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

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

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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code