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