Mumbai: Surat-based diamond firm buys Worli bungalow for ₹185 crore

It occupies an area admeasuring 19,886 square feet and was purchased by Harikrishna Exports Private Limited from Arkay Holdings Limited

In one of the largest transactions in recent times, a bungalow in Worli was sold to a Surat-based diamond firm headed by Ghanshyambhai Dhanjibhai Dholakia for a staggering ₹185 crore.

‘Panhar bungalow’ consists of a basement and ground-plus-six storeyed structure located opposite Worli sea face. (HT Photo)

‘Panhar bungalow’ consists of a basement and ground-plus-six storeyed structure located opposite Worli sea face, one of the sought-after locations in Mumbai. It occupies an area admeasuring 19,886 square feet and was purchased by Harikrishna Exports Private Limited from Arkay Holdings Limited.

Savji Dholakia, elder brother of Ghanshyambhai said it was meant for a family home. “We were searching for a high-end property which will be able to accommodate our joint family. This bungalow suited our requirement perfectly,” said Savji.

Savji has been in news for lavishing his employees with gifts like cars, houses as well as jewellery to his employees. In 2018, he gifted cars to 600 of his employees and Prime Minister Narendra Modi handed over the keys to some of the beneficiaries in Delhi.

The documents scanned by Zapkey.com, a real estate data analytics and research firm revealed that there were two documents registered — assignment of the lease of land and conveyance of the residential building.

In the assignment, the amount of ₹47,00 crore was paid for which ₹2,57 crore was paid as stamp duty. The conveyance was valued at ₹138 crore for the bungalow, while ₹8.30 crore was paid as stamp duty.

Sandeep Reddy, co-founder, Zapkey.com, said that such bungalows are still in great demand. “Since there is a shortage of bungalows, especially in south Mumbai, they attract huge demand and buyers are ready to shell out premiums to acquire them,” said Reddy.

The last bungalow deal was in April when the Founder of DMart, Radhakishan Damani, has bought a two-storeyed bungalow by paying ₹1,001 crore. Damani has purchased the property at the tony Malabar Hill area along with his brother Gopikishan Damani and paid a stamp duty of ₹30.03 crore for this property.