In a notable real estate transaction, the promoters of Kiran Gems have purchased a luxury apartment in Mumbai for a whopping ₹97.4 crore. This high-value acquisition is located in the prestigious Oberoi 360 West, a project known for its opulence and prime sea-facing views.
The new property, spanning approximately 16,000 square feet, is situated on the 47th floor of Oberoi 360 West. This luxury apartment is not only expansive but also offers stunning views of the Arabian Sea, enhancing its allure. It comes with nine dedicated parking spaces, ensuring ample room for the owners' vehicular needs.
The buyers of this magnificent property are Mavjibhai Shamjibhai Patel, Rasikaben Mavjibhai Patel, and Munjal Mavjibhai Lakhani. They are key figures in Kiran Gems, a leading name in the diamond and jewellery industry. This purchase underscores their commitment to establishing a prominent presence in Mumbai, a city synonymous with luxury and business prowess.
The seller of the apartment is Skylark Buildcon Private Limited, a partner in Oasis Realty. This transaction highlights the ongoing demand for luxury real estate in Mumbai, particularly in sought-after locations like Oberoi 360 West.
Earlier this year, Kiran Gems made headlines when they decided to cease operations at the Surat Diamond Bourse (SDB), the world's largest trading hub for diamonds, and relocate to Mumbai. This strategic move aligns with their recent real estate investment, indicating a broader plan to consolidate their business activities in India's financial capital.
This purchase is reminiscent of another significant real estate deal in 2021 when a bungalow in Worli was sold for ₹185 crore. This property, known as Panhar bungalow, was acquired by Harikrishna Exports Private Limited, another prominent player in the diamond industry. The bungalow, boasting an area of 19,886 square feet, highlights the trend of diamond firms investing heavily in Mumbai's luxury real estate market.
Conclusion
The acquisition of this luxury apartment by the promoters of Kiran Gems is a testament to the enduring appeal of Mumbai's high-end real estate market. It also reflects the strategic shifts within the diamond industry, as leading firms like Kiran Gems and Harikrishna Exports Private Limited seek to anchor their operations in Mumbai. This move not only enhances their corporate image but also positions them favourably in one of the world's most dynamic cities.
As the luxury real estate market in Mumbai continues to thrive, it will be interesting to see how other players in the diamond and jewellery sector respond to these developments. For now, the promoters of Kiran Gems can enjoy their new abode, a symbol of their success and aspirations in the heart of Mumbai.
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