Diamond company promoter buys Mumbai apartment for Rs 97 crore

The apartment has nine car parking slots and the sale deed was signed on May 29, 2024.

Mavjibhai Shamjibhai Patel, promoter of diamond company Kiran Gems, has bought an apartment in Mumbai's posh Oberoi 360 West for Rs 97.4 crore, according to documents accessed by Zapkey.

The apartment building, 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 seller is Oasis Realty partner Skylark Buildcon Private Limited, according to the documents.

A query has been sent to Shamjibhai Patel regarding the transaction.

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

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. The sea-view project presumably gets its name because its height is 360 metres, and all apartments face the west.

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, Moneycontrol reported. 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 Rs 270 crore in the Lodha Malabar project in South Mumbai.