high in 2023 due to robust demand across mid-income, premium and luxury segments.

Mumbai led the pack as the country’s biggest and most expensive property market continued its record-setting spree, reaching a new peak with best annual performance in terms of both property registration and revenue collection through stamp duty charges.

South and central Mumbai—home to India’s most expensive apartments—played a major role in driving this performance. The micro-market witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors and sports personalities in the last few years.

  • Published On May 18, 2024 at 08:57 AM IST

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