Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

Mavjibhai Patel, the managing director and a member of the promoter group of Kiran Gems, one of the world's largest natural diamond manufacturers, has acquired a luxurious sea-view apartment in Mumbai's upscale Worli area for approximately Rs 97 crore. The apartment, spanning 14,911 square feet of Rera carpet area, is situated on the 47th floor of one of the wings of the Three Sixty West tower on Dr. Annie Besant Road. Patel jointly purchased the apartment with two other family members, with stamp duty alone amounting to over Rs 5.84 crore for the transaction.

Patel acquired the apartment directly from Sahana Group's Skylark Buildcon and Moon Rays Realty, both part of the joint venture Oasis Realty, which developed the project in collaboration with Oberoi Realty. Three Sixty West is a mixed-use development featuring two towers, one of which houses The Ritz-Carlton Hotel, while the other will accommodate luxury residences managed by The Ritz-Carlton. As part of the deal, the buyer will have exclusive access to nine car parking slots within the tower, and the apartment will include an additional balcony area of 884 square feet.

Established in 1985, Kiran Gems specializes in the production of diamonds and precious stones and is recognized as a sightholder, authorized to purchase rough diamonds directly from De Beers Group, one of the world's leading diamond miners. The sale of residential properties in the top eight cities reached an all-time high in 2023, driven by robust demand across mid-income, premium, and luxury segments. Mumbai, being the largest and most expensive property market in the country, experienced record-breaking performance, particularly in South and Central Mumbai, attracting significant transactions involving industrialists, CXOs, actors, and sports personalities in recent years.