In a high-profile real estate transaction, Mavjibhai Patel, Managing Director and a key figure in the promoter group of Kiran Gems, one of the world’s leading natural diamond manufacturers, has secured a lavish sea-view apartment in Mumbai’s upscale Worli district for a staggering sum exceeding Rs 97 crore.
Situated within the prestigious Three Sixty West complex on Dr. Annie Besant Road, the apartment spans an impressive 14,911 square feet of Rera carpet area, occupying the 47th floor of one of the tower wings. Patel acquired the property in collaboration with two other family members.
Documents sourced from IndexTap(dot)com reveal that the transaction, finalized on April 29, also incurred a hefty stamp duty of over Rs 5.84 crore.
The acquisition was made directly from Sahana Group’s Skylark Buildcon and Moon Rays Realty, both entities forming part of the Oasis Realty joint venture, which developed the project in conjunction with Oberoi Realty.
Three Sixty West, a mixed-use development, boasts two towers, one of which hosts The Ritz-Carlton Hotel, while the other accommodates luxury residences under the management of The Ritz-Carlton.
As part of the deal, Patel gains exclusive access to nine car parking spaces within the tower premises, alongside an additional balcony area spanning 884 square feet.
Established in 1985, Kiran Gems specializes in the production of diamonds and precious stones, holding the prestigious title of a sightholder—an exclusive designation permitting the direct purchase of rough diamonds from the esteemed De Beers Group.
While Sahana Group has confirmed the transaction, queries directed to Kiran Gems by ET remain unanswered.
The surge in property sales across India's top eight cities, particularly in the premium and luxury segments, reached unprecedented levels in 2023. Mumbai, renowned as the country’s largest and most expensive real estate market, spearheaded this surge, registering a historic peak in property registrations and stamp duty revenues.
The micro-markets of South and Central Mumbai, renowned for their opulent apartments, witnessed a flurry of high-value transactions involving prominent industrialists, CXOs, celebrities, and sports personalities in recent years.
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