In a recent development, Mavjibhai Shamjibhai Patel, the promoter of Kiran Gems, has reportedly purchased a luxurious apartment in Mumbai for a whopping ₹97.4 crore.

What Happened: Patel, the promoter of the diamond company Kiran Gems, has acquired an apartment in the upscale Oberoi 360 West in Mumbai, Moneycontrol reported. The apartment, situated on the 47th floor, spans over 14,911 sq ft with an additional 884 sq ft of expandable space. The transaction was completed on April 29, with a stamp duty of ₹5.8 crore.

The seller of the property is Oasis Realty partner Skylark Buildcon Private Limited. The apartment comes with nine car parking slots.

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The building, located in Worli, is considered one of the most expensive real estate properties in Mumbai. The project, Three Sixty West, consists of 4 BHK and 5 BHK units and is managed by the global hospitality chain, Ritz-Carlton Hotels.

Why It Matters: The real estate market in Mumbai has been witnessing significant activity.

In March, Yashasvi Jaiswal, an Indian cricketer, bought a flat worth ₹5.38 crore in the city. In April, a developer’s offer of “buy one flat, get another free” went viral, indicating the strong demand in the market.

Meanwhile, the Indian real estate market has been experiencing a surge in luxury property launches. In the third quarter of 2023, 27% of the 1,16,220 units launched in the top seven cities were in the luxury category, according to a report by real estate consultancy firm Anarock.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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