Diamond merchant, who gifted flats, Mercedes to employees, bought Rs 185-crore Worli building  |  Photo Credit: Twitter
- Essar Group entity Arkay Holdings sold a six-storey Worli sea face building to Hari Krishna Exports for Rs 185 crore
- Savji Dhanji Dholakia, founder and chairman of Hari Krishna Exports, is known for his generous gifts to employees
- Hari Krishna Exports employs 5,000 people and has a turnover of Rs 6,000 crore
A Surat-based diamond merchant has bought a six-storey residential building in Mumbai’s plush Worli sea face area for a whopping Rs 185 crore. In the deal, Essar Group entity Arkay Holdings sold the property to diamond manufacturing and export firm Hari Krishna Exports for Rs 185 crore.
The property known as Panhar is comprised of almost 20,000 square feet carpet area and the deal for its sale by Essar by registered on Friday. It has a basement, ground floor and six other floors. The per square feet price of the property works out to be Rs 93,000.
The transaction consists of two registrations, one for the assignment of a lease of land measuring 1350 square metres for Rs 47 crore on which the stamp duty of 5% has been at Rs 2.57 crore. Indiabulls Housing Finance was paid Rs 36.5 crore directly for a loan on the land.
The second registration has been done for the conveyance of land of residential building for Rs 138 crore now which a stamp duty rate of 6% has been paid which works out to be Rs 8.3 crore. A cess of 1% or Rs 1.38 crore was remitted so balance stamp duty of Rs 6.91 crore was paid. An amount of Rs 108.25 crore was directly paid to Indiabulls, as per documents.
Savji Dhanji Dholakia, founder and chairman of Hari Krishna Exports, confirmed the deal to Economic Times.
Essar has utilised the funds from the sale towards partly repaying its debt as Arkay Holdings had granted the property as security for availing a loan.
Savji Dholakia was earlier in the news when he gifted Mercedes cars to three of his employees. A few years later he gifted 400 flats, 525 pieces and 1260 cars to his employees as Diwali gifts in 2016.
Hari Krishna Exports employs 5,000 people and has a turnover of Rs 6,000 crore, as per reports.