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.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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.

Next Story
Infrastructure Urban

DRDO Transfers Key Defence Materials Tech to Industry

The Defence Metallurgical Research Laboratory (DMRL) of DRDO in Hyderabad has transferred three advanced indigenous materials technologies to leading Indian industry partners, marking a major step towards self-reliance in strategic defence manufacturing. The Licensing Agreement for Transfer of Technology (LAToT) documents were handed over by Dr Samir V Kamat, Secretary of Defence R&D and Chairman of DRDO, at a ceremony held at DMRL on 30 August 2025.The transferred technologies include:High-Strength Radomes: Transferred to BHEL, Jagdishpur, this technology enables the manufacture of high-p..

Next Story
Infrastructure Energy

Coal Ministry Honours Top Mines for Safety and Sustainability

The Ministry of Coal hosted the Star Rating Award Ceremony in Mumbai to recognise outstanding coal and lignite mines for their achievements in safety, environmental responsibility, scientific operations, and community welfare. Union Minister of Coal and Mines Shri G. Kishan Reddy, accompanied by Minister of State Shri Satish Chandra Dubey and Secretary Shri Vikram Dev Dutt, presented the accolades.The awards celebrate mines that have demonstrated excellence across key parameters such as safety, productivity, scientific mining, environmental stewardship, and socio-economic impact. The Minister ..

Next Story
Infrastructure Urban

Modi Highlights Decade of Bold Economic Reforms

Prime Minister Shri Narendra Modi reaffirmed the government’s steadfast commitment to economic reforms over the past decade, highlighting transformative measures that have redefined India’s fiscal structure and enhanced its global economic position.Citing major initiatives such as corporate tax cuts to encourage investment, the implementation of the Goods and Services Tax (GST) to unify the national market, and reforms in personal income tax to improve Ease of Living, Modi emphasised that the reform agenda has consistently been citizen-focused and pro-growth.He welcomed the ongoing #NextGe..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?