Panchratna Building: From Diamond Hub to Residential Haven

MUMBAI: In a city where aging buildings on prime real estate often face redevelopment, the Panchratna building, constructed in 1972, has taken a unique path. Instead of fading away, it has reimagined its past and embraced a new life as a residential haven.

The Panchratna building, a landmark near Opera House, was once the epicenter of India’s diamond trade, with around 90% of the country’s diamond deals passing through it. However, as the diamond traders moved their businesses to the Bharat Diamond Bourse (BDB) in Bandra Kurla Complex (BKC) and Surat, Gujarat, the building underwent a significant transformation. Today, 121 of its 144 flats, which once served as offices for leading diamond merchants, are now home to families.

The shift from commercial to residential began in 2011 when diamond traders started relocating to BDB. Flat buyers at the time found economic merit in leasing out the spaces for commercial use, but as the commercial activity declined, many chose to convert these spaces back into residential units. Today, real estate prices of residential and commercial spaces in the building range between ₹40,000 to ₹55,000 per square foot for spaces between 700 to 1200 square feet.

Chirag Patel, a businessman who moved to Panchratna eight years ago, said, “I moved to Panchratna as it offers the best view of the sea. After the building turned from commercial to residential, I decided to grab the opportunity considering its closeness to important neighborhoods.” Chandrika Nagraj, who has lived in the building for 37 years, is happy to be surrounded by neighbors again. “The building offers the best view of the sea. People prefer to move here as schools, colleges, hospitals, and even the railway station are close by. The building continues to have tight security even after the diamond market shifted to BKC,” she added.

The 25-story Panchratna, built 54 years ago, was originally designed as a part-commercial, part-residential hub. The ground to sixth floors were designated for commerce, catering to the growing diamond trade, which was primarily conducted from the crowded Dhanji Street in Kalbadevi. The upper 18 floors housed 144 flats, with residential spaces facing the Arabian Sea, offering a grand view of the Queen’s Necklace, Malabar Hill, and Nariman Point.

However, within three years of its completion, the diamond trade boomed, and the majority of residential apartments were converted into offices by diamond merchants. In 2002, the Brihanmumbai Municipal Corporation (BMC) officially recognized the change, allowing Panchratna to convert its residential floors to commercial tenements. By the early 1980s, the 25-story tower became the center of Mumbai’s diamond trade, and the market expanded into 10 adjoining buildings, including Prasad Chambers, Modi Chambers, and Parikh Chambers, housing around 4,500 stores.

During its peak, Panchratna generated an annual turnover of over ₹5,000 crore, with 60% of the world’s diamond processing passing through the Opera House area. The building was equipped with 386 CCTV cameras and 32 security guards to ensure round-the-clock surveillance. However, the 13/7 bombing in 2011, which claimed 27 lives and injured 127 people, marked a turning point. After the bomb blasts, the diamond business began to shift to the BDB, which offered modern security arrangements and a complete ecosystem for traders.

Rajan Parikh, vice president of the Mumbai Diamond Merchants Association, said, “Though merchants are nostalgic about the Opera House area, BDB offered better facilities. Availability of a large area, modern security, and other amenities made it the preferred choice.” Despite the shift, many diamond merchants have retained small office spaces in Panchratna, cherishing the area’s unique charm and connectivity.

Naresh Mehta, secretary of the Panchratna Co-operative Housing Society, added, “The building was far ahead of its time, planned for the future. The commercial floors were centrally air-conditioned and had 12 modern lifts, with six for the first six floors and the remaining for the upper 18 residential floors.” Rajiv Popley, director of Popley & Sons Jewellers, who has owned a commercial space in the building since 1978, said, “The area is special, and we never thought of moving out. The locality is well-connected to other parts of the city, and we miss the food outlets at Opera House.”

Panchratna’s transformation from a commercial hub to a residential haven is a testament to its timeless charm and adaptability. The building continues to attract residents and businesses, offering a unique blend of history and modern living in the heart of Mumbai.