Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Rajesh Labhubhai Lakhani, director at Kiran Gems, purchased a 14,911 sq. ft apartment in Mumbai's Oberoi 360 West for INR 97.4 crore. The luxury residence, located on the 44th floor, offers stunning views and comes with seven car parking spaces. This transaction highlights the robust performance of Mumbai's luxury real estate market, with over 10,000 property registrations in May 2024 alone. South and central Mumbai remains hotspots for wealthy buyers, with luxury apartments like those in Three Sixty West attracting business leaders and celebrities, ensuring sustained market growth and investment potential.
According to a document obtained by Zapkey, Rajesh Labhubhai Lakhani, a director at Kiran Gems, a leading diamond manufacturer, purchased an apartment in Worli, Mumbai's Oberoi 360 West for INR 97.4 crore. Advertisement
Lakhani's new residence is a 14,911 sq. ft apartment, boasting breathtaking views of the Mumbai coastline, on the 44th floor of Three Sixty West. On May 29, the sale documents were registered. Lakhani paid INR 5.8 crore in stamp duty. This prestigious development features two towers - one housing the renowned Ritz-Carlton Hotel and the other offering luxury residences managed by the same hospitality group. Lakhani's apartment comes with the ultimate convenience of seven dedicated car parking spaces and a spacious balcony, further adding to its exclusivity.
Lakhani's purchase isn't an isolated incident. Mumbai's luxury real estate market is experiencing a period of exceptional performance. The city saw a phenomenal May 2024, with property registrations exceeding 10,000 for the fifth consecutive month. Year-on-year registration growth has been reported for ten straight months, highlighting a sustained upward trend. South and central Mumbai, prime locations with India's most expensive properties, have played a key role in this market's strength. These areas have become a magnet for not only wealthy business leaders but also celebrities seeking a luxurious and secure living environment.
Three Sixty West itself has become synonymous with celebrity residences. Cricket legend Sachin Tendulkar reportedly owns an apartment in the building. Lakhani's arrival further strengthens the project's reputation as a haven for the rich and famous.
Interestingly, this isn't the first high-value purchase linked to Kiran Gems. In April 2024, Mavjibhai Patel, another director at the company, bought a luxury apartment on the 47th floor of the same Three Sixty West project for a similar price of INR 97 crore. This suggests a potential trend of diamond industry leaders investing in Mumbai's luxury real estate market. Perhaps the flourishing diamond trade, coupled with low-interest rates and a robust economy, is creating a scenario where industry leaders are seeking to diversify their portfolios with these high-value investments.
Additionally, Shahid Kapoor and Mira Rajput paid INR 55.9 crore in June 2018 for an 8,625 square foot home in the same high rise 'Three Sixty West'. Another Bollywood celebrity to buy an apartment here is Akshay Kumar, who has put in INR 29.94 crore. Another neighbour would be Niraj Bajaj, the MD and Chairman of Mukand, a stainless-steel manufacturer. He had paid INR 120 crore in a record deal to purchase a property in the same complex last year.
The "Three Sixty West'' complex itself has been a hub of noteworthy real estate activities. In 2023, it made headlines for recording India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering INR 1,238 crore. The project continued to attract attention with the promoter of Everest Food Products Private Limited investing INR 73.50 crore in an apartment in October of the same year. Amidst these high-profile transactions, the complex saw other notable deals, such as Avener Capital and Bajaj Consultants acquiring a duplex for around INR 100 crore in March 2023.
Market experts predict continued growth for Mumbai's luxury real estate sector. Sunil Mishra, CEO of a leading real estate consultancy, stated that the demand for luxury apartments in Mumbai is likely to remain strong in the coming years. He noted that factors like a growing affluent population and limited supply will continue to drive prices upwards. This trend makes luxury apartments in Mumbai a potentially lucrative investment option for those seeking long-term capital appreciation.
Mumbai's luxury real estate market is setting new benchmarks with record-breaking sales. Driven by a combination of domestic and international factors, this sector shows no signs of slowing down. With its prime locations, world-class amenities, potential for long-term capital appreciation, and a growing celebrity resident list, Mumbai's luxury apartments offer a glimpse into an opulent world and a potentially lucrative investment opportunity for the discerning buyer.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
