Diamond Company Promoter Buys Posh Apartment in Mumbai’s Worli Worth Rs 97.4 Crore

The promoter of diamond company Kiran Gems, Mavjibhai Shamjibhai Patel has bought an apartment worth Rs 97.4 crore in Mumbai’s posh Oberoi 360 West.

According to documents accessed by Zapkey, the diamond company promoter has bought an apartment building in Worli, which is considered one of the costliest real estate in Mumbai. The flat is on the 47th floor and covers an area of 14,911 sq ft with an additional expandable space of 884 sq ft.

The documents further reveal that the seller is Oasis Realty partner Skylark Buildcon Private Limited, according to the documents.

A query has been sent to Shamjibhai Patel regarding the transaction in connection to the property, a report by Moneycontrol stated.

The sale deed of the apartment was signed on April 29 and it comes with nine car parking slots, the documents showed. A stamp duty of Rs 5.8 crore on the transaction was signed by Patel.

Three Sixty West is a project that contains 4 BHK and 5 BHK units. It comprises two towers, one housing the Ritz-Carlton Hotel and the other luxury residences managed by the global hospitality chain. Since all apartments face the west, the sea-view project having a height of 360 metres presumably gets its name from there.

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 percent, were in the luxury category (priced over Rs 1.5 crore), according to an October 9 report by real estate consultancy ANAROCK.

Last month, Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhunjhunwala, purchased an apartment worth Rs 11.76 crore in the Walkeshwar area of South Mumbai, as per a report by Moneycontrol stated. 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.