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Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

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Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

Managing Director of Kiran Gems Purchases Mumbai Worli Apartment for Over Rs 97 Crore.

Mavjibhai Patel, the managing director and a member of the promoter group of Kiran Gems, one of the world's largest natural diamond manufacturers, has acquired a luxurious sea-view apartment in Mumbai's upscale Worli area for approximately Rs 97 crore. The apartment, spanning 14,911 square feet of Rera carpet area, is situated on the 47th floor of one of the wings of the Three Sixty West tower on Dr. Annie Besant Road. Patel jointly purchased the apartment with two other family members, with stamp duty alone amounting to over Rs 5.84 crore for the transaction.

Patel acquired the apartment directly from Sahana Group's Skylark Buildcon and Moon Rays Realty, both part of the joint venture Oasis Realty, which developed the project in collaboration with Oberoi Realty. Three Sixty West is a mixed-use development featuring two towers, one of which houses The Ritz-Carlton Hotel, while the other will accommodate luxury residences managed by The Ritz-Carlton. As part of the deal, the buyer will have exclusive access to nine car parking slots within the tower, and the apartment will include an additional balcony area of 884 square feet.

Established in 1985, Kiran Gems specializes in the production of diamonds and precious stones and is recognized as a sightholder, authorized to purchase rough diamonds directly from De Beers Group, one of the world's leading diamond miners. The sale of residential properties in the top eight cities reached an all-time high in 2023, driven by robust demand across mid-income, premium, and luxury segments. Mumbai, being the largest and most expensive property market in the country, experienced record-breaking performance, particularly in South and Central Mumbai, attracting significant transactions involving industrialists, CXOs, actors, and sports personalities in recent years.
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About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/

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