During the times when Pandemic has gripped the entire world and the economy has suffered badly the transaction like this is bound to come into the news. In one of the largest transactions of recent times, a Surat-based diamond firm headed by Ghanshyambhai Dhanjibhai Dholakia bought a sea-facing bungalow in Mumbai’s Worli for a price of Rs 185 crores.
The bungalow is famously known as the ‘Panhar Bungalow. Real estate experts say the reason for such high prices is the low availability of Bungalows in South Mumbai.
The seller here is Arkay Holdings Limited while the buyer is Hari Krishna Exports Pvt Ltd. Dholakia’s company has been in the news in the past too for various positive reasons.
The ‘Panhar Bungalow’ bought by Ghanshyambhai has a ground-plus-six storeyed structure along with a basement and is located opposite Worli sea face. This bungalow is located in one of the most sought-after locations of Mumbai which causes the high price and demand.
The property is spread across an area of 19,886sq ft. The cost per sq ft comes out to be approximately Rs 93000 as per the Mumbai local brokers.
Savji Dholakia, Ghanshyambhai’s elder brother also reacted to this saying that 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,”
Sandeep Reddy who is the co-founder of Zapkey.com, a real estate data analytics, and research firm also said that such bungalows are still in high demand at the moment.
He also said that buyers are ready to sell out their premiums to buy such places. According to their scanning, it was revealed that two documents were registered.
First is the land lease assignment for the land measuring 1349 sq.m for Rs 47 crore (the market value is Rs 51.45 crore). Stamp duty at the rate of 5% has been paid on it which works out to be Rs 2.57 crore.
The other registration documents of residential buildings for Rs 138 crore mention that a stamp duty at the rate of 6% has been paid which is around Rs 8.3 crore. The amount of 1% has been remitted (Rs 1.38 crore) and hence the balance stamp duty paid by them is Rs 6.91 crore.
The Dholakias have been in the news in 2018 too when Savji Dholakia rewarded his employees with gifts of Mercedes cars to three employees. A few years back too, he was in the limelight for a similar reason of gifting 500 flats, 525 pieces of diamond jewelry, and 200 flats to his employees in 2014 as a mere Diwali bonus. That’s probably just unbelievable for most of us.
The last big bungalow deal happened in April when the Founder of DMart had bought a two-story bungalow by paying an enormous amount of ₹1,001 crores. The next big deal that happened in the market was done by the Dholakias.