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Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has purchased a 16,000 square foot apartment in Mumbai's luxury Oberoi 360 West project for INR 97.4 crore. Kiran Gems had recently relocated their headquarters from Surat to Mumbai. Located in upscale Worli, the apartment spans 14,911 square feet with additional expandable area. It includes nine parking slots. South and central Mumbai have seen numerous high-value property deals in recent years involving industrialists, corporate executives and celebrities due to the areas' prime sea-facing locations and most expensive apartments. With Patel's purchase, Oberoi 360 West continues its reputation as one of Mumbai's most luxurious residential projects housing prominent business families and individuals.
Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has bought an around 16,000 sq ft apartment in Mumbai's posh Oberoi 360 West for INR 97.4 crore, according to documents accessed by Zapkey. Advertisement
Kiran Gems is a leading jewelry manufacturer and authorized dealer of natural diamonds from De Beers Group. Established in 1985, the company specializes in diamond and precious stone production. Kiran Gems had relocated their headquarters from Surat Diamond Bourse (SDB) to Mumbai earlier this year. The apartment purchase aligns with changes to their business operations.
Oberoi 360 West, located in Worli, is considered one of the costliest real estate in Mumbai. The flat on the 47th floor covers 14,911 sq ft with an additional expandable space of 884 sq ft.
The apartment comes with nine car parking slots and the sale deed was signed on April 29. Patel paid a stamp duty of INR 5.8 crore on the transaction.
The seller is Oasis Realty partner Skylark Buildcon Private Limited.
As per the MahaRERA portal, Three Sixty West project is registered in the name of Oasis Realty as the promoter, and has four promoters including SkyLark Buildcon Pvt Ltd, and Shree Vrunda Enterprises, part of Sudhakar Shetty's Sahana Group, and Oberoi Constructions Ltd and Astir Realty LLP which are Vikas Oberoi promoted companies.
Three Sixty West by Oberoi Realty is a project that has two towers - Tower A with 66 floors and 28 apartments, while Tower B has 90 floors and 256 units including 4BHK, 5BHK, duplex configurations. It also has two penthouses of 11,036 sq ft each. One of the towers houses the Ritz-Carlton Hotel and the other luxury residences managed by the global hospitality chain. The sea-view project presumably gets its name because its height is 360 metres, and all apartments face the west.
Residential property sales across the top eight cities reached a historic peak in 2023, driven by strong demand across mid-income, premium, and luxury segments. Across India, out of 1,16,220 units launched in the third quarter of calendar 2023 in the top seven cities across various budget categories, 31,180 units, or about 27%, were in the luxury category (priced over INR 1.5 crore), according to a report by real estate consultancy ANAROCK.
Mumbai led the surge as the nation's largest and most expensive property market continued its record-breaking streak, achieving its best annual performance in terms of both property registrations and revenue collection through stamp duty charges.
South and central Mumbai, known for housing India's most expensive apartments, significantly contributed to this performance. The micro-market witnessed numerous high-value transactions involving industrialists, CXOs, actors, and sports personalities in recent years.
Last month, Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhunjhunwala, purchased an apartment worth INR 11.76 crore in the Walkeshwar area of South Mumbai. The apartment with a carpet area of 1,666 sq ft is in a more than 50-year-old building near the Arabian Sea named Rockside Apartment.
And in March, in one of the biggest residential deals for the Mumbai real estate market in 2024, Anil Gupta, chairman and managing director of Wellknown Polyesters Ltd, purchased two apartments for INR 270 crore in the Lodha Malabar project in South Mumbai.
In a bulk deal in 2023, 28 apartments in Three Sixty West's Tower B were purchased by D Mart owner Radhakishan Damani's immediate family and close associates for a sum of INR 1,238 crore last year.
In 2021, a bungalow in Worli was sold to a Surat-based diamond firm headed by Ghanshyambhai Dhanjibhai Dholakia for a staggering INR 185 crore. Panhar bungalow consisted of a basement and ground-plus-six storeyed structure located opposite Worli sea face, one of the sought-after locations in Mumbai. It occupied an area measuring 19,886 square feet and was purchased by Harikrishna Exports Private Limited from Arkay Holdings Limited.
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