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
Bengaluru's Real Estate Market: A Stable Growth Amidst Slowdown Concerns
The Indian real estate sector, particularly in Bengaluru, is facing a slowdown due to various factors such as job market changes and technological advancements. However, a recent discussion on Reddit suggests that the market is not as volatile as some pre
Real Estate Sector's Rapid Growth: Insights from Runwal Realty
The real estate sector, especially in metros like Mumbai, is seeing a significant surge in luxury and premium housing. Sanya Runwal, Director - Marketing & Retail at Runwal Realty, shares insights on the factors driving this trend, the role of sustainabil
Adani Realty Eyes Stake in Emaar India: A Strategic Move to Expand Presence in Indian Real Estate Market
Adani Realty, led by business tycoon Gautam Adani, is in talks to acquire a stake in Emaar India, a leading player in the country's commercial and residential real estate market.
New Zealand House Prices Rise in October as Interest Rates Drop
New Zealand's housing market is showing signs of recovery in October, with median house prices increasing by 1% month-on-month and 0.7% year-on-year, according to the Real Estate Institute of New Zealand (REINZ). The market is being buoyed by lower intere
Chembur's Real Estate Market on the Rise: Infrastructure and Connectivity Drive Growth
Chembur's transformation into a premium residential hub in eastern Mumbai
Noida Real Estate Market: Property Prices Double in Five Years
According to PropEquity data, the weighted average price of new launch projects in Noida surged by around 152 percent to Rs 14,946 per square foot in 2024, from Rs 5,910 per square foot in 2019.