Essar’s Arkay Holdings sells bungalow in Mumbai for Rs 185 cr

02 Aug 2021 CW Team

A Surat-based diamond merchant, Dhanjibhai Dholakia, has bought for Rs 185 crore bungalow at Worli Sea face in Mumbai. The bungalow per sq ft cost is nearly Rs 93,000 per sq ft.

The Panhar bungalow of 19,886 sq ft has a basement, ground floor, and other six floors, which has been bought by Hari Krishna Exports.

Arkay Holdings is the seller of the residential property, a firm owned by Essar Group. The property was registered on 30 July 2021.

Two transactions were registered for Rs 185 crore. One for the land lease for measuring the land 1,349 sq metres for Rs 47 crore. Stamp duty of 5%, which is Rs 2.57 crore, has been paid. For land loan, a payment of Rs 36.5 crore has been made directly to Indiabulls Housing Finance.

The second payment registered is the conveyance of the residential bungalow for Rs 138 crore. Stamp duty of 6%, which is nearly Rs 8.3 crore, has been paid. A cess of 1%, Rs 1.38 crore, has been remitted and hence the paid stamp duty is Rs 6.91 crore. A payment of Rs 108.25 crore has been made directly to Indiabulls Housing Finance.

As per the document, Arkay Holdings Limited has granted this property as security for the loan availed from Indiabulls. After the payment of Rs 144.5 crore, the charge was released on 26 July.

The registration shows that the property has changed hands many times. The Greater Mumbai Municipal Corporation had leased the land first to Bubalaya Raj in 1914 for an annual lease of Rs 1 with the authority to develop a structure over it.

It was then placed in the market and found new buyers regularly. According to the document, the completion certificate for the building was given in 2001 by the authorities.

The deal registered in July is similar to the bungalow brought by Damanis in March. It is one of the biggest property deals in Mumbai at Rs 1,001 crore, at the Malabar Hill area in Mumbai. The registration was made on 31 March, the last date to reduce the stamp duty on housing by 3% in Maharashtra.

Last year, the Maharashtra government announced a reduction in stamp duty from 5% to 2% till December 2020 to boost the real estate industry after the hit by the Covid-19 pandemic.

This year from January to March, the stamp duty was 3%. The state government said it would not extend the stamp duty waiver to keep the Ready Reckoner Rates unchanged for FY 2021-22.

Image Source

Also read: Joinwood Reality director buys Sunteck penthouse in Mumbai at Rs 90 cr

Also read: Raheja's purchase three duplexes at Rs 427 cr from own project in Worli

A Surat-based diamond merchant, Dhanjibhai Dholakia, has bought for Rs 185 crore bungalow at Worli Sea face in Mumbai. The bungalow per sq ft cost is nearly Rs 93,000 per sq ft. The Panhar bungalow of 19,886 sq ft has a basement, ground floor, and other six floors, which has been bought by Hari Krishna Exports. Arkay Holdings is the seller of the residential property, a firm owned by Essar Group. The property was registered on 30 July 2021. Two transactions were registered for Rs 185 crore. One for the land lease for measuring the land 1,349 sq metres for Rs 47 crore. Stamp duty of 5%, which is Rs 2.57 crore, has been paid. For land loan, a payment of Rs 36.5 crore has been made directly to Indiabulls Housing Finance. The second payment registered is the conveyance of the residential bungalow for Rs 138 crore. Stamp duty of 6%, which is nearly Rs 8.3 crore, has been paid. A cess of 1%, Rs 1.38 crore, has been remitted and hence the paid stamp duty is Rs 6.91 crore. A payment of Rs 108.25 crore has been made directly to Indiabulls Housing Finance. As per the document, Arkay Holdings Limited has granted this property as security for the loan availed from Indiabulls. After the payment of Rs 144.5 crore, the charge was released on 26 July. The registration shows that the property has changed hands many times. The Greater Mumbai Municipal Corporation had leased the land first to Bubalaya Raj in 1914 for an annual lease of Rs 1 with the authority to develop a structure over it. It was then placed in the market and found new buyers regularly. According to the document, the completion certificate for the building was given in 2001 by the authorities. The deal registered in July is similar to the bungalow brought by Damanis in March. It is one of the biggest property deals in Mumbai at Rs 1,001 crore, at the Malabar Hill area in Mumbai. The registration was made on 31 March, the last date to reduce the stamp duty on housing by 3% in Maharashtra. Last year, the Maharashtra government announced a reduction in stamp duty from 5% to 2% till December 2020 to boost the real estate industry after the hit by the Covid-19 pandemic. This year from January to March, the stamp duty was 3%. The state government said it would not extend the stamp duty waiver to keep the Ready Reckoner Rates unchanged for FY 2021-22. Image Source Also read: Joinwood Reality director buys Sunteck penthouse in Mumbai at Rs 90 cr Also read: Raheja's purchase three duplexes at Rs 427 cr from own project in Worli

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..