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Kiran Gems' director buys apartment in Mumbai's Worli for Rs 97 crore
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Kiran Gems' director buys apartment in Mumbai's Worli for Rs 97 crore
Publish on : 2024-06-13 12:20:56
Rajesh Labhubhai Lakhani, director of Kiran Gems, buys a luxury apartment in Mumbai's Three Sixty West Tower. The tower includes The Ritz-Carlton Hotel. Kiran Gems is a sightholder authorized to buy rough diamonds from De Beers Group. Rajesh Labhubhai Lakhani, director of one of the world’s largest natural diamond manufacturers Kiran Gems, has bought a sea-view luxury apartment in a super-premium residential tower in Mumbai’s plush Worli locality for over Rs 97 crore. The apartment spread over a 14,911 sq ft Rera carpet area in Three Sixty West on Dr. Annie Besant Road is on the 44th floor of one of the wings of the tower. Lakhani has purchased the apartment jointly with two more family members. The buyer paid over Rs 5.84 crore as stamp duty alone for the transaction that was registered on May 29, showed documents accessed through Zapkey.com. Interestingly, in April, Kiran Gems’ managing director and part of the promoter group, Mavjibhai Patel also purchased a luxury apartment for over Rs 97 crore 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 joint venture Oasis Realty which has developed the project along with Oberoi Realty. Three Sixty West is a mixed-use development comprising two towers, one of which houses The Ritz-Carlton Hotel, and the other will have luxury residences managed by The Ritz-Carlton. As part of the deal, the buyer will get exclusive access to 7 car parking slots in the tower and the apartment will come with an additional balcony area of 884 sq ft. Started in 1985, Kiran Gems specializes in producing diamonds and precious stones. The company is a sight holder or a select company authorized to buy rough diamonds directly from De Beers Group, one of the world’s top diamond miners. Sahana Group confirmed the deal while ET's email query to Kiran Gems, calls, and messages to Lakhani remained unanswered. Sales of residential properties across the top eight cities scaled an all-time high in 2023 due to robust demand across mid-income, premium, and luxury segments. Mumbai led the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals with best performance for May with registrations surpassing the 10,000 mark in each of the first five months of 2024. Also, the market has seen year-on-year growth in registrations for ten successive months, starting August 2023. South and central Mumbai—home to India’s most expensive apartments—has been playing a key role in driving this performance. The micro-market witnessed many large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities in the last few years.

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