Meet Mavjibhai Patel, the Indian Billionaire Who Bought a Rs 97 Crore Sea-Facing Mumbai Mansion
Get an inside look at Patel's new property and his impressive business empire, including his diamond manufacturing company, Kiran Gems.
Mavjibhai PatelKiran GemsThree Sixty WestLuxury Real EstateMumbaiReal Estate MumbaiAug 12, 2024
Mavjibhai Patel A Diamond Tycoon with Expansive Taste
From Humble Beginnings to Diamond Mogul
Mavjibhai Patel, along with his brother Vallabhbhai Patel, co-founded Kiran Gems in 1985. Originally hailing from Bhavnagar, the Patel brothers relocated to Mumbai to capitalize on the city’s burgeoning diamond industry. What began as a modest venture has evolved into one of the world’s largest natural diamond manufacturing companies. Today, Kiran Gems boasts a market valuation of Rs 17,000 crore and generated over Rs 500 crore in revenue in 2021.
Luxury Lifestyle and Real Estate Investment
Patel’s latest real estate acquisition underscores his status as a leading industrialist with an affinity for luxury. His new sea-facing apartment, situated on the 47th floor of the iconic Three Sixty West, exemplifies opulence.
Three Sixty West A Pinnacle of Luxury Living
An Overview of the Property
Three Sixty West is a premier residential project developed by Oasis Realty, a joint venture between Vikas Oberoi of Oberoi Realty and Sudhakar Shetty of Sahana Group. However, the project was subsequently acquired by Oberoi Realty for Rs 4,000 crore. This super-premium development consists of two towers one houses the Ritz-Carlton Hotel, while the other offers luxurious residences managed by the same hospitality chain.
Patel’s Lavish New Residence
The apartment purchased by Mavjibhai Patel spans 14,911 square feet and includes 884 square feet of balcony space. It comes with nine exclusive car parking spaces, catering to the needs of a high-profile owner. The property’s breathtaking sea view and top-tier amenities are a significant draw for affluent buyers.
Other High-Profile Transactions in Three Sixty West
Radhakishan Damani’s Investment
In 2023, Radhakishan Damani, founder and CEO of Avenue Supermarts (DMart), made a notable investment in Three Sixty West. His family acquired 28 apartments in Tower B for a combined total of Rs 1,238 crore. These apartments, valued between Rs 40 and 50 crore each, further underscore the residential tower’s appeal to high-net-worth individuals.
BK Goenka’s Lavish Penthouse
Welspun Group Chairman BK Goenka also joined the roster of distinguished residents in Three Sixty West. In 2023, he purchased a sprawling penthouse spread across the 63rd, 64th, and 65th floors for Rs 240 crore. The penthouse encompasses 30,000 square feet of living space and features an expansive terrace area, highlighting Goenka’s penchant for luxury.
Shahid Kapoor’s Duplex
Bollywood actor Shahid Kapoor, who purchased a duplex on the 42nd and 43rd floors of Three Sixty West in 2018, spent Rs 59 crore (including stamp duty) on his property. Kapoor’s residence adds to the building’s reputation as a favored address for celebrities and business magnates.
Rekha Jhunjhunwala’s Prime Acquisition
Earlier this year, Rekha Jhunjhunwala, the wife of the late investor Rakesh Jhunjhunwala, made headlines with her purchase in Malabar Hill. Jhunjhunwala acquired several units in a building for Rs 118 crore, ensuring an uninterrupted view of the Arabian Sea from her primary residence. Her net worth, according to Forbes, is $8.1 billion (approximately Rs 67,462 crore), reflecting her substantial wealth and investment acumen.
Frequently Asked Questions
Who is Mavjibhai Patel?
Mavjibhai Patel is the Managing Director of Kiran Gems, a diamond manufacturing company, and an Indian billionaire.
What is the value of Mavjibhai Patel's new apartment in Mumbai?
The value of Mavjibhai Patel's new apartment in Mumbai is Rs 97 crore.
What is the name of the residential project where Mavjibhai Patel purchased his new apartment?
The name of the residential project is Three Sixty West.
Who are some other high-profile residents of Three Sixty West?
Some other high-profile residents of Three Sixty West include Radhakishan Damani, BK Goenka, Shahid Kapoor, and Rekha Jhunjhunwala.
What is the market valuation of Kiran Gems?
The market valuation of Kiran Gems is Rs 17,000 crore.
Related News Articles
West Bengal Revokes Temporary Real Estate Relief Measures, Industry Stakeholders Concerned
The West Bengal government has withdrawn temporary relief measures for the real estate sector, including a 2% stamp duty reduction and 10% circle rate cut, effective July 1, 2023.
No Plans to Review Long-Term Capital Gains Tax for Real Estate Sector
The government has clarified that it will not review the new capital gains tax regime for sale of property, which has sparked concerns about its impact on the real estate sector.
Shanghai and Shenzhen to Lift Home Purchase Restrictions to Revive Real Estate Markets
China's top cities to ease restrictions on home buying to attract buyers and boost flagging real estate markets.
BDA to Unveil 50,000 Residential Sites Along PRR-2 with PPP
The Bangalore Development Authority (BDA) has announced the launch of 50,000 residential sites along the Peripheral Road Ring-2 (PRR-2) under a Public-Private Partnership (PPP) model. This initiative aims to address the growing housing demand and promote
Metro Brand Promoters Acquire 5 Premium Apartments in Palais Royale, Lower Parel
Promoters of Metro Brand Ltd. have recently secured five luxurious apartments in the prestigious Palais Royale, Lower Parel, for a total value of Rs 405 crore. Each property comes with five car parkings and a per square foot (PSF) rate ranging from Rs 1,0
DLF to Invest ₹20,000 Crore in Housing Projects, Eyes ₹43,000 Crore Surplus Cash
Real estate major DLF Ltd plans to invest around ₹20,000 crore over the next few years to complete the construction of its ongoing housing projects and aims to achieve a substantial surplus cash flow of ₹43,000 crore.