Kiran Gems' director buys flat in Mumbai for Rs 0.97 billion
Real Estate

Kiran Gems' director buys flat in Mumbai for Rs 0.97 billion

The director of Kiran Gems, one of the biggest producers of natural diamonds in the world, Rajesh Labhubhai Lakhani, paid more than Rs 0.97 billion for a luxurious flat with a view of the sea located in a super-premium residential building in Mumbai's affluent Worli neighbourhood. Situated on the 44th floor of a tower wing, the apartment is distributed across 14,911 square feet of Rera carpet space at Three Sixty West on Dr. Annie Besant Road. Lakhani and two other family members jointly bought the flat. For the transaction that was recorded on May 29, the buyer paid more than Rs 0.05 billion in stamp duty alone, according to papers viewed on Zapkey.com. It's interesting to note that Mavjibhai Patel, a promoter group member and managing director of Kiran Gems, also paid over Rs 0.97 billion on the 47th floor of this tower. Lakhani has bought the apartment directly from Sahana Group?s Skylark Buildcon and Moon Rays Realty, part of the joint venture Oasis Realty, which has developed the project along with Oberoi Realty. The mixed-use Three Sixty West project consists of two towers: one will contain The Ritz-Carlton Hotel, while the other will hold opulent homes under The Ritz-Carlton's management. The purchase includes the buyer's exclusive use of seven tower parking spaces in addition to an extra 884 sq ft of balcony space in the apartment. Kiran Gems was established in 1985 and specialised in the production of precious stones and diamonds. The business is permitted to purchase raw diamonds directly from De Beers Group, one of the largest diamond miners in the world, as a sightholder or select firm. Sales of residential real estate in the top eight cities reached a record high in 2023 as a result of strong demand in the premium, luxury, and mid-income categories. Mumbai extended its record-breaking streak of property sales in May, with registrations above 10,000 in each of the first five months of 2024, and emerged as the largest and most expensive property market in the country. Additionally, beginning in August 2023, the market has had year-over-year growth in registrations for eleven consecutive months. South and central Mumbai?home to India?s most expensive apartments?have been playing a key role in driving this performance.

The director of Kiran Gems, one of the biggest producers of natural diamonds in the world, Rajesh Labhubhai Lakhani, paid more than Rs 0.97 billion for a luxurious flat with a view of the sea located in a super-premium residential building in Mumbai's affluent Worli neighbourhood. Situated on the 44th floor of a tower wing, the apartment is distributed across 14,911 square feet of Rera carpet space at Three Sixty West on Dr. Annie Besant Road. Lakhani and two other family members jointly bought the flat. For the transaction that was recorded on May 29, the buyer paid more than Rs 0.05 billion in stamp duty alone, according to papers viewed on Zapkey.com. It's interesting to note that Mavjibhai Patel, a promoter group member and managing director of Kiran Gems, also paid over Rs 0.97 billion on the 47th floor of this tower. Lakhani has bought the apartment directly from Sahana Group?s Skylark Buildcon and Moon Rays Realty, part of the joint venture Oasis Realty, which has developed the project along with Oberoi Realty. The mixed-use Three Sixty West project consists of two towers: one will contain The Ritz-Carlton Hotel, while the other will hold opulent homes under The Ritz-Carlton's management. The purchase includes the buyer's exclusive use of seven tower parking spaces in addition to an extra 884 sq ft of balcony space in the apartment. Kiran Gems was established in 1985 and specialised in the production of precious stones and diamonds. The business is permitted to purchase raw diamonds directly from De Beers Group, one of the largest diamond miners in the world, as a sightholder or select firm. Sales of residential real estate in the top eight cities reached a record high in 2023 as a result of strong demand in the premium, luxury, and mid-income categories. Mumbai extended its record-breaking streak of property sales in May, with registrations above 10,000 in each of the first five months of 2024, and emerged as the largest and most expensive property market in the country. Additionally, beginning in August 2023, the market has had year-over-year growth in registrations for eleven consecutive months. South and central Mumbai?home to India?s most expensive apartments?have been playing a key role in driving this performance.

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